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Chrysler Workers Get Early Bonus

Maker waives rules to honor worker “commitment.”

by on Dec.03, 2012

Chrysler CEO Sergio Marchionne with workers at the Belvedere (Illinois) Assembly Plant.

Chrysler workers are getting an unexpected holiday present. The automaker says it is paying a bonus they weren’t supposed to get until next year ahead of time.

Chrysler’s union-represented employees will receive the second half of the $3,500 ratification bonus they got for approving their latest contract on Dec. 21. Had Chrysler stuck to the original language in the contract it signed with the United Auto Workers union in 2011 workers would not have received payment until at least the first quarter of 2013.

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“This waiver of the four-quarter requirement is made in recognition of the tremendous contribution you have all made to the performance of our facilities and to the revival of Chrysler,” Sergio Marchionne, Chrysler Group Chairman and CEO, said in a letter to employees.

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Chrysler Profit Triggers First Profit-Sharing Checks Since 2005.

CEO Marchionne reveals Chrysler earnings offset Fiat deficit.

by on Feb.02, 2012

Chrysler workers will get $1,500 profit-sharing checks - and stand to earn another $1,750 if the maker can deliver four consecutive quarterly profits.

Chrysler workers have a variety of reasons to be pleased about the maker’s improving fortunes. They’re not only seeing thousands of jobs added but receiving their first profit-sharing checks since 2005 as a result of the maker landing in the black for the first time since 1997.

Meanwhile, Sergio Marchionne, the CEO of both Chrysler and Fiat, said the U.S. makers positive net offset a deficit at its Italian rival, which has been hammered by the European financial crisis – which has been particularly severe in Italy.

Marchionne wrote to U.S. hourly employees – who negotiated an improved profit-sharing formula as part of last-year’s new contract with the United Auto Workers Union, advising them they would get an average $1,500 each.

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“This is a reward that you have earned,” Marchionne proclaimed. “Your efforts rewrote the history that so many naysayers had forecast,” he added, a reference to the many outside skeptics who argued in favor of shutting down Chrysler rather than approving the maker’s 2009 federal bailout.

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