Even though America has been experiencing its highest inflation levels for over 40 years, there is some good news for a certain group of workers in the US. As a result of good profits over the last year, thousands of automobile manufacturer workers are set to receive bonus payments soon. For example, workers for companies such Stellantis in the US are set to receive checks up to $14,670 next month. In addition, such workers represented by United Auto Workers are eligible to share in favorable profits recorded by such automobile manufacturers.
According to The US Sun, this is the largest amount offered to Stellantis’, or its predecessors’, workers in precisely 35 years. The check payments form part of a profit-sharing initiative that the automobile manufacturer offers its workers.
More About The Stellantis Merger
Stellantis was formed in 2021 after a merger between the French PSA Group and Fiat Chrysler. At present according to The US Sun -Chrysler, Jeep, Fiat, Ram, and Dodge are just some automobiles the manufacturer has as part of its brand.
How Is The Amount Determined
The main aspect used to determine the amount eligible workers will receive is the overall amount of hours they have worked. According to The US Sun, Stellantis made a net profit of $15.2 billion last year. Furthermore, employees are set to receive their checks on March 11, 2022. These are expected to be up on the $8,010 such workers received last year. The UAW stated that this comes as a: “reflection of the hard work and dedication” of such employees.
Ford And General Motors
As for Ford employees, according to The US Sun, workers are eligible to receive payment of $7,377. Furthermore, General Motors employees represented by UAW, are set to receive payments of $10,250. This, according to The US Sun, is happening as the company profited over $10 billion last year up from $6.4 billion in 2020. As a result, some 42 000 General Motor workers will receive additional $1,000 bonuses for each $1 billion profit the company registered in North America last year.
All of this can also be attributed, partly, to the rise in automobile prices due to high inflation. This might have been driven by the COVID-19 pandemic and a computer chip shortage. According to The US Sun, on average, the prices of cars and trucks have increased by 40.5 percent since last year.