General Motors today announced its more than 46,500 hourly employees would receive profit-sharing payments.
The profit-sharing checks were attributed to a successful year. The employees will receive up to $10,750 in a paycheck later in February, according to a news release.
The profit-sharing program is based on a contractually negotiated formula between GM and the UAW. The company has a plant in Kansas City, Kansas.
“When GM delivers good business results, our eligible hourly employees in the U.S. share in the company’s success,” said Mary Barra, GM’s CEO and chairman, in the news release. “To build on our performance, we must continue working together to deliver strong safety, quality and productivity results.”
In 2018, GM North America earned EBIT-adjusted of $10.8 billion on increasing sales of GM’s newest crossovers; the launches of the all-new, full-size Chevrolet Silverado and GMC Sierra pickups; and disciplined cost control. The company expects strong financial results again in 2019, based on a full year of volume from GM’s new pickups, new crossover launches and growth of adjacent businesses, according to the news release.
To strengthen its U.S. manufacturing operations, General Motors has invested more than $22 billion in its plants since 2009, including more than $600 million in 2018.