Fiat Chrysler has revealed it will give profit sharing payments amounting to $5,000 to 40,000 of its eligible UAW-represented workers on February 17, this year.
The profit sharing payments followed FCA’s recent announcement that it had made a net profit of EUR1.8 billion ($1.93 billion) in last year, a substantial boost from the EUR93 million it made in 2015.
“As a result of the Company’s strong 2016 monetary performance, FCA US LLC revealed today that it will make average profit sharing payments of $5,000 to qualified UAW-represented employees,” a statement made by the car manufacturer reads. “Roughly 40,000 employees will get the payment on Feb. 17, 2017.”
UAW profit sharing payments for last year are adjusted based upon the EBIT margin performance of the North American region reported in the FCA N.V. monetary results and on individual compensated hours. The terms for the payments were decided upon as part of the 2015 FCA US LLC-UAW Collective Bargaining Agreement.
FCA stated it prepares to spend the very quarter of 2017 finishing the preliminary stage of its industrialization strategy, which involves retooling its assembly plants located in Warren, Michigan, Toledo, Ohio and Belvidere, Illinois. The financial investments, revealed earlier this month, are for upcoming Jeep and Ram and will produce an extra 1,700 jobs. FCA plans to have all three factories totally operational by early 2018.