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Tue Jan 29, 2013, 09:17 PM

45,800 Ford workers to get record $8,300 profit-sharing checks

Source: Detroit News

January 29, 2013 at 5:00 pm
45,800 Ford workers to get record $8,300 profit-sharing checks
By Karl Henkel
The Detroit News


Ford Motor Co.'s record North American profit in 2012 will have a ripple effect on auto communities across the country and especially here in Southeast Michigan.

Roughly 45,800 hourly United Auto Workers members who work at Ford plants in the United States will receive record profit-sharing checks of $8,300 on average in March.

"The expected increase in profit-sharing checks for autoworkers this March is good news for Michigan's economy," said Robert Dye, chief economist at Comerica Bank. "It will help to buffer households from the drag of higher payroll taxes," which increased 2 percent for all working Americans on Jan. 1.

On average, the $8,300 profit-sharing check will have an economic impact of $20,750 per worker, when factoring a multiplying ripple effect, said David Sowerby, portfolio manager for Loomis Sayles in Bloomfield Hills.



Read more: http://www.detroitnews.com/article/20130129/AUTO0102/301290431#ixzz2JQ9vng5Q



Good news!

39 replies, 6178 views

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Reply 45,800 Ford workers to get record $8,300 profit-sharing checks (Original post)
Bozita Jan 2013 OP
mike_c Jan 2013 #1
Sunlei Jan 2013 #27
michigandem58 Jan 2013 #35
rhett o rick Jan 2013 #36
WinstonSmith4740 Jan 2013 #2
TheDebbieDee Jan 2013 #3
libdem4life Jan 2013 #4
virgogal Jan 2013 #5
FailureToCommunicate Jan 2013 #6
Demo_Chris Jan 2013 #7
SpartanDem Jan 2013 #9
Demo_Chris Jan 2013 #10
MNBrewer Jan 2013 #8
Demo_Chris Jan 2013 #11
msongs Jan 2013 #12
Socal31 Jan 2013 #21
awoke_in_2003 Jan 2013 #31
jtuck004 Jan 2013 #13
doc03 Jan 2013 #14
AllyCat Jan 2013 #16
Socal31 Jan 2013 #23
doc03 Jan 2013 #28
SheilaT Jan 2013 #15
Demo_Chris Jan 2013 #17
dotymed Jan 2013 #24
Demo_Chris Jan 2013 #26
The Straight Story Jan 2013 #25
Demo_Chris Jan 2013 #32
Sgent Jan 2013 #30
Demo_Chris Jan 2013 #33
DrewFlorida Jan 2013 #18
PennyK Jan 2013 #19
Sunlei Jan 2013 #20
Fearless Jan 2013 #22
madokie Jan 2013 #29
NewYorkTaxPayer Jan 2013 #34
Bozita Jan 2013 #37
NewYorkTaxPayer Jan 2013 #39
Bombero1956 Jan 2013 #38

Response to Bozita (Original post)

Tue Jan 29, 2013, 09:18 PM

1. why don't ALL Americans DEMAND good union jobs?

Congrats UAW brothers and sisters! Well done!

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Response to mike_c (Reply #1)

Wed Jan 30, 2013, 09:14 AM

27. Americans should demand their state raise the minimum wage. it is to low.

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Response to mike_c (Reply #1)

Wed Jan 30, 2013, 07:03 PM

35. Because demanding one doesn't get you one

 

Happy for the Ford folks, but in today's economy and environment, you don't get a job like that by demanding it. Let's not target non-union folks. Doesn't mean they are anti-union.

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Response to mike_c (Reply #1)

Wed Jan 30, 2013, 08:59 PM

36. Two reasons.

The corp-media propaganda has convinced many Americans that unions are bad.
With 9% unemployment corps have the upper hand.

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Response to Bozita (Original post)

Tue Jan 29, 2013, 09:25 PM

2. This is excellent!

Wow...this is a great thing for those folks. More power to 'em. I hope they party their asses off.

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Response to Bozita (Original post)

Tue Jan 29, 2013, 09:25 PM

3. Congrats auto worker union members.......I'm glad that YOU are getting a big bonus

in addition to the extremely overpaid d*cks that run the auto companies.................

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Response to Bozita (Original post)

Tue Jan 29, 2013, 09:46 PM

4. Hear, hear ! Let Detroit go "to the bank"...with deposits.

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Response to Bozita (Original post)

Tue Jan 29, 2013, 09:49 PM

5. Alan Mulalley had done a great job with Ford. Boeing must miss him with it's present problems.

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Response to Bozita (Original post)

Tue Jan 29, 2013, 09:54 PM

6. " 'Profit SHARING' ?!? Humbug!"

Last edited Tue Jan 29, 2013, 11:06 PM - Edit history (1)

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Response to Bozita (Original post)

Tue Jan 29, 2013, 10:01 PM

7. Wow. That's... unreal really. Their bonus is half the average Walmart workers yearly pay

 

I guess stuff like this was normal back in the day.

Does anyone have any idea what these guys make normally?

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Response to Demo_Chris (Reply #7)

Tue Jan 29, 2013, 10:13 PM

9. Around $18/hr for new hires

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Response to SpartanDem (Reply #9)

Tue Jan 29, 2013, 10:15 PM

10. Good money.

 

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Response to Bozita (Original post)

Tue Jan 29, 2013, 10:01 PM

8. That's a huge amount of money to a regular person.

the 99%, that is.

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Response to MNBrewer (Reply #8)

Tue Jan 29, 2013, 10:16 PM

11. Yep, it certainly is that

 

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Response to Bozita (Original post)

Tue Jan 29, 2013, 10:19 PM

12. tax rate on bonuses used to be 50%. still the same? nt

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Response to msongs (Reply #12)

Wed Jan 30, 2013, 01:18 AM

21. No. Your W-2 does not break down bonus v salary or hourly.

It is withheld at a higher rate, but you will get that back when you file taxes.

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Response to Socal31 (Reply #21)

Wed Jan 30, 2013, 01:03 PM

31. Correct...

withholding on bonuses is 30%, some of which you get back when you file.

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Response to Bozita (Original post)

Tue Jan 29, 2013, 10:25 PM

13. That's only about $380 million. Ford's _net_ was $13.6 billion.

I suspect they've long ago amortized the weapons they used to shoot at workers, the bullets, and the spies and finks they paid to hurt them.

So the laborers made all this money, where did the rest of it go? Seems like a lot of leakage.

Otherwise it would have been about $297,000. Each. Couple checks like that could turn that $18/hr into a wage you could house and feed a family with, educate yourself, educate the kids, pay for the city infrastructure. Maybe go out once in a while.


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Response to Bozita (Original post)

Tue Jan 29, 2013, 10:53 PM

14. Ford better get there act together or they will be history.

They went from the best made American brand to dead last according to Consumer Reports. The only make worse is Jaguar a Ford offspring.

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Response to doc03 (Reply #14)

Tue Jan 29, 2013, 11:15 PM

16. Huh. I've talked to many happy Ford owners and it looks like they

are making some nice cars again.

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Response to doc03 (Reply #14)

Wed Jan 30, 2013, 01:48 AM

23. Huh?

Ford is on fire.

"Consumer Reports" does not drive the market.

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Response to Socal31 (Reply #23)

Wed Jan 30, 2013, 09:55 AM

28. They have dumped millions into Lincoln trying to save it without results

and they have major quality control problems throughout their lineup.

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Response to Bozita (Original post)

Tue Jan 29, 2013, 10:54 PM

15. That's wonderful.

Good for them. They deserve it.

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Response to Bozita (Original post)

Tue Jan 29, 2013, 11:20 PM

17. Stories like this one define how the public thinks of unions and union workers

 

Last edited Wed Jan 30, 2013, 02:38 PM - Edit history (1)

Stories like this one define how the public thinks of unions and union workers, and they are used by anti-union folks to support the idea that unions are bleeding American corporations dry. It might be ludicrous, but there it is. The only good counter argument is that our struggle should not be to tear union workers down, but to raise everyone else up to that standard -- but then the same argument is used in defense of the wealthy -- and since no one has actually seen any union folks fighting to get non-union folks better working conditions or pay, it's a bit empty.

And that's the problem. Someone once said, "We can hang together or hang seperately" and he or she was correct. The problem is that most of us have no choice but to hang alone. We don't have unions or a voice in Washington, and there are a hundred desperate people for every minimum wage job. Better pay and working conditions are for the special few.

My fear is that the next time Ford (or any major company) has a dispute with their union, the public will remember this and they won't have a whole lot of sympathy for the plight of the union worker. They'll remember $8,000 bonus checks, and if they don't the media will be sure to remind them.

