Feb. 16, 2012 online at www.uawlocal2250.com
• This year’s profit share amount will be $7000 and paid out on March 2 (see joint letter from UAW Vice President Joe Ashton and GM Vice President of Labor Relations Cathy Clegg on back). Remember, this is based on North American profits, which will be different than the total profits that you will hear about ($7.6 billion). You must have at least 1850 compensated hours to receive a full payout. If you had less than 1850 hours your payout will be based on the percentage of your compensated hours compared to 1850. For example if you had 1500 hours you would receive 81% of a full share, or $5670. There will be no 10% profit share diversion to the VEBA.
• Also included in the financial results was the status of the pension fund. At the end of 2011, U.S. pension funding status stood at 88%, with a $13.3 billion shortfall. That compares to 89% funding status and an $11.5 billion deficit. Investment returns for 2011 came in at 11.1%.
• In case you missed it, Rock Center with Brian Williams on NBC did a feature on Flint Assembly and the addition of the third shift there and the positive impact on the economy and workers’ lives. To watch the entire video you can go to rockcenter.msnbc.msn.com and click on: The graveyard shift: ‘I feel like I’m back on track’ video box.
• Here is UAW President Bob King’s response to Mitt Romney’s latest editorial: "Mitt Romney is the last person who should be talking about the recovery of the US auto industry. He can try and rewrite history as much as he wants, but when we were at our darkest hour, Mitt Romney turned his back on the industry, their workers and the people of Michigan and in other places where Americans depend on the auto industry. He likes to say he is from Michigan, but no Michigander would advocate the bankruptcy of Detroit, talk down about auto workers and see the recovery of its economy as politically damaging to their campaign. Let me be clear: the success you're seeing in the auto industry today - the new jobs, the increased market share, and even the existence of the auto show in Detroit last month - none of this would have happened if Mitt Romney had his way. President Obama and Democrats stepped in and provided emergency loans to allow the auto industry to restructure and rebuild and the people of this nation, where there was no private financing available, and Michigan know that."
February 16, 2012
Message from Joe Ashton and Cathy Clegg
Dear UAW-GM Team Members,
Your dedicated work over the past year has contributed to GM’s strong 2011 business results announced today. Consistent with this performance and the terms negotiated in the National Contract, we’re pleased to announce this year’s profit sharing payout. Eligible UAW-GM team members who worked the entire year (1,850 compensated hours) will receive approximately $7,000 on March 2, 2012. Employees on roll as of December 31, 2011 who worked only part of the year will receive a pro-rated amount based on the number of hours worked.
This payout is another great example of how we are sharing GM’s success with employees. It’s a nice follow up to the Quality Performance Bonus of $250 that UAW-GM team members received last December for achieving the model year to date IPTV (Incidents per Thousand Vehicles) performance target for North America.
In 2011, our efforts helped make GM a stronger company, which benefitted our customers, employees and the many others who depend on our success. Over the course of the year, GM announced facility investments in the U.S. totaling over $3.6 billion and more than 9,500 created or retained jobs. In the end, it’s about the terrific vehicles we produce and their success in the marketplace. That’s why our work across many plants in support of launches including LaCrosse e-Assist, Verano, Sonic and Malibu Eco remains so important.
We have an action-packed year ahead of us and an outstanding opportunity to build momentum. While we’ve played a key role in GM’s comeback story, the game has really just begun. Through collective teamwork and a continuous improvement mindset, we can strengthen our position in the industry and help ensure the company’s long-term success.
Congratulations, and thanks very much for your efforts.
Joe Ashton Cathy Clegg
UAW Vice President Vice President – GM Labor Relation
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