49.6K GM workers to get $11,000 in profit-sharing after 'legendary turnaround' year

LORDSTOWN

General Motors Lordstown Assembly Plant hourly workers will receive the biggest profit-share paycheck from their employer this year in the amount of $11,000.

“I am excited for the members and for the company,” said Glenn Johnson, president of the United Auto Workers Local 1112. “It’s an outstanding and legendary turnaround [GM] has done since coming out of bankruptcy.”

On Wednesday, the Detroit automaker reported total 2015 net income of $9.7 billion compared with $2.8 billion generated in 2014.

Full-year earnings before interest and tax rose to $10.8 billion, up from $6.5 billion reported in 2014.

For every billion made in North America, GM gives $1,000 to its hourly employees, according to the automaker’s contract with the UAW.

About 49,600 GM U.S. hourly employees are eligible to receive up to $11,000 in profit share. Last year, employees received up to $7,500.

Read more about the situation in Thursday's Vindicator or on Vindy.com.