Chrysler Group’s 26,000 US hourly employees will get profit-sharing bonus cheques tomorrow (Friday 10 February), a local newspaper reported.
Citing an email CEO Sergio Marchionne sent to local union leaders, a copy of which was obtained by the Detroit News, the paper said he praised workers for helping restore the automaker to profitability and said they would receive a base bonus of US$1,500 before taxes and union subscriptions.
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Chrysler reported its first net profit of US$183m — its first in 15 years — last week. For the first time since 2005, it also posted an operating profit of almost $2 billion. The company’s annual earnings were actually much higher, but Marchionne decided to pay back Chrysler’s loans from the U.S. and Canadian governments early, the Detroit News noted.
“It took an incredible team effort to bring about such remarkable results, and you should be proud,” Marchionne said in his message to the United Auto Workers. “Significant progress can be accomplished when we work together and our goals are aligned.”
Ford hourly workers will receive profit-sharing cheques on 14 March and the base bonus will be US$6,200, the report added. Ford salaried employees will receive their checks a day later.
General Motors announces 2011 results next week.
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