This, as taxpayers lose billions on GM bailout buyback… I have no problem with private companies paying whatever they want to their employees. I do take umbrage with zombie-companies (propped-up by taxpayer dollars) who stiff the taxpayers they owe, to give bonuses to the union members who caused the whole mess, to begin with.
Profit-sharing bonuses for United Auto Workers’ members at Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) are expected to be at least as large as last year’s payout at General Motors and larger than the year-ago bonuses paid at Ford. Approximately 55,000 GM hourly workers and 40,000 Ford employees are in line for the payments.
GM workers can expect bonuses of between $5,500 and $7,000, and Ford’s employees could receive a payment of more than $8,000 each, according to a report in The Wall Street Journal. The payments are based on a formula that gives workers a $1 bonus for every $1 million in North American operating profit at the two companies.