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(MSN)   GM will spread the wealth among its hourly workers   ( msn.com) divider line
    More: Interesting, profit-sharing checks, stock market plunge, General Motors, Natasha Abellard, President Trump, pretax profits, new tax rules, Fiat Chrysler  
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1498 clicks; posted to Business » on 07 Feb 2018 at 5:36 AM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



25 Comments     (+0 »)
 
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2018-02-07 02:25:35 AM  
So is this just out of the goodness of their hearts or is it part of the workers' union contract?
 
2018-02-07 02:39:08 AM  
and the profit-sharing checks for United Auto Workers-represented hourly workers will represent a slight dip from the $12,000 a year earlier.

Find a kitchen knife and run into it, subby.
 
2018-02-07 03:13:09 AM  
That's nice.

How much will increasing health premiums eat it up?
 
2018-02-07 03:58:57 AM  
Well, I applaud GM (as well as Ford and Chrysler since they apparently do it too) for having a profit sharing system, though the credit should probably go to the union negotiators who worked it into the contracts.

Still, it's a good system that more companies should engage in.
 
2018-02-07 05:56:10 AM  

fusillade762: So is this just out of the goodness of their hearts or is it part of the workers' union contract?


The second one. This is required under UAW contract.
 
2018-02-07 05:57:43 AM  
Uh oh, this looks like a Union thread.  Watch out for jealous min-wagers and boot strap  inspired stories about how this one time they saw a group of people doing something inefficiently but the important part is they were part of a union.  I'm particularly interested in the ones about powered devices at conventions in light of what happened at CES this year.
 
2018-02-07 06:20:47 AM  

BumpInTheNight: Uh oh, this looks like a Union thread.  Watch out for jealous min-wagers and boot strap  inspired stories about how this one time they saw a group of people doing something inefficiently but the important part is they were part of a union.  I'm particularly interested in the ones about powered devices at conventions in light of what happened at CES this year.


Nah, it's ok.  This is the Business tab.  These links are lucky to get any attention at all.
 
2018-02-07 07:00:18 AM  

HMS_Blinkin: fusillade762: So is this just out of the goodness of their hearts or is it part of the workers' union contract?

The second one. This is required under UAW contract.


The submission title had a hint of Trump and tax cuts = great and made the profit sharing bigly checks arrive.  Actual article says it's less money than last year, and apparently this bonus is in the UAW contract.
But remember, Obama gets no credit for saving all of those jobs just a few years ago when nearly every republican wanted that company to go bankrupt.
 
2018-02-07 07:15:16 AM  
So, union negotiators worked to the over all benefit of the employees by using their numbers as leverage?  What a novel concept.  Seems like something that should catch on.
 
2018-02-07 07:21:51 AM  
Hey look and it's not a one time only deal, nice to have a union that works for you.
 
2018-02-07 07:32:03 AM  

groppet: Hey look and it's not a one time only deal, nice to have a union that works for you.


Yep, it's a recurring deal, provided the companies actually make a profit.  That part was actually a concession by the union, believe it or not.  Back in the good old days when the auto industry was a fat golden goose, workers got bonuses and COLA raises---regardless of whether the value of the dollar actually changed.  Even in years with deflation, workers got a minimum 2% or 4% (can't recall off the top of my head) annual raise.  That was nice for workers, but obviously became unsustainable over time.

Nowadays, those bonuses and raises are tied to actual profits and inflation.  If the dollar experiences deflation---no raise for you (which is fair, since keeping the same paycheck in a deflationary environment IS a raise in real terms).  If the company doesn't make money, no bonus.
 
2018-02-07 08:04:04 AM  
So when did the military and all the other government workers get that $1000 to $10000 bonus check?

Or the pages in Congress.  Ryan got his, and that was about half a million, just from one of his employers.
 
2018-02-07 08:42:00 AM  
FTFA: The company reported a net loss for the year of $3.9 billion because of a number of special charges, including $7.3 billion related to tax reform

What? Tax reform cost the company $7.3 billion? This article needs a lot more details about how that happened.
 