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Response to Demo_Chris (Reply #17)

Wed Jan 30, 2013, 07:37 AM

24. CEO's and banksters get million$ in bonuses...

My fear is that the next time Ford (or any major company) has a dispute with their union, the public will remember this and they won't have a whole lot of sympathy for the plight of the union worker. They'll remember $8,000 bonus checks, and if they don't the media will be sure to remind them

BTW, without the Unions leading the way we would not have 40 hr. work weeks, overtime,breaks, etc....for "non-Union folks."

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Response to dotymed (Reply #24)

Wed Jan 30, 2013, 09:01 AM

26. I think, or at least hope, that everyone gets that

 

Last edited Wed Jan 30, 2013, 01:13 PM - Edit history (1)

I have seen that particular discussion play out several times. Folks acknoweleging the many benefits won by unions in history, then following this up by saying that those days are over, those benefits won, and unions today are no longer as necessary. Note, you don't have to convince me that this is wrong, you have to convince them.

In any case I suspect that the historical role of unions is somewhat irrelevant -- as the unions which won those concessions are gone, as are the jobs. Prior to NAFTA and the other FTAs, America's largest employer was GM. Rounding out the top ten were mostly other manufacturing companies, all paying solid middle class wages and godly benefits. Unions, and those jobs, built the middle class that is wiped out today.

Today the largest employer is Walmart. The rest of the top ten employers is made up of companies like McDonalds and Target and what not, all paying as close to minimum wage / part time as they can get away with, none offering any benefits.

Our Party did this, our voters thought this was a fine idea. It's not like they didn't know, I was just a kid and even I remember the debate, they just didn't care.

So here we are. The American people are polarized, and the gap between the worker and the boss is as vast as the ocean. Those on the bottom, regardless of qualifications, are doing gladiatorial combat with hundreds of others for the chance to earn a part-time, poverty-wage job with no benefits, while those above them earn hundreds of times their salary. President Obama, and many posters here, consider 399K a year to be middle class -- barely making it -- and very much in need of a permanent tax cut. This is obscene when you consider that such a salary pays as much every month as TWO average Walmart workers earn per year.

But that's where we're at. A nation in which the top twenty-percent are rich, and everyone else is poor. A nation in which one-in-five US kids goes to bed every day without food. A nation in which tens of millions of children go to school after sleeping in their parent's car, or on a friend's floor, or at the shelter. A nation in which healthcare for most consists of internet self-help and prayer to gods they no longer believe in.

When a hundred people are fighting over a covetted McDonald's "Fry Guy" position, and crushed when they don't get the job, it's hard to see how unions can even possibly be the answer. And it's equally hard for many to feel anything other than bitterness when they hear about some lucky union workers cashing in.

It is this anger which the anti-labor forces capitalize on.

Unions were powerful when companies had to fight for workers, and when workers were represented in Washington. Today neither is the case.

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Response to Demo_Chris (Reply #17)

Wed Jan 30, 2013, 08:41 AM

25. Only real problem is how many really stupid people in this country believe such tripe

There are a lot of ignorant people here sadly, and I don't blame the education so much as rw fundie parents who brain wash their kids.

Not to mention when they flock together at websites, it is like and orgy of ignorance from people who think stringing any two sentences together is an accomplishment which makes what they are bumbling to say true.

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Response to The Straight Story (Reply #25)

Wed Jan 30, 2013, 02:14 PM

32. You are no doubt smarter than the average person...

 

You are no doubt smarter than the average person. You understand the deeper issues going on here, the long term cause and effect, and the historical context of the worker's struggle.

But then maybe the American people aren't as ignorant as we believe. Maybe they cannot afford to care about that stuff when they are trying not to lose their home. They see companies closing plants in union states and reopening them in non-union states or, thanks to Clinton and NAFTA, out of the country. And if that plant opens in their town they aren't cursing the fact that it's non-union, they are praising Jesus that they have a shot at a job. And while they know they won't make the mega-bucks they believe union guys make in Detroit, they are happy to have anything -- there are a thousand guys applying for every opening that exists. That's not ignorant, thats just wanting a job.

Nor are they ignorant in their understanding of the benefits they currently enjoy. Most people know by now that those benefits were originally won by union workers. They know that a hundred years ago union members fought and often died to win them those rights. But that was then, and this is now. Today those unions and jobs are long gone. It's not non-existant unions protecting those rights, it's their votes, and they know it. That's not ignorance, that's just how it is.

