UAW Stellantis employees to stand up to $14,670 in profit-sharing

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Eligible UAW Stellantis employees will stand up to $14,670 in profit-sharing this yr, the most important quantity in 35 years.

The union stated it fought for an enhanced payout throughout the 2019 collective bargaining course of. The components elevated to $900 per 1 % of the North American revenue margin, up from $800 within the earlier contract.

Stellantis shaped in January 2021 when Fiat Chrysler Automobiles merged with PSA Group.

Round 43,000 workers are eligible to obtain profit-sharing payouts on March 11. The precise funds will likely be based mostly on particular person compensated hours.

“UAW Stellantis members are happy with the product they create day-after-day, particularly throughout difficult environments over the previous two years,” UAW Vice President Cindy Estrada stated in a press release. “We proceed to make it possible for this dedication within the face of pandemic and unexpected components shortages is acknowledged correctly.”

The automaker stated U.S. hourly workers have been eligible to obtain greater than $59,000 in profit-sharing since 2009, together with the newest fee.

The 2021 payout is 83 % bigger than the $8,010 allotment in 2020. UAW members at Normal Motors acquired $10,250 whereas Ford members earned $7,377.

In North America, Stellantis stated its adjusted working earnings rose 85 % to $12.8 billion, whereas income elevated 15 % to $79 billion. Margins in North America jumped to a report 16.3 % final yr from 10.1 % in 2020.

“Staff are the guts of Stellantis,” CEO Carlos Tavares stated in a press release. “It’s due to their continued concentrate on execution and excellence that we had been in a position to obtain report ends in our first yr as Stellantis.

“Each Stellantis worker took on a rare process in 2021 of mixing two automakers whereas going through critical exterior challenges. Our aim is that every one workers profit from the corporate’s worthwhile progress. We’re happy to reward and thank our workforce members for his or her tireless dedication.”

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