Stellantis-UAW workers are receiving profit-sharing checks this year of $8,010, as a result of the financial performance of the former Fiat Chrysler Automobiles (FCA) during 2020. The news comes after a year of shutdowns and pauses in production due to the ongoing pandemic, which resulted in a fourth-quarter rebound.
Approximately 43,000 United Auto Workers (UAW) represented employees are eligible to receive the payment which will be paid on March 15th, 2021. The payments will be based on individual compensated hours.
The $8,010 amount is an increase of $730 over the checks that FCA employees received last year. When compared to the rest of the Big-3, General Motors (GM) UAW workers are receiving profit-sharing of $9,000, when Ford Motor Company’s UAW workforce will be getting checks of $3,625 according to official reports from the UAW itself.
The 2020 profit-sharing payment was calculated on the terms negotiated as part of the 2019 UAW-FCA Collective Bargaining Agreement, based on the year-end Adjusted EBIT margin of the North American region reported in the FCA legacy operations financial results.