Further, unless they happen to be in one of the few remaining powerful unions themselves, they have never once had a union do anything on their behalf. No one is winning them $8000 bonuses. The Longshoremen aren't taking to the streets to protest the pay or conditions at Walmart -- America's largest employer -- nor are auto workers or teachers. If you work at Walmart or McDonalds or Target or Home Depot you are on your own. Hell, forget unions, they don't even have a party that does anything for them. Again, that's not ignorance, that's reality.

Mind you, it might be short-sighted.

But here's the thing, for the most part the unions are already gone. According to the Bureau of Labor Statistics, 94% of American private sector workers DO NOT HAVE union representation. And so long as there are more workers looking for work than jobs available, that isn't really going to change significantly.

So really, just how ignorant is this 94%?

Maybe we were the ignorant ones when we passed NAFTA and shipped their jobs away. And if the company is saying you can have a job but no union, what choice did we leave these workers but to say "Yes sir, when can I start!"

http://www.bls.gov/news.release/union2.nr0.htm

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Response to Demo_Chris (Reply #17)

Wed Jan 30, 2013, 10:47 AM

30. Gotta disagree

I know a lot of anti-union people, and most of them have no problem with profit sharing or other forms of performance based compensation. Remember many ford workers gave up wages / benefits and replaced it with profit sharing.

One issue they have with unions is the fact that they usually will not accept profit sharing, even when a company is dying (see hostess).

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Response to Sgent (Reply #30)

Wed Jan 30, 2013, 02:37 PM

33. Probably true, assuming they remember the details.

 

I have never met anyone in real life who did not believe that a job at one of the big three was anything less than a Golden Ticket. That's certainly how these jobs are portrayed in the media. Epic pay, benefits that are unimaginable today, pensions, healthcare, breaks, vacation, sick leave, severence pay if they close your factory down, bonuses, the works. People believe it because it turns out to be true.

According to Factcheck.org, the automakers themselves claim the average pay is $29 per hour, or about $60,000 a year plus benefits. These benefits bring the average worker compensation to about $40 per hour, or about $80,000 a year (according to the NY Times). This figure still does not include the costs of pensions paid to current retirees however.

http://www.nytimes.com/2008/12/10/business/economy/10leonhardt.html?_r=3&hp&

http://www.factcheck.org/2008/12/auto-worker-salaries/

This places union auto workers solidly into the top 10% for total compensation. Which means that in the "war" between the haves and have-nots, they are definately the haves.

America's largest employer, Walmart, pays it's workers significantly less. They average about $17,000 a year and have no benefits at all. Nor are most of the other top ten employers any better, and some are worse.

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Response to Bozita (Original post)

Tue Jan 29, 2013, 11:46 PM

18. That is good news!

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Response to Bozita (Original post)

Wed Jan 30, 2013, 12:29 AM

19. Wow! I just bought a Ford Focus!

I'm very happy to see that I accidentally did the right thing for a change.

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Response to Bozita (Original post)

Wed Jan 30, 2013, 12:59 AM

20. good news, similar thing Henry Ford did, in 1920? boosted daily pay by 25%, & boosted the economy

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Response to Bozita (Original post)

Wed Jan 30, 2013, 01:22 AM

22. Wait what? Treating employees (more) properly?

We can't have that!

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Response to Bozita (Original post)

Wed Jan 30, 2013, 10:09 AM

29. Two fords in our drive

both '98 year models and both with close to 150,000 miles and both for all intents and purposes are as good as they were the day they rolled off the assembly line.
Our next purchase will be the fusion.

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Response to Bozita (Original post)

Wed Jan 30, 2013, 03:17 PM

34. #FiveDollarDay

 

A lesson that Henry Ford tried, and failed, to teach the world.

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Response to NewYorkTaxPayer (Reply #34)

Thu Jan 31, 2013, 01:26 AM

37. GOPers want to return to the good ol' days of $5.00/day for ALL of the 47%

Guaranteed!

Of course, the 47% will have to adjust their lifestyles to the new 2013 prices.

It's the next best thing to actually owning the slaves.

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Response to Bozita (Reply #37)

Thu Jan 31, 2013, 12:25 PM

39. I understand what you are saying,

 

but do you know what the Five Dollar Day was?

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Response to Bozita (Original post)

Thu Jan 31, 2013, 01:32 AM

38. how much do the Toyota, Nissan and other right to work state workers get

bet it isn't much if anything. Good for my brothers and sisters in the UAW.

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