Ford, GM Dish Out $382 Million In Lump-Sum Bonuses
DETROIT (AP) _ General Motors Corp. and Ford Motor Co. will pay lump-sum performance bonuses totaling more than $380 million this week to about 560,000 hourly employees nationwide, company officials say.
About 450,000 eligible GM workers will receive a total of $300 million in ″special performance bonus payments,″ averaging about $700 per worker, GM spokesman John Mueller said Wednesday.
Most of the eligible GM employees are represented by the United Auto Workers union. Similar payments under their national contract were made in October 1985, Mueller said.
Meanwhile, Ford said it will pay nearly $82.5 million today in bonuses for about 110,000 hourly employees represented by the UAW. The bonuses will average $750 per worker, compared with $700 in 1985, Ford said.
Both Ford’s and GM’s payments represent 2.25 percent of a worker’s regular earnings for the previous year, the comapnies said.