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UAW members at GM could get up to $14,500 in profit-sharing checks
As a result of General Motors’ yearly gains in profits, about 45,000 U.S. hourly workers will receive a record-setting profit-sharing check.
GM said Tuesday that the 2024 pretax payout for its UAW-represented workforce will be up to $14,500 for those who qualify. That’s a jump from the 2023 payout of $12,250. For 2022, GM’s payout of was $12,750, the highest since 2016 when it was at $12,000 per employee.
“Our employees and owners are all sharing in our success,” GM CEO Mary Barra said in a statement. “I’m pleased to share that our global salaried team has earned strong performance bonuses, and our U.S. hourly employees once again earned the industry’s highest profit sharing, totaling more than $640 million. That’s a record payout of up to$14,500 per person, equal to more than two months of extra pay on average for our UAW-representedteam.”
The GM-negotiated formula with the UAW for profit-sharing checks is $1,000 per every $1 billion in annual earnings before interest and taxes, or pretax profits for North America. For 2024, GM’s North America pretax profit was $14.5 billion, up 18% from $12.3 billion a year earlier.
Hourly employees who accrued 1,850 or more compensated hours during 2024 will receive the full payout. Eligible workers typically receive their checks in late February.
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Ford Motor Co. reports its fourth-quarter and full-year results on Feb. 5. For 2023, Ford said about 58,000 U.S. hourly workers would receive profit-sharing checks averaging $10,416, up from 2022’s payout of $9,176.
Stellantis, which makes Chrysler, Dodge, Jeep, Ram and Fiat brands, reports on Feb. 26. Its payout to union-represented workers for 2023 was about $13,860, a drop from 2022 when it was at $14,760, but still the largest of the Detroit Three at the time.
The new national agreement the UAW negotiated with the Detroit automakers in 2023 now includes GM’s union-represented temporary employees as well as those at GM’s battery facilities as eligible for profit-sharing checks.
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Jamie L. LaReau is the senior autos writer who covers Ford Motor Co. for the Detroit Free Press. Contact Jamie at jlareau@freepress.com. Follow her on Twitter @jlareauan. To sign up for our autos newsletter. Become a subscriber.
Great news for UAW members at GM! According to recent reports, eligible workers could potentially receive up to $14,500 in profit-sharing checks. This is a significant increase from last year’s payout of $10,750.
The increase in profit-sharing is a result of GM’s strong financial performance in 2021, despite challenges brought on by the ongoing global pandemic. The company’s commitment to innovation and sustainability has paid off, leading to higher profits and ultimately benefiting its employees.
UAW members play a crucial role in GM’s success, and it’s great to see their hard work and dedication being rewarded with such generous profit-sharing checks. This extra income will undoubtedly be welcomed by many workers, especially during these uncertain times.
Congratulations to all UAW members at GM who are set to receive these profit-sharing checks. Your dedication and contributions to the company have not gone unnoticed, and this is just one way for GM to show its appreciation. Here’s to a prosperous year ahead for everyone involved!
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