Ford Motor Co.’s U.S. workers will share in the company’s strong 2012 performance, each union employee receiving, on average, an $8.300 profit-sharing bonus.
That’s the single-largest profit-sharing payout from any domestic automaker since the United Auto Workers Union introduced the program as a trade-out for concessions during 1983 contract negotiations.
The profit-sharing program is tied to Ford’s earnings in North America where it reported a pre-tax profit of $8.3 billion for 2012. The maker meanwhile reported it earned $1.7 billion before taxes during the fourth quarter, Ford’s best figure for the three-month period in more than a decade. However, net income for all of 2012 declined $307 million, excluding special charges, to $5.7 billion.