Some auto workers are learning how much they'll be getting in profit sharing checks this year, and of course those checks are good news for the local economy. The checks pump tens of millions into the regional economy. Considering that Chrysler and GM were bankrupt just a few years ago, it is an even sweeter pay day for the workers who have helped turn things around.
Kenyetta Jones has worked at GM's Toledo transmission plant for 27 years," I'm very proud to be part of GM, absolutely." After more than two decades on the job, when the auto industry took a hit, she was laid off for more than a year. So the journey back to success has been especially rewarding, "The UAW and GM have come a long way back together, we are in this as one. When GM does well it's not just good for GM and the UAW, it means America does well."
GM has not yet posted it's 2012 earnings so workers don't yet know how much their profit sharing checks will add up to, but Jones is excited to see all the hard work pay off, "I'm going to invest it back in the community that's for sure." In fact, she's got her eye on a new truck, " I have been looking and the check will certainly help me buy. I am going to start looking seriously and check out the incentives at local dealers and see what I can come up with!"
Chrysler posted a $1.7 billion profit in 2012. According to published reports, that will add up to profit sharing checks of about $2,200 for workers. The workers often use those checks to invest in what they make. Dennis Amrhein is the Managing Partner at Grogan's Towne Chrysler Jeep Dodge, " Just like people wait for income tax refunds, they wait for these profit sharing checks. It is a nice bonus check they can use as a down payment to lease or buy a car."
While sales jumped 18% for Chrysler, 2012 was also a banner year at Grogan's Towne. It was the biggest sales year in the dealership's 55 year history and 2013 is off to a good start too,"This year we were up 40% in January over last January and last January was the best January in the history of the store."
GM will report its earnings on February 14th and profit sharing amounts are usually released soon after that. In addition to the Toledo plant, GM also has a plant in Defiance.
Chrysler has two plants in Toledo, one in Perrysburg Township and another in Dundee, Michigan.
According to the Detroit Free Press, Ford workers will each receive a profit sharing check of about $8,300. Those checks are expected to go out in mid March. Ford has a plant in Lima as well as nearby Flat Rock, Michigan.
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