Ford workers to get $7,500 profit-sharing checks -- lowest in three years
Ford Motor Co.’s more-than 13,000 hourly workers in Louisville will get annual profit-sharing checks worth about $7,500 for the typical fulltime employee. The annual bonus, which will be paid in March, is part of Ford’s labor contract.
LOUISVILLE, Ky. (WDRB) -- Ford Motor Co.’s more-than 13,000 hourly workers in Louisville will get annual profit-sharing checks worth about $7,500 for the typical fulltime employee, according to the automaker's 2017 financial results.
The annual bonus, which will be paid in March, is part of Ford’s labor contract with its more-than 50,000 United Auto Workers union members across the country.
The company gives a small amount its pre-tax profits in North America back to workers in bonuses each year, according to the contract.
The $7,500 payout for 2017 is the lowest since 2014, according to figures previously provided by the company. (The payouts are prorated based on the number of hours worked by each employee during the year. Just as with regular wages, taxes are deducted from the bonus checks.)
|Year||Average per-worker profit share|
Ford workers got a record $9,300 average bonus in 2015 and $9,000 last year.
This year’s payment is lower because Ford’s North American division earned pre-tax profits of $7.5 billion in 2017, down from $9 billion in 2016.
The company’s overall net income surged 65 percent, to $7.6 billion, in 2017. Ford’s other divisions include Europe, South America, the Middle East and Africa, Asia Pacific and Ford Credit, its lending arm.
Ford’s Louisville plants are Kentucky Truck Plant, on Chamberlain Lane, where the Expedition, Lincoln Navigator and Super Duty pickup trucks are made; and Louisville Assembly Plant on Fern Valley Road, where Ford primarily makes the Escape SUV.