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Friday, November 30, 2012

Chrysler workers get big holiday bonus

Detroit News:

Chrysler Group LLC’s 26,000 U.S. factory workers will be receiving $1,750 bonus checks on Dec. 21 — the second half of their bonus for signing the contract between the company and the United Auto Workers in 2011.

While workers at General Motors Co. and Ford Motor Co. received their full signing bonuses up front, Chrysler workers only received half of their $3,500 last year. The rest was payable when the company, which went bankrupt in 2009, achieved “sustained profitability” for four consecutive quarters.

The $381 million third-quarter profit that Chrysler reported in October represented the third straight quarter of profits for the company. Fourth quarter results are not due out until January. But Chrysler said Friday it is waiving the requirement and paying the bonuses now.


“We appreciate [CEO Sergio Marchionne] and Chrysler’s willingness to recognize the contributions of our members at this time of the year,” said UAW Vice President General Holiefield, head of the union’s Chrysler division, adding that the money will help a lot of other people besides Chrysler workers.

“It doesn’t just benefit them,” he said. “They will spend that money in their communities, providing a well-needed boost to local economies.”

Was it just weeks ago that Mitt Romney was saying the auto bailout left Chrysler in such shambles that it was forced to move some production jobs overseas?

Why yes. Yes it was.

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