Liberals Should Love This - GM Pays Big Bonuses to Hourly Workers. Profits Drop. Managers Fired.

February 9, 2019

This should put a big smile on every liberal's face. General Motors is willing to HURT ITSELF financially, in order to keep it's hourly, unionized employees happy!

In the midst of sweeping white-collar job cuts across North America this week, General Motors on Wednesday said its hourly union-represented workers will get profit-sharing checks of $10,750 this year.


The profit-sharing checks are down from last year's $11,750 because the amount is based on North American pretax profits, or earnings before interest and taxation. GM's North American pretax profit in 2018 was $10.8 billion, down from $11.9 billion in 2017.

Source: www.usatoday.com...

The local Ford plant here in the Chicago area just paid out $7,000 bonus checks to hourly workers, and is hiring 500 more. Something for everyone (except managers?), as long as international demand for American products continues to escalate.

Donald Trump's economic strategy is turning out to be good for (almost) everyone!


-CareWeMust

a reply to: carewemust


Profit sharing distribution isn't the same as a bonus. How do you know that GM managers don't have a profit sharing incentive in their compensation package too? Or, perhaps GM management is offered stock options and cash bonuses for meeting productivity goals.

GM's North American pretax profit in 2018 was $10.8 billion, down from $11.9 billion in 2017.

Profits down 1.1 billion. I doubt that is good.

a reply to: carewemust

The only reason why Ford is doing what they are doing is because the demand for the new Ranger is extremely high, they have pre orders in the 100,000 range. They are allowing OT for the first time in years.

That being said. GM has been struggling because of their broad fleet of cars and badges, Cadillac is trying to re brand, and no-one is biting, because they are still catering to the old people crowed. Chevy is doing well, GMC, and Buick shouldn't even exist to be honest, GM needed to cut down their workforce, especially salaried workers. I see exciting times for them ahead. And its rather good news they are investing back into the hourly workers.

a reply to: strongfp

Yeah gm should killed off buick instead of
Pontiac but they're stuck trying sale buicks
To the young crowd.

a reply to: carewemust

Many will say these bonuses are just crumbs and bribes to keep people working 😎

a reply to: xuenchen

Do autoworkers need bribes and crumbs to keep working?
edit-assembly line workers do not make as much as I thought
www.indeed.com...

I don't think this should be a political issue. Are you saying that the reason for GM's loss of profits i as because they gave bonuses to hourly workers?

Hmmmm, so I get it... somehow anything that can be perceived as good we should attribute to Trump, but if they are failing in any way it has nothing to do with him. Big surprise. What is there for liberals to love? I mean aside from another ridiculous thread that just makes the right look like a constant stream of partisan desperation?

My bonus last year was 50% lower than the previous year. While I worked 10 hour days all year. thanks Obama

Yeah the bonuses and executive compensation has nothing to do with the issues at GM but the 10k the workers got is the cause of all evil.... I mean the CEO ONLY got 22 million in 2017 which about 300 times more than the median GM salary www.politifact.com...

www.detroitnews.com...
■Chuck Stevens, executive vice president and chief financial officer: $7.1 million in total compensation, down from $7.6 million in 2016. His base salary remained flat this year at $1.1 million.

■Dan Ammann, president: $9.3 million in total compensation, down from $10.2 million the year before. His base salary remained flat at $1.45 million. GM also paid $14,690 for Ammann’s travel and $37,511 for security, about $25,000 more than it paid for Barra’s security.

■Mark Reuss, executive vice president of global product development, purchasing and supply chain: $7.7 million in total compensation, down from $8.4 million the year before. His base salary stayed the same at $1.2 million in 2017.

■Alan Batey, executive vice president and president of North America: Nearly $6 million in total compensation. His base salary was $1.03 million, up from $950,000 in 2016.

■Karl-Thomas Neumann, former executive vice president and president of Europe: $6.8 million in total compensation. His base salary was $916,936.

But yeah the 10K given to he people that build the cars is somehow hurting the company....... Right

GM kept Buick because it is big in China. It's like a status symbol over there so Pontiac had to go.
They should have let GMC go since is is basically the same as Chevy.

a reply to: FredT

There's more to car making than just the assembly line.

Here in southern ontario they are planning to shut down an assembly plant. And there was massive uproar. It sucks, since almost 2300 workers will lose their job, but a good chunk will be kept and re-hired for other jobs at the same location, or others in the area, auto manufacturing is a lot more than just the final assembly it's down to where the raw materials come from and where the small parts are made, it's a massive operation. 10k bonus is rather generous for an assembly worker to be honest.

Profit-sharing is not a bonus, people. It's an investment type with rules for when one can withdraw, and related penalties just like a 401 plan. This is what profit-sharing is, read it.

originally posted by: Nyiah
Profit-sharing is not a bonus, people. It's an investment type with rules for when one can withdraw, and related penalties just like a 401 plan. This is what profit-sharing is, read it.

I was wondering when the record would be set straight.
Thanks

a reply to: carewemust

The title of this thread doesn’t reflect the article at all. What point were you trying to make exactly? Profit sharing is responsible for loss of profits somehow?

I spent 20 years bigest bonus was $750 and by the time everybody in the union to the ???? we got $138. Yup %20 of what it started at. Now I get bonuses that you can notice.