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.