General Motors CEO Dan Akerson has a big Valentine’s Day card coming in the mail for 45,000 workers.
Though they’ll still have to wait a bit for delivery, they can anticipate a profit-sharing bonus of at least $4,000 apiece, the executive announced today. That’s more than double the previous record $1,775 profit-sharing payment workers received from GM – and that was back in 1999.
But the maker’s bonus still falls short of the $5,000 Ford Motor Co.’s hourly workers will be getting. Ford decided to pay out significantly more than it was required to, in fact, under its agreement with the United Auto Workers Union.
That reflects concerns Detroit automakers have about how workers will respond to the domestic industry’s fast-improvement health. UAW members granted billions of dollars in concessions, first as part of their 2007 contracts with the U.S. Big Three, and then again to help the makers hobble through the economic downturn that saw auto sales plunge to their lowest levels in decades.