Feb 14, 2011 — The automaker, which has recovered from near collapse with the help of a federal bailout, does not plan to give white-collar workers pay raises.
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GM To Pay Hourly Workers More Than $4,000 Each In Bonuses
by Mark Memmott
Feb 14, 2011 — The automaker, which has recovered from near collapse with the help of a federal bailout, does not plan to give white-collar workers pay raises."General Motors ... expects to pay its 45,000 U.S. hourly workers more than $4,000 each as a share of the company's first annual profit since 2004," the Detroit Free Press writes.
The Detroit News says "the awards are about double the size of GM's largest profit-sharing payout historically, which amounted to $1,775 per worker in 1999."
The Associated Press reminds us that:
"Chrysler's roughly 22,000 blue-collar workers were to get $750 in bonuses even though the company lost $652 million last year. It expects to post a net profit this year after revamping its aging model lineup. ... GM's other Detroit-area competitor, Ford Motor Co., plans to pay its 40,600 U.S. factory workers a bonus of $5,000 each, the first such checks since 1999."
General Motors is not giving white-collar workers a raise this year, AP adds.
Chrysler got a $12.5 billion bailout from the the federal government in 2009 — and the federal government still owns about 9 percent of its stock, AP says. General Motors got $49.5 billion, and is still 25 percent-owned by the government.
Ford did not request any federal help.
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