Stellantis Announces Profit Sharing Payments for UAW-Represented Employees in 2022
The Payments Will Be Calculated Based On The Number Of Compensated Hours Worked By Each Individual...
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Stellantis has announced that UAW-represented employees will receive a profit-sharing payment of $14,760 on March 10th, 2023, based on their individual compensated hours, as a result of the company’s successful financial performance in 2022. The payment is eligible for approximately 40,500 employees.
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Mark Stewart, Stellantis North America COO, attributed the company’s strong 2022 second-half and full-year financials to the valuable contributions made by the UAW-represented workforce. He expressed his pride in the team’s commitment and determination in pursuing the company’s new vision, despite the challenges they encountered last year.
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Since 2009, U.S. hourly employees have received an average of more than $74,220 in profit sharing, and under the current labor agreement, they will receive $37,440 with this payment.
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The 2022 profit-sharing payment was calculated based on the terms negotiated in the 2019 UAW/FCA Collective Bargaining Agreement, which uses the year-end Adjusted EBIT margin of the North American region reported in Stellantis N.V.’s year-end financial results.