AUBURN HILLS, Mich. (WJBK) - Fiat Chrysler has announced 2016 profit sharing payments for hourly employees in the U.S.
Eligible UAW-represented employees will receive an average profit sharing payment of $5,000. Approximately 40,000 employees will receive the payments on February 17, 2017.
With this payment, FCA US employees have received more than $18,000 in profit sharing since 2009. FCA US will spend much of 2017 completing the first phase of its industrialization plan, which includes retooling three assembly plants in Michigan, Illinois and Ohio.
A total of $2.5 billion will be invested in these facilities to expand the Jeep and Ram brands and will bring 1,700 new jobs to these communities. These actions are planned to be completed by early 2018.
As negotiated in the 2015 FCA US LLC-UAW Collective Bargaining Agreement, the 2016 profit sharing payment is based on the adjusted EBIT margin performance of the North American region reported in the FCA N.V. financial results and on individual compensated hours.