Chrysler, Awash In Profits, To Give Every Worker $2,250
Chrysler workers will be reaping the benefits of the automaker's turnaround. Four years after the Chrysler Group LLC was bailed out by the federal government, the company is awash in profits, reporting a 2012 net income of $1.7 billion, as was reported by AOL Autos.
And the company CEO announced Wednesday it will share the good fortune: Each worker will receive a performance award or profit-sharing check, says the Detroit Free Press.
"There can be no more doubt that our comeback is real," Chrysler CEO and chairman Sergio Marchionne, said in an email to workers, adding that the "credit for our turnaround is yours."
The announcement, which was made via email, didn't specify the exact amount being granted to Chrysler workers. But according to Chrysler's current contract with the United Auto Workers, eligible union members should expect to receive a check of about $2,250, reports the local Michigan news website, MLive.com.
In his email to workers, Marchionne was heralding the moment as a turning point for the Auburn Hills, Mich.-based automaker.
The New York Times.
AOL announced to its employees in December that they would all be eligible for a $1,056 bonus to celebrate last year's sale of AOL patents to Microsoft Inc. for $1.056 billion.
UPDATE: Since the bailout, the Chrysler Group has paid back its $5.1 billion loan, but the old company from before the restructuring, known as "Old Carco," has not paid its government loan of $1.3 billion, as was reported by Politifact.
What do you think? Do employers have an obligation to share big gains with workers? Share your comments below.
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Dan Fastenberg has more than a decade of experience working as a journalist. Most recently he was a reporter with TIME Magazine covering politics with analyst Mark Halperin. Previously, he was a writer for the Thomson Reuters news service's Latin America desk. He was also a reporter and associate editor for the Buenos Aires Herald while living in South America. Follow Dan on Twitter. Email Dan at firstname.lastname@example.org. Add Dan to your Google+ circles.more...