Fiat Chrysler has announced it will provide profit sharing payments totalling $5,000 to 40,000 of its eligible UAW-represented employees on February 17th, 2017.
The profit sharing payments come after FCA this morning announced it had earned a net profit of €1.8 billion in 2016, a significant increase from the €93 million it earned in 2015.
“As a result of the Company’s strong 2016 financial performance, FCA US LLC announced today that it will make average profit sharing payments of $5,000 to eligible UAW-represented employees,” a statement released by the automaker reads.” Approximately 40,000 employees will receive the payment on Feb. 17, 2017.”
UAW profit sharing payments for 2016 are adjusted based on the EBIT margin performance of the North American region reported in the FCA N.V. financial results and on individual compensated hours. The terms for the payments were agreed upon as part of the 2015 FCA US LLC-UAW Collective Bargaining Agreement.
FCA said it plans to spend the first quarter of 2017 completing the initial phase of its industrialization plan, which entails retooling its assembly plants in Warren, Michigan, Toledo, Ohio and Belvidere, Illinois. The investments, announced earlier this month, are for upcoming Jeep and Ram products and will create an additional 1,700 jobs. FCA plans to have all three factories fully operational by early 2018.