Eligible UAW-represented FCA U.S. hourly employees are set to receive profit sharing payments that average $6,000 from the automotive giant, following the company’s 2018 financial performance.
Roughly 44,000 employees will receive this payment tomorrow, March 8, 2019, bringing the sum total of average profit sharing payments to more than $29,000 since 2009, although these payments only began in 2011.
The 2018 profit sharing payment system is based not only on the adjusted EBIT margin performance of the North American region as reported in the FCA N.V. financial results, but also on individual compensated hours. According to the automaker, it has already invested more than $10 billion and created close to 30,000 new jobs in the U.S. since 2009.
What’s interesting is that the $6,000 payment that went out to eligible FCA U.S. employees is significantly smaller than the $10,750 bonuses GM’s UAW workers are set to receive on February 22, as reported by GMauthority. Since 2010, GM has paid more than $80,500 to each UAW employee in profit-sharing alone.
Meanwhile, Ford UAW members will receive $7,600 in profit sharing this March, which is still more than what FCA is offering. On the other hand, FCA’s 2018 profit sharing payments are $1,000 and $500 higher than those paid in 2016 and 2017 respectively. In 2015, those payments stood at $4,000 on average per employee, while in 2014 the amount was just $2,750, up from $2,500, $2,250 and $1,500 in the previous three years. All up, FCA paid an average of just over $3,687 per employee between 2011 and 2018.