Eligible UAW Stellantis workers will get up to $14,670 in profit-sharing this year, the largest amount in 35 years.
The union said it fought for an enhanced payout during the 2019 collective bargaining process. The formula increased to $900 per 1 percent of the North American profit margin, up from $800 in the previous contract.
Stellantis formed in January 2021 when Fiat Chrysler Automobiles merged with PSA Group.
Around 43,000 employees are eligible to receive profit-sharing payouts on March 11. The actual payments will be based on individual compensated hours.
“UAW Stellantis members are proud of the product they create every day, especially during challenging environments over the past two years,” UAW Vice President Cindy Estrada said in a statement. “We continue to make sure that this dedication in the face of pandemic and unforeseen parts shortages is recognized properly.”
The automaker said U.S. hourly employees have been eligible to receive more than $59,000 in profit-sharing since 2009, including the latest payment.
The 2021 payout is 83 percent larger than the $8,010 allotment in 2020. UAW members at General Motors received $10,250 while Ford members earned $7,377.
In North America, Stellantis said its adjusted operating income rose 85 percent to $12.8 billion, while revenue increased 15 percent to $79 billion. Margins in North America jumped to a record 16.3 percent last year from 10.1 percent in 2020.
“Employees are the heart of Stellantis,” CEO Carlos Tavares said in a statement. “It is thanks to their continued focus on execution and excellence that we were able to achieve record results in our first year as Stellantis.
“Every Stellantis employee took on an extraordinary task in 2021 of combining two automakers while facing serious external challenges. Our goal is that all employees benefit from the company’s profitable growth. We are pleased to reward and thank our team members for their tireless commitment.”