GM announces profit-sharing checks up to $11,750

[Al]

Originally Posted By: goodtimes
She was talking about the $1000 being crumbs for the company compared to their tax break, not the person getting $1000. OMG as they say.

The message is the same and you know it

 

[dishdude]

Geez, this thread's all over the place with everyone trying to figure out their political position...tune back in to talk radio for your talking points.

 

[CT8]

Originally Posted By: Bottom_Feeder
Originally Posted By: tcp71
How about repaying grants given to GM to stay afloat. Then distribute to the taxpayers that actually paid those grants.

This.
You would think it would be the proper thingto do. Free money is taxpayer money.

 

[Kestas]

Originally Posted By: goodtimes
Very happy we are not living in 1920 where 12 hour days six days a week were the norm, with zero benefits and almost no wages. My father went to work at 14 as a machinist, and that's exactly how his life was, for $3 per week. No time off unless you don't want to be paid and have another man in your place. So glad we got unionized and now we have the benefits we do. People have no idea how the common person suffered day to day back when companies used people with no concern about their lives.

Also remember that the alternative was farming. When America became industrialized over a hundred years ago, the 12 hour day, 6 days a week was a better way to make a living than farming. So yes, life was tough back then. Since then work has evolved to where nowadays, farming is not a real alternative for a variety of reasons.

 

[BalticBob]

Originally Posted By: dishdude
Geez, this thread's all over the place with everyone trying to figure out their political position...tune back in to talk radio for your talking points.


This issue has to do with a financial not political position.....my tax money funding a failing company, corporate welfare is what it is.
Let GM fail, other manufactures will be there to manufacture new autos, and hire their former employees and CEO's.

 

[bubbatime]

Originally Posted By: Donald
Up to $11,750 could mean one person got $11,750 and the rest got $1000.


"Be grateful for what you have and stop complaining - it bores everybody else, does you no good, and doesn't solve any problems." Zig Ziglar

 

[nickaluch]

Being a small business owner my belief is I pay my staff well for dedication. I want them to be able to pay there bills and live a comfortable life. I can't eat steak while there eating rice.

 

[BalticBob]

Originally Posted By: Kestas
Originally Posted By: goodtimes
Very happy we are not living in 1920 where 12 hour days six days a week were the norm, with zero benefits and almost no wages. My father went to work at 14 as a machinist, and that's exactly how his life was, for $3 per week. No time off unless you don't want to be paid and have another man in your place. So glad we got unionized and now we have the benefits we do. People have no idea how the common person suffered day to day back when companies used people with no concern about their lives.

Also remember that the alternative was farming. When America became industrialized over a hundred years ago, the 12 hour day, 6 days a week was a better way to make a living than farming. So yes, life was tough back then. Since then work has evolved to where nowadays, farming is not a real alternative for a variety of reasons.

Life is tough now, work has evolved into not working.
Nowadays just sit back and wait for the free money (of course nothing is free, someone has to pay for it) Forget about getting off your dead rump and actually having to sweat for it.
The only thing some sweat now is if the money will arrive on time so they can pay for the necessities of life.......
cell phones, cable TV, alcohol, tobacco, weed, shiny rims, flashy sneakers, bling ..........

Some people mock employees of fast food restaurants because it is looked upon as a low paying, low skill job. It may be, but I am thankful they are working and being a productive member of society.

 

[BalticBob]

Originally Posted By: nickaluch
Being a small business owner my belief is I pay my staff well for dedication. I want them to be able to pay there bills and live a comfortable life. I can't eat steak while there eating rice.

You seem like a great person to work for, your employees should be grateful.
About the steak and rice......being the owner of a small business, you are the one that is taking the financial risk, and I bet you work many more hours than your employees. So treat yourself to a big rib-eye at the local steakhouse, you deserve it!

 

[HemiHawk]

Did anyone notice in the article this is literally negotiated into their contracts? GM isn't doing this out of the kindness of their hearts

“Today’s General Motors profit sharing, established under the 2015 contract negotiations, recognizes that UAW GM members’ hard work is an essential part of General Motors sales and profits,”
“UAW members at GM negotiated a well-deserved share in the profits of their hard work and sacrifice.”

