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Did retirees get anything in the new contract?
Under the new UAW national agreement, General Motors and Ford retirees will no longer receive a bonus from the two automakers. UAW retirees may still pay union dues which entitle them to certain UAW services and benefit programs, but they aren't allowed to vote in the contract ratification process.
Will GM retirees get profit sharing in 2018?
DETROIT Based on the 2018 full-year results for the company's North America business, General Motors announced this morning more than 46,500 eligible U.S. hourly employees will receive a profit sharing payment of up to $10,750.
Will GM retirees get profit sharing in 2019?
Detroit General Motors Co. will pay about 44,000 eligible hourly United Auto Workers employees profit-sharing amounts of up to $8,000 this year. The Detroit automaker, which made $6.7 billion last year, announced profit-sharing as part of its full-year 2019 earnings report released Wednesday.
Are GM retirees getting a Christmas bonus?
The lump-sum payments help to offset inflation much as cost-of-living allowances paid to active employees do. They are often called Christmas bonuses by retirees because they arrive in December every year. GM's lump sums pay retirees $23.33 for every year of service, Sapiens said.
Do Ford retirees get profit sharing?
Workers who take this package will keep their full retirement benefits and will be eligible for profit sharing based on 2020 results, according to Ford. Eligible employees also would receive their 2019 profit sharing checks in March. Ford also has an exception for UAW hourly workers who would have 30 years by Nov. 30.
Did retirees get anything in the new GM contract?
Under the new UAW national agreement, General Motors and Ford retirees will no longer receive a bonus from the two automakers. UAW retirees may still pay union dues which entitle them to certain UAW services and benefit programs, but they aren't allowed to vote in the contract ratification process.
Did GM retirees lose benefits?
Retired GM workers just lost $450 million in benefits In a 36-page decision, U.S. District Judge Tavern Cohn in Detroit said on Tuesday that the post-bankruptcy GM did not assume any obligation for the payment, which the automaker had contracted to make two years before its June 2009 Chapter 11 filing.
What happened to GM pensions?
GM informed 118,000 of its white-collar retirees of upcoming changes to its pension program on June 1. At the crux of the change is the decision by No. 1 U.S. automaker to get out of the pension business by no longer administering the program that puts a check in a retiree's bank account each month.
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