General Discussion
In reply to the discussion: Obama Fail~ or not [View all]sheshe2
(83,654 posts)You are right, damn those greedy workers that want a cut of the profits!
Damn them. Damn them I say!
See post 13 George. Fact check is your friend!
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=2942940
GM likely to spend $500M on employee payments
February 29, 2012 - 12:15 AM
div class="excerpt"]GM, which made a record profit in 2011, will pay bonuses of at least $182 million to white-collar workers such as engineers, car designers and managers on Wednesday, according to a formula obtained by The Associated Press. That's on top of $332.5 million in profit-sharing it already agreed to pay factory workers.
In the past, such payments have drawn criticism from those who believe the government shouldn't have bailed out GM and Chrysler. But GM, which made a record $7.6 billion last year, says the payments are needed to hold on to skilled employees. It's also keeping fixed costs down by giving bonuses instead of annual pay raises.
The bonuses will go to most of the company's 26,000 salaried employees, many of whom make more than $100,000 a year. The bonuses will range from 8 percent of base pay to 14 percent, according to the formula.
http://cnsnews.com/news/article/gm-likely-spend-500m-employee-payments