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Davidson News

Ford UAW Members to Receive Average $10,400 Profit Sharing for 2023

Ford Motor Co. announces a substantial profit-sharing bonus averaging $10,400 for its hourly Ford UAW Members in the U.S. for the year 2023, according to The Detroit News. This marks a change in the profit-sharing formula, negotiated during last year’s contract talks with the United Auto Workers. The new formula takes into account the company’s global earnings, including Ford Credit, as Ford no longer reports financial results solely for North America. With an adjusted operating income of $10.4 billion in 2023, flat compared to the previous year, Ford reflects this in the payout to its employees.

Ford UAW Members to Receive Average $10,400 Profit Sharing for 2023 (Photo from WHAS11)

Expansion of Eligibility Includes Ford UAW Members and Temporary Workers

A significant shift comes as temporary employees become eligible for profit sharing for the first time. Previously, about 2-3% of Ford’s approximately 58,000 U.S. autoworkers were temps.

However, the new contract allows for the rollover of temps with at least three months of experience.

This change reflects a more inclusive approach to profit sharing within the company, potentially impacting a broader segment of the workforce positively.

READ ALSO: $440 Monthly Increase In Social Security Benefits For US Seniors In 2024

Stellantis NV to Reveal Profit Sharing Soon for Ford UAW Members

While Ford and General Motors have disclosed their profit-sharing plans, Stellantis NV is set to unveil its 2023 financial results and profit-sharing details for U.S. employees on February 15th.

This eagerly awaited announcement will shed light on another major player in the automotive industry and how it values its workforce’s contributions to its success.

READ ALSO: Breaking Down The $79 Billion Tax Cut Package: Boosted Child Tax Credits And Key Business Breaks Unveiled For 16 Million Families

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