[Trending News] Stellantis profit sharing: Here’s how much UAW members will get for 2024

Employees of Stellantis NV represented by the United Auto Workers can expect to see profit sharing checks of $3,780, though some could be more and some less based on hours worked, the automaker said Wednesday.

There are about 38,800 workers eligible for the checks. The payout is a 73% decrease from last year’s $13,860, when about 38,000 employees were eligible.

The profit-sharing announcement is part of the automaker’s annual financial results released Wednesday, and is based on a 4.2% adjusted operating income margin last year in North America. That profit margin is down from 15.4% last year amid major challenges in the region that included a major decline in vehicle sales.

This year’s payouts will be paid on March 7, according to Stellantis.

The profit sharing was calculated based on Stellantis’ 2023 labor agreement with the UAW. Union-represented employees get $900 per 1% of profit margin in North America, based on how how many hours an employee worked last year. That means the final amount may differ depending on employee.

Tweaks to profit-sharing negotiated in the 2023 contract between Stellantis and the UAW included that workers who left the company after Dec. 31 but before profit-sharing checks are cut are still eligible to get the payout.

The union also negotiated a “performance sharing” payout for supplemental workers based on the profit-sharing formula, though far fewer supplemental workers are employed by Stellantis than when the contract was hashed out.

General Motors Co. in January announced record-sharing profit-sharing payouts of up to $14,500 to 48,000 eligible workers. Ford Motor Co., meanwhile, said it would pay bonuses of about $10,208 to its 57,000 eligible workers, just below the amount for 2023.

lramseth@detroitnews.com

@lramseth

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