In revealing its 2016 financial outcomes, including North American pre-tax profits amounting to $9 billion, Ford Motor informed that its over 56,000 per hour employees who belong to the United Auto Works union would be offered approximately $9,000 apiece from profit sharing. The employees will get that cash on March 9th.
Ford’s profit share payments are computed based upon pre-tax profits for the year, with every UAW-Ford employee making $1 for every single $1 million Ford makes in North America. This year’s payments are the second-highest in history, down slightly from last year’s $9,300.
UAW Vice President Jimmy Settles quickly to pointed out that Ford’s profit sharing is not a “benevolent payout,” rather something that UAW members fought for and made. “Both job security and monetary gains for our membership have constantly been at the top of my priority list and today’s announcement solidifies our efforts,” he stated.