Post by TonyV on Jan 29, 2011 8:53:36 GMT -5
Hello, I would like to bring your attention on a new post published on the
UAWLAP.org Site.
Details of the post follow.
In Solidarity,
Steven M. Stone
Ford agreed to raise profit sharing
By BRENT SNAVELY
Free Press Business Writer
If Ford had stuck to a strict interpretation of its profit-sharing formula
hourly workers would be receiving no more than an average of ,000, UAW President
Bob King told the Free Press.
But today, when Ford announced a .6 billion profit for 2010, the company said it
would pay hourly employees an average of ,000 in March.
“What’s really important for our members to know is they didn’t have to do
this,” King told the Free Press. “They did much more than they technically
would have had to do under our agreement.”
Ford and the UAW have had a profit-sharing agreement since 1982. In 1999, when
Ford earned .2 billion, the average UAW payment was ,000.
However, UAW members ratified a new UAW contract in 2007 that no longer included
the profits of Ford Motor Credit, Ford’s financing arm. Consequently, Ford’s
profit sharing formula could have resulted in ,000 or less, King said.
In recent years, Ford’s UAW workers have given up the equivalent of thousands
of dollars in cost-of-living and other benefits as Ford worked through its
financial crisis.
Ford spokeswoman Marcey Evans said the company considered profit-sharing
practices across the automotive industry before it agreed on a final payment
with the UAW.
As late as Thursday, Ford was considering a lower amount.
“It’s driven by competitiveness,” Ford Chief Financial Officer Lewis Booth
said of the final profit-sharing decision.
Through out the last several years, as Ford eliminated jobs and closed plants,
management has promised that its turnaround plan would benefit employees,
dealers and suppliers.
“We’ve never flinched from saying profitable growth for all does mean
profitable growth for all,” Booth said.
Chairperson Note:
On behalf of the membership of the UAW Local 862 at the Louisville Assembly
Plant, we w0uld like to think Internation President Bob King, Vice President
and Director of the UAW/Ford Department Jimmy Settles and the National Ford
Department for their efforts on behalf of the membership on the profit sharing
issues.
Steven M Stone
UAW Building Chairperson
Local 862/LAP
502-364-3657 (Office)
502-969-9136 (Hall)
Link to the post:
uawlap.org/union/ford-agreed-to-raise-profit-sharing.php
Link to UAWLAP.org: uawlap.org
UAWLAP.org Site.
Details of the post follow.
In Solidarity,
Steven M. Stone
Ford agreed to raise profit sharing
By BRENT SNAVELY
Free Press Business Writer
If Ford had stuck to a strict interpretation of its profit-sharing formula
hourly workers would be receiving no more than an average of ,000, UAW President
Bob King told the Free Press.
But today, when Ford announced a .6 billion profit for 2010, the company said it
would pay hourly employees an average of ,000 in March.
“What’s really important for our members to know is they didn’t have to do
this,” King told the Free Press. “They did much more than they technically
would have had to do under our agreement.”
Ford and the UAW have had a profit-sharing agreement since 1982. In 1999, when
Ford earned .2 billion, the average UAW payment was ,000.
However, UAW members ratified a new UAW contract in 2007 that no longer included
the profits of Ford Motor Credit, Ford’s financing arm. Consequently, Ford’s
profit sharing formula could have resulted in ,000 or less, King said.
In recent years, Ford’s UAW workers have given up the equivalent of thousands
of dollars in cost-of-living and other benefits as Ford worked through its
financial crisis.
Ford spokeswoman Marcey Evans said the company considered profit-sharing
practices across the automotive industry before it agreed on a final payment
with the UAW.
As late as Thursday, Ford was considering a lower amount.
“It’s driven by competitiveness,” Ford Chief Financial Officer Lewis Booth
said of the final profit-sharing decision.
Through out the last several years, as Ford eliminated jobs and closed plants,
management has promised that its turnaround plan would benefit employees,
dealers and suppliers.
“We’ve never flinched from saying profitable growth for all does mean
profitable growth for all,” Booth said.
Chairperson Note:
On behalf of the membership of the UAW Local 862 at the Louisville Assembly
Plant, we w0uld like to think Internation President Bob King, Vice President
and Director of the UAW/Ford Department Jimmy Settles and the National Ford
Department for their efforts on behalf of the membership on the profit sharing
issues.
Steven M Stone
UAW Building Chairperson
Local 862/LAP
502-364-3657 (Office)
502-969-9136 (Hall)
Link to the post:
uawlap.org/union/ford-agreed-to-raise-profit-sharing.php
Link to UAWLAP.org: uawlap.org