Still good to see workers getting a piece of the pie they worked to achieve.

I also wonder sometimes how much of this is leveraged for advertising purposes. When I worked at a small IT firm, we received bonuses every year. It was terrific, and not at all "expected". However, for that small company there was no publicity to gain from it. The owner couldn't go around to perspective clients "WE GIVE BONUSES TO OUR EMPLOYEES!". But these giant companies give a nibble of the carrot to employees and perspective buyers think they're amazing. Still not a negative thing, but I bet some AD men at GM have a number written down on how much this public info of bonuses will return them.

 

[SeaJay]

I am willing to bet that the workers are happy to get these bonuses, despite how some of the posters are trying to play this, or the late night TV comedians and amateur politicians for that matter.

 

[PimTac]

Some of that money could have gone to the Delphi workers who got the shaft thanks to the almighty UAW.

 

[IMPALA08]

The Govt and GM first screwed all the bond holders. Next Obama said that if the bailed them out and purchased the stock GM WOULD NOT go bankrupt. Well they went bankrupt anyway and left the taxpayers on the hook for purchasing stock. The govt sold the stock in 2014-2015 at a very large loss. There was a reason for bailout first then bankruptcy ......unions did not loss anything and there contract stayed intact. Romney wanted bankruptcy first then reorganize GM .....which would be the logical way and not leave the taxpayers on the hook

 

[nickaluch]

With my employees dedication I'm able now to take a step back and enjoy life a little. Every Friday I take a different friend out for a incredible lunch at Peter Luger's in Brooklyn or another nice place. Spending time and traveling with my family has taken priority to make up for all the lost time I know I can't get back.I been blessed and lucky in business and in time I got humble.

 

[dnewton3]

I worked at Ford from 1990 to 2006; I've handed out lots of these checks to hourly folks.

This is a negotiated item; been in the contracts for decades now. This isn't "new" by any means.

The payout is based upon a few things, but the largest contributor is the amount of hours worked. It's a percentage rate paid, multiplied by other inputs factors. Someone who works more overtime would get a larger payout. Someone who was on medial for much of the year won't get the same payout as someone who was at work full time all year long. The "up to XXXXXXX dollars" is based on a max payout opportunity; not all get that amount, but a select few will.

The contract is set up such that a minimum profit margin has to be exceeded before the sharing kicks in, and then it's prorated on several factors; essentially a tiered system.

Still - it's better than a poke in the eye ...

 

[02SE]

Originally Posted By: goodtimes
GM paid back it's loan in full with interest in 2010. I don't remember what the government did with the GM stock it received, but I think they sold it for a profit. Very happy we are not living in 1920 where 12 hour days six days a week were the norm, with zero benefits and almost no wages. My father went to work at 14 as a machinist, and that's exactly how his life was, for $3 per week. No time off unless you don't want to be paid and have another man in your place. So glad we got unionized and now we have the benefits we do. People have no idea how the common person suffered day to day back when companies used people with no concern about their lives.

I suppose if you ignore the $10,000,000,000 in taxpayer money that wasn't paid back, but instead was forgiven by the last Administration, that could be said. Not to mention the stock and bond holders that were screwed.

 

[Mr Nice]

I'm sure employees like getting these profit sharing checks especially if they have a mortgage , bills to pay and kids to feed.

 

[Indydriver]

My wife, who has a 4-yr nursing degree and a masters, works in an outpatient surgery center. The employees got a 4oz bag of colored popcorn last year.

I kid you not.

 

[4WD]

Originally Posted By: Mr Nice
I'm sure employees like getting these profit sharing checks especially if they have a mortgage , bills to pay and kids to feed.

Good for them … I’m not a bitter old ——- man over the GM deal … Remind me who owned Chrysler back then … so hard to keep up, right?

 

[javacontour]

By this logic, the much larger Federal Government shouldn't have been complaining about giving tax cuts.

It's the same thing. Bread crumbs to them, but real money to those getting the cuts.

The point is, it's all relative.

Originally Posted By: goodtimes
She was talking about the $1000 being crumbs for the company compared to their tax break, not the person getting $1000. OMG as they say.