Chrysler predicted an even better 2012 with total U.S. auto sales projected to rise by more than 1 million to about 14 million. On Wednesday, the company said its January sales rose 44 percent compared with a year earlier. The company, which is majority owned by Italy’s Fiat SpA, forecast a net profit of $1.5 billion this year with an 18 percent revenue increase, to $65 billion. Its share of the U.S. market, where it gets 85 percent of its profits, rose 1.3 percentage points last year to 10.7 percent.
CEO Sergio Marchionne said Wednesday that both salaried and hourly workers would get profit-sharing checks, but he would not reveal the amounts.
He told employees in an email that they have earned the rewards.
“You have been to hell and back, and you defied predictions of our demise,” Marchionne wrote. “Your efforts rewrote the history that so many naysayers had forecast.”
Even with the 2011 profit, workers at Chrysler won’t get as much in profit-sharing as their unionized counterparts at Ford and General Motors.
Ford will make profit-sharing payments of around $6,200 each to its 41,600 U.S. hourly employees in March. GM workers are expected to get more than the $4,000 they received last year. The company announces its fourth-quarter and annual earnings on Feb. 16. Source: Washington Post Bloomberg.
General Motors Co. (GM), 10 weeks after ratifying a new labor contract with the United Auto Workers, said union hourly employees achieved vehicle-quality targets and will be eligible for about $12 million in bonuses.
The $250 bonus per eligible worker will be paid out in employees’ Dec. 16 paychecks, Kim Carpenter, a spokeswoman for the Detroit-based company, said today in a phone interview. The “vast majority” of the automaker’s 48,500 UAW-represented workers are eligible, she said, without giving more specifics.
Chief Executive Officer Dan Akerson has said GM’s new four- year labor contract keeps the automaker competitive by only marginally boosting the company’s $5 billion annual labor tab. Senior workers won’t receive a base wage increase and the union accepted that some pay would be based on GM’s profitability. Source: Fox News.
In an effort to demonstrate that the UAW is Occupy Wall Street Certified…”We are the 99%” it appears that a deal has been reached between the UAW and MGM Grand casino workers that includes among other things, a $4,000 ratification bonus.
Helped by a mediator, unionized casino workers and management at MGM Grand Detroit late Tuesday night apparently agreed to a new deal that will go before workers of the city’s largest casino who last week rejected a previous four-year contract proposal.
Two members of the UAW Local 7777 posted notices on the union’s Facebook page that a tentative deal had been reached, without going into detail. A union spokesman couldn’t be reached late Tuesday night to confirm the deal.
But a card games dealer for MGM who asked not to be named because he doesn’t have union authorization to speak said MGM upped the signing bonus by $500, now up to a maximum of $4,000 paid at ratification, plus a raise of 2% or 30 cents per hour, whichever is higher, in the last year of the four-year contract.
The card dealer said the mediated proposal appears to do away with extra deductibles before health coverage kicks in of $250 per year for an individual and $500 for a family. But casino workers would still pay significantly higher premiums for Blue Cross Blue Shield of Michigan and new premiums for HAP insurance.
MGM Grand workers overwhelmingly rejected a previous four-year deal just days after workers at the city’s other casinos, MotorCity Casino Hotel and Greektown Casino-Hotel, overwhelmingly approved similar contracts. MGM is said to be in the best financial shape of Detroit’s casinos, and workers were resentful about taking concessions at a time of profit at the city’s largest casino by revenue and market share. Source: Matt Helms. Detroit Free Press.