GM workers to get bonus checks of up to $12,000 as profit rises
General Motors' salaried hourly workers in the U.S. can expect to receive profit sharing cheques of up to $12,000 after the automaker announced sharply higher profits in its quarterly results Wednesday.
As a perq earned in negotiations with the United Automobile Workers union in 2011, the automaker agreed to share profits with its U.S. workers based on a simple formula: a $1,000 bonus cheque for every one of its 52,000 salaried hourly workers in for every $1 billion in profit the company earns.
GM's profit rose more than 15 per cent to $12.5 billion last year, which bonus cheques are in the mail for up up to $12,000 each.
GM sold a record more than 10 million cars worldwide last year, led by strong gains in midsize pickups, small crossovers and large SUVs.
And the automaker is expecting 2017 to be at least as good as it was in 2016.