DaimlerChrysler has announced profit-sharing payments averaging $650 for 59,000 unionised employees of the Chrysler Group.
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For UAW-represented employees, profit-sharing awards are a provision of the collective bargaining agreement and determined by a formula based on an adjusted profit-based pool.
Noted Chrysler CEO To, LaSorda: “Our profit-sharing pool was significantly reduced by a number of factors, the biggest being a dramatic increase in retiree pension and health care expenses and US vehicle financing.”
