Chrysler to pay out $39 million in bonuses

Party Rooster

Unleash The Beast
#1
FEBRUARY 8, 2012 AT 1:00 AM
Marchionne: Chrysler's hourly employees to get bonuses Friday
BY BRYCE G. HOFFMAN THE DETROIT NEWS

Chrysler Group LLC's 26,000 U.S. hourly employees will get their profit-sharing bonus checks Friday, according to an email CEO Sergio Marchionne sent late Monday to local union leaders, a copy of which was obtained by The Detroit News.

In his message, Marchionne praised workers for helping restore the Auburn Hills automaker to profitability and said they would receive a base bonus of $1,500 before taxes and union dues. Workers who worked overtime will receive more; workers who did not put in a full year of full-time work will receive less.

"In 2011, we demonstrated that outstanding results can be achieved when we bring together clear objectives, strong motivation, and enormous passion," Marchionne said in the email, a copy of which was obtained by The Detroit News. "Therefore, it is my pleasure to recognize you with this payment, which reflects the collective achievement of our company's performance and your personal contributions in 2011."

Chrysler reported its first net profit of $183 million — its first in 15 years — last week. For the first time since 2005, it also posted an operating profit of almost $2 billion. The company's annual earnings were actually much higher, but Marchionne decided to pay back Chrysler's loans from the U.S. and Canadian governments early.

"It took an incredible team effort to bring about such remarkable results, and you should be proud," he said in his message to the United Auto Workers Monday. "Significant progress can be accomplished when we work together and our goals are aligned."

Detroit automakers have typically paid out bonuses in March.

Chrysler workers were happy to hear that their checks are in the mail.

"It's a nice gesture. I really think highly of Marchionne," said John Klik, who works at Chrysler's Warren Stamping Plant. "I'm just thankful I have a job. This is a little extra sugar. But I wouldn't mind if they would apply it to giving back benefits to the retirees."

Ford said Tuesday that its hourly workers will receive their profit-sharing checks on March 14.

The base bonus at Ford, which earned more than $20 billion last year, will be $6,200. Ford salaried employees will receive their checks a day later.

General Motors Co. is not due to release its earnings until next week.

Marchionne did not say why Chrysler bonuses were going out earlier, but he did ask UAW members to continue their work to restore the automaker to sustained profitability.

"I ask that you continue to demonstrate the strength and courage you have shown to challenge our destiny and revitalize this great company," Marchionne said. "The future holds enormous opportunity, and it's a challenge that calls for our continued, shared commitment. As you go about your jobs in 2012, bring your determination and passion to the task at hand and have faith in your leadership and each other to create a great future."

http://www.detroitnews.com/article/...sler-s-hourly-employees-to-get-bonuses-Friday
Approves...

 

Haeder

South Dakota
#3
Net profits, operating profits and employee bonuses?

Fucking government run, socialist company.
 

TheDrip

I'm bi-winning.
#4
Congrats! Now we restart the clock for the countdown to another bankruptcy filing.
 
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