Author Topic: GM, Chyslers Managers to receive big bonuses...  (Read 563 times)

225for70

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GM, Chyslers Managers to receive big bonuses...
« on: February 10, 2011, 06:15:29 PM »
Interesting that this shit is still happening...GM, chylser used tax payer funds, and haven't even paid them back yet....Shouldn't paying the government be priority number uno?

http://www.bloomberg.com/news/2011-02-10/gm-chrysler-salaried-workers-bonuses-said-to-reach-as-much-as-50-of-pay.html

GM, Chrysler Salaried Workers' Bonuses Said to Reach 50% of Pay

 By Keith Naughton, David Welch and Tim Higgins - Feb 10, 2011 8:24 PM ET


General Motors Co. and Chrysler Group LLC, which each received government-funded bailouts, may award some salaried workers bonuses of as much as 50 percent of their base pay, said three people familiar with the plans. Photographer: Jeff Kowalsky/Bloomberg

General Motors Co. and Chrysler Group LLC, which each received government-funded bailouts, may award some managers bonuses of as much as 50 percent of their salary, said three people familiar with the plans.

GM plans to pay 26,000 U.S. employees bonuses as high as 50 percent, with most managers receiving about 15 percent to 20 percent of their annual salary, said one of the people, who asked not to be named revealing internal plans. Bonuses for Chrysler’s 10,755 salaried workers will average about $10,000, with some employees not subject to government pay restrictions getting as much as half of their salary, one of the people said.

The payouts come as GM, Chrysler and Ford Motor Co. prepare for contract talks this year with the United Auto Workers, which is seeking a share of the industry’s growing prosperity. Ford, the only U.S. automaker to avoid bankruptcy in 2009, is expected to pay bonuses equal to 10 percent or more of base pay to some salaried staff, said a person familiar with the plan.

“The union is going to be very angry about this,” said Gary Chaison, a professor of industrial relations at Clark University in Worcester, Massachusetts. “If these kinds of bonuses are paid to salaried workers, then the union’s demands will increase, knowing management can’t claim an inability to pay.”

Chrysler’s bonuses may be paid as soon as tomorrow, one of the people said. Bonuses for GM’s salaried workers without management duties may be as low as 5 percent of their annual pay, one of the people said.

‘Confidential’ Details

Tom Wilkinson, a spokesman for GM, declined to comment. Gualberto Ranieri, a Chrysler spokesman, said in an e-mail that “details regarding salaried performance awards are considered confidential.” Marcey Evans, a Ford spokeswoman, said the automaker will pay salaried workers’ bonuses March 10 and wouldn’t reveal details.

GM reorganized in bankruptcy in 2009 with $49.5 billion in government aid, while Chrysler got $12.5 billion in assistance for its reorganization that year. Each is subject to pay restrictions after receiving funding from the U.S. government’s Troubled Asset Relief Program, which also aided banks.

“Politically, it’s a bad thing to do,” Chaison said of the bonuses. “These companies are still not on solid ground yet, and it makes the auto companies look like banks” that distributed large bonuses.

Union Profit-Sharing

GM, which earned $4.77 billion in the first three quarters of last year, plans to pay its 53,000 unionized hourly U.S. staff profit-sharing checks of more than $3,000 per worker, two people familiar with the plan have said. That is about 5 percent of an hourly worker’s annual pay, said Sean McAlinden, chief economist for the Center for Automotive Research.

Chrysler, which lost $652 million in 2010, said Jan. 31 that it would pay each of its union workers a bonus averaging $750. That is about 1.3 percent of an hourly UAW worker’s annual pay. Chrysler Chief Executive Officer Sergio Marchionne said that all eligible employees would receive a performance bonus for 2010, when the automaker worked on introducing 16 new or refreshed models.

Ford, which posted 2010 net income of $6.56 billion, said it will pay an average of $5,000 to each of its 40,600 hourly workers, or about 8.3 percent of their base pay.

“If bonuses are a lot more on average for all of salaried workers, the UAW workers will be cheesed off and want a bigger signing bonus this fall,” McAlinden said. “It’s going to be tense down at the plant.”

Union Concessions

UAW President Bob King has said he aims to recover some of the $7,000 to $30,000 in concessions each worker gave up since 2005 to help the U.S. automakers survive. The union surrendered raises, bonuses and cost-of-living adjustments. The UAW also agreed to a two-tier wage system in which new hires earn about $14 an hour, half the amount paid to senior production workers.

“All the sacrifices that our members made to turn these companies around were part of the process that’s really led to this amazing turnaround,” King said in an interview last month. “We want our membership to share in a very meaningful way in the upside of these companies.”

To contact the reporters on this story: Keith Naughton in Southfield, Michigan, at Knaughton3@bloomberg.net; David Welch in Southfield, Michigan, at dwelch12@bloomberg.net; Tim Higgins in Chicago at thiggins21@bloomberg.net.

To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net.

Soul Crusher

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Re: GM, Chyslers Managers to receive big bonuses...
« Reply #1 on: February 10, 2011, 06:21:07 PM »
Eminem got a huge bonus too. 

whork25

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Re: GM, Chyslers Managers to receive big bonuses...
« Reply #2 on: February 11, 2011, 02:53:08 AM »
Eminem got a huge bonus too. 

Huh ???

Soul Crusher

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Re: GM, Chyslers Managers to receive big bonuses...
« Reply #3 on: February 11, 2011, 02:59:39 AM »
How much was he paid for the superbowl commercial.

whork25

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Re: GM, Chyslers Managers to receive big bonuses...
« Reply #4 on: February 11, 2011, 03:45:11 AM »
Imagine all the people needing a helping hand from the government having been told the old story about how thats communism and that it would in the end fuck up the country as a whole..and then these rich bastards gets bailed out and get bonuses..

No screams of cummunism here