2018-02-07 09:39:50 AM  
Good thing Obama bailed them out, I guess.
 
2018-02-07 09:51:19 AM  
How about they send some cash my way, given they designed my shiatty engine that cracked at 97,000 miles?

Only GM could make such crappy vehicles.
 
2018-02-07 09:59:40 AM  

snowjack: FTFA: The company reported a net loss for the year of $3.9 billion because of a number of special charges, including $7.3 billion related to tax reform

What? Tax reform cost the company $7.3 billion? This article needs a lot more details about how that happened.


Looks like Fark ate my earlier response. I'll try again.

They had losses in the past. They can carry over a part of those net losses to count against future profits for income tax purposes. Now that the tax rate is lowered, the amount of tax savings they're going to see in the future has gone down. So that asset (the future tax savings) is worth less money.
 
2018-02-07 10:15:34 AM  

fickenchucker: How about they send some cash my way, given they designed my shiatty engine that cracked at 97,000 miles?

Only GM could make such crappy vehicles.


Come on now! Fiat Chrysler also makes such crappy vehicles, give them some credit.
 
2018-02-07 10:59:03 AM  

BumpInTheNight: I'm particularly interested in the ones about powered devices at conventions in light of what happened at CES this year.


Heh, always liked that one. One bad apple spoils the batch, or something like that. For every 9 people that can reliably plug in an extension cord, there's one who'll go all Clark Griswold's Christmas Light Setup on it.

i.imgur.comView Full Size
 
2018-02-07 11:43:51 AM  

meanmutton: snowjack: FTFA: The company reported a net loss for the year of $3.9 billion because of a number of special charges, including $7.3 billion related to tax reform

What? Tax reform cost the company $7.3 billion? This article needs a lot more details about how that happened.

Looks like Fark ate my earlier response. I'll try again.

They had losses in the past. They can carry over a part of those net losses to count against future profits for income tax purposes. Now that the tax rate is lowered, the amount of tax savings they're going to see in the future has gone down. So that asset (the future tax savings) is worth less money.


That checks out. Thank you!
 
2018-02-07 11:53:38 AM  
That's going to be hard for Nancy Pelosi to call a check for almost 12k "Crumbs."
 
2018-02-07 12:00:27 PM  
I worked for a company that compensated employees similarly. I was on an 85/15 plan, where they'd pay 85% of your "market rate" in salary during the year. Then, if you, your division, and the company hit your numbers, you get the remaining 15% at the end of the year. Depending on performance, you could get between zero and skies-the-limit percent of your 15%.

Worst year was zero, best was 25%. Wasn't a bad way to go since they paid pretty decent at the 85% rate to begin with.
 
2018-02-07 12:16:10 PM  

mrmopar5287: That's going to be hard for Nancy Pelosi to call a check for almost 12k "Crumbs."


Harder than you had to stretch for that comparison?
 
2018-02-07 12:21:55 PM  

Sophont: mrmopar5287: That's going to be hard for Nancy Pelosi to call a check for almost 12k "Crumbs."

Harder than you had to stretch for that comparison?


I'm surprised there hasn't been more of these uninformed posts who assume based on the headline alone that this has something to do with the trump tax break and its promised urinary trickle-down.  I guess we just have to wait until their lunch shift ends.
 
2018-02-07 04:02:39 PM  

mrmopar5287: That's going to be hard for Nancy Pelosi to call a check for almost 12k "Crumbs."


...and why would she want to do that?
 
2018-02-07 07:35:18 PM  

Nick Nostril: I worked for a company that compensated employees similarly. I was on an 85/15 plan, where they'd pay 85% of your "market rate" in salary during the year. Then, if you, your division, and the company hit your numbers, you get the remaining 15% at the end of the year. Depending on performance, you could get between zero and skies-the-limit percent of your 15%.

Worst year was zero, best was 25%. Wasn't a bad way to go since they paid pretty decent at the 85% rate to begin with.


You got 25% of the remaining 15%? Sounds like a screw job to me.
 
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