The record $9.4 billion profit at General Motors Co. in 2016 means its hourly workers will receive record profit-sharing checks worth $12,000 apiece.
For the 3,500 employees at the General Motors Fairfax Assembly Plant in Kansas City, Kan., it means bonuses worth a total of $42 million.
The $12,000 profit-sharing checks are $1,000 more than last year.
Profit sharing is part of the collective bargaining agreements with the United Auto Workers, and the amount is based on the company’s overall profitability. The amount doesn’t include deductions for federal income tax of 25 percent, Social Security and Medicare taxes of 7.65 percent, state and local taxes, union dues or other garnishments. The checks will arrive in early March.
Combined with the $63.9 million in bonuses announced in late January for workers at Ford Motor Co.’s Kansas City Assembly Plant in Claycomo — about $9,000 for each hourly autoworker, that’s a $105.9 million boost to the Kansas City area economy.
Read more: Kansas City Business Journal