Business
General Motors to pay $189 million in profit sharing
Posted: Feb 14, 2011 10:20 AM by Greg Boyce
DETROIT (AP) - A person briefed on the matter says General Motors will pay more than $189 million in profit-sharing to 48,000 hourly workers and millions more in performance bonuses for salaried employees.
The person says GM factory workers will get more than $4,000 each when payments are made in March. Bonuses for most salaried workers will be 4 to 16 percent of their base pay. But a small number could get 50 percent. GM is not giving annual pay raises. GM made $4.2 billion in the first nine months of 2010 and is expected to post a fourth-quarter profit. The company needed a $49.5 billion government bailout to survive a 2009 bankruptcy.
The person, who asked not to be identified because employees have not been notified, says numbers will be announced Monday.
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