Ford workers to get profit sharing checks
About 50,000 of Ford’s eligible U.S. hourly employees are set to receive profit-sharing checks in March of about $6,900 each.
The payments are based on the Ford North America’s pretax profits of $6.9 billion in 2014 and were made possible through the UAW-Ford collective bargaining agreement. Checks for workers including those at the Chicago Stamping Plant and Chicago Assembly Plant are expected to be issued March 12.
The automaker announced the payment Thursday in a statement when it released its annual report, Kristini Adamski, Ford’s manufacturing and labor communications manager, said.
“What we have seen over the past few years is the highest profit sharing in the company since 1999,”Adamski said, adding workers have accumulated about $30,000 in profit sharing payments since 2011.
Adamski said at this time the company is offering a higher profit-sharing formula than other domestic automakers including GM and Chrysler.
Ford began its profit sharing program in 1983. The formula for calculating the 2014 payment was negotiated in the 2011 contract between the union and the automaker. The current contract is set to expire Sept. 15. Negotiations on a new deal are expected to begin in July.