Member access

4-Traders Homepage  >  Shares  >  Nyse  >  General Motors Company    GM   US37045V1008

SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

General Motors Company : Ford to pay bonuses, raises for salaried workers

01/19/2012 | 12:27pm US/Eastern
Recommend:
0

(Reuters) - Ford Motor Co (>> Ford Motor Company) will give bonuses and merit-based raises to salaried workers in the United States and Canada this spring, the first time the No. 2 U.S. automaker has paid out both since the onset of the financial crisis.

The company will offer an average 2.7 percent salary increase that is based largely on individual performance, Ford spokeswoman Marcey Evans said.

The raises will be effective April 1 and bonuses will paid in March, Evans added.

Mark Fields, who runs Ford's operations in North and South America, sent a note last week to 20,000 salaried employees in the United States and Canada confirming that both bonuses and merit pay increases will be offered.

Ford last offered both in 2008, when the U.S. automaker was in the early stages of its turnaround plan "One Ford" under Chief Executive Alan Mulally.

Then in the fall of 2008, investment Lehman Brothers filed for bankruptcy, sending global markets into a tailspin and pushing Ford's crosstown rivals General Motors Co (>> General Motors Company) and Chrysler Group LLC (>> Fiat SpA) to the brink of collapse.

Ford, the only U.S. automaker not to take a federal bailout, paid neither bonuses nor pay increases in 2009.

In 2010, Ford offered only merit-based pay increases to salaried workers. Last year, salaried employees received a only a bonus.

(Reporting by Deepa Seetharaman in Detroit. Editing by Gunna Dickson)

Stocks treated in this article : Ford Motor Company, General Motors Company, Fiat SpA
Recommend :
0
React to this article
Latest news on GENERAL MOTORS COMPANY
1d ago GENERAL MOTORS : Documents detail another delayed GM recall
1d ago GENERAL MOTORS : 700R4 Used Transmissions Discounted by American Parts Retailer
1d ago GM to battle VW in China with $12 billion investment and new plants
1d ago GM to battle VW in China with $12 billion investment and new plants
1d ago GENERAL MOTORS : China auto show opens amid environmental, growth concerns
1d ago GENERAL MOTORS : GM says China sales to hit 5 million next year, Cadillac to dou..
1d ago GENERAL MOTORS : GM boosting China production capacity to 5 million
1d ago IN THE DRIVING SEAT : China's yuppies are new market force for global automakers
1d agoDJMARKET SNAPSHOT : Long View On Stocks Is Best During Weak Earnings Season
1d ago GENERAL MOTORS : Auto-important: Ukraine sanctions aside, US carmakers eye Russi..
Advertisement
Chart
Duration : Period :
General Motors Company Technical Analysis Chart | GM | US37045V1008 | 4-Traders
Income Statement Evolution
General Motors Company : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF