Ford to pay profit sharing, bonuses
Reuters / January 17, 2003
DETROIT - Signaling its return to profitability, Ford Motor Co. said on Friday it would pay profit-sharing checks averaging $160 to 95,000 U.S. hourly employees.
In their contracts with the United Auto Workers, Detroit's Big 3 automakers are required to give annual profit-sharing checks to hourly workers. Ford did not give any profit-sharing bonuses last year after a $5.45 billion loss in 2001.
Ford also said it would give some bonuses and merit pay increases to salaried workers in the United States and Canada this year. Ford cut bonuses last year as part of its turnaround plan.
Ford, which will report its fourth-quarter financial results on Tuesday of next week, has said it will show a modest profit.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....