Harpo Posted January 28, 2010 Share Posted January 28, 2010 (edited) From the press release... "As a result of Fords 2009 U.S. financial performance, the company will pay profit sharing to 43,000 eligible U.S. hourly employees consistent with the 2007 UAW-Ford Collective Bargaining Agreement. The average amount is expected to be approximately $450 per eligible employee. As previously announced, Ford is not awarding salaried employee performance bonuses globally under the company's bonus plan for 2009 company performance. However, the company did announce that U.S. salaried employees will receive merit increases in 2010, and the company's 401(k) matching program was reinstated on Jan. 1, 2010." Edited January 28, 2010 by Harpo Quote Link to comment Share on other sites More sharing options...
Stugots Posted January 28, 2010 Share Posted January 28, 2010 If we made 6 billion in 98 and got over three (3) thousand, some people I know got 7 or 8 thousand. One would assume by cutting the profit in half we would still get a thousand or two. Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted January 28, 2010 Share Posted January 28, 2010 If we made 6 billion in 98 and got over three (3) thousand, some people I know got 7 or 8 thousand. One would assume by cutting the profit in half we would still get a thousand or two. So how much did you give back the years they lost money ? Quote Link to comment Share on other sites More sharing options...
Stugots Posted January 28, 2010 Share Posted January 28, 2010 Well I gave up about $15,000 as did every other UAW Ford employee in the last give backs. 1 Quote Link to comment Share on other sites More sharing options...
kel25 Posted January 28, 2010 Share Posted January 28, 2010 If we made 6 billion in 98 and got over three (3) thousand, some people I know got 7 or 8 thousand. One would assume by cutting the profit in half we would still get a thousand or two. also we have about the # of employees that we had back then . so shouldn't we be getting more? 1 Quote Link to comment Share on other sites More sharing options...
Maislebandit Posted January 28, 2010 Share Posted January 28, 2010 If we made 6 billion in 98 and got over three (3) thousand, some people I know got 7 or 8 thousand. One would assume by cutting the profit in half we would still get a thousand or two. One would think so. Wouldn't the reduction in the hourly force have an impact also? 1 Quote Link to comment Share on other sites More sharing options...
Maislebandit Posted January 28, 2010 Share Posted January 28, 2010 So how much did you give back the years they lost money ? Until it hurt. Then some more. What is your point? 1 Quote Link to comment Share on other sites More sharing options...
Pioneer Posted January 28, 2010 Share Posted January 28, 2010 Ford only made $454 million without special one-time items. They have accounting tricks that will make sure we never see another substantial profit sharing check. 1 Quote Link to comment Share on other sites More sharing options...
longball Posted January 28, 2010 Share Posted January 28, 2010 One would think so. Wouldn't the reduction in the hourly force have an impact also? I don't think the profit sharing formula has anything in it concerning the number of employees.... Quote Link to comment Share on other sites More sharing options...
soupy Posted January 28, 2010 Share Posted January 28, 2010 Ford only made $454 million without special one-time items. They have accounting tricks that will make sure we never see another substantial profit sharing check. At least not until Ford makes a substantial profit. "Ford's profit was a sharp contrast to the record $14.6 billion loss the company reported a year ago. Before taxes and excluding special items, the automaker's operating profit was $454 million." From The Detroit News: http://www.detnews.com/article/20100128/UPDATE/1280440/Ford-posts-$2.7B-profit-for-2009--restores-profit-sharing-with-UAW#ixzz0dvKLT5pT Quote Link to comment Share on other sites More sharing options...
Stugots Posted January 28, 2010 Share Posted January 28, 2010 I don't think the number of employees is part of the formula either. I don't know the exact formula but if I recall correctly it has something to do with number of hours worked. Quote Link to comment Share on other sites More sharing options...
Pioneer Posted January 28, 2010 Share Posted January 28, 2010 At least not until Ford makes a substantial profit. Even with a substantial profit, it would only take one or two "one time charges" to reduce the profit substantially. Wall Street would still like it because they are getting their balance sheet in order, and it saves the company money because they aren't paying it to us. Quote Link to comment Share on other sites More sharing options...
Maislebandit Posted January 28, 2010 Share Posted January 28, 2010 I don't think the number of employees is part of the formula either. I don't know the exact formula but if I recall correctly it has something to do with number of hours worked. You are right. This is exactly how it works. My bad. I guess I was just dreaming Ford might do the right thing here. Realize that funding it will be less $ due to reduced number of employees. Do it be fair and equitable. Do it because it is one of the few things we have left. Do it because they say we are family, right? But as mentioned, they will likely concoct "charges" to avert or significantly lower any profit sharing payout. Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted January 28, 2010 Share Posted January 28, 2010 Ford only made $454 million without special one-time items. They have accounting tricks that will make sure we never see another substantial profit sharing check. So you are admitting that the UAW accountants aren't very smart ? Quote Link to comment Share on other sites More sharing options...
Stugots Posted January 28, 2010 Share Posted January 28, 2010 If they're anything like the UAW INT reps who came to our plants last october to tell us how we should give in and concede AGAIN....., well then yes. Yes, I am admitting that. 1 Quote Link to comment Share on other sites More sharing options...
Pioneer Posted January 28, 2010 Share Posted January 28, 2010 So you are admitting that the UAW accountants aren't very smart ? I didn't admit to anything. i am just saying that the company will never allow us a fair share of profits once they reach higher levels. Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted January 28, 2010 Share Posted January 28, 2010 I guess I was just dreaming Ford might do the right thing here Remember, all publicly held corporation exist first to make profit for the stock holder. Instead of complaining, why not get to the front of the line by buying some stock! A happy workforce is an important part of a health company. But, the UAW recently voted down concession, so why should Ford make concessions when they are still deeply in debt ? As a stock holder, I would love to see a dividend, but I know that is years away. Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted January 28, 2010 Share Posted January 28, 2010 I didn't admit to anything. i am just saying that the company will never allow us a fair share of profits once they reach higher levels. Higher better accountants and lawyers ! Quote Link to comment Share on other sites More sharing options...
MichiganTruck_Mafia Posted January 28, 2010 Share Posted January 28, 2010 Higher better accountants and lawyers ! HIRE them too. Quote Link to comment Share on other sites More sharing options...
Pioneer Posted January 28, 2010 Share Posted January 28, 2010 But, the UAW recently voted down concession, so why should Ford make concessions when they are still deeply in debt ? The company announced a profit and the return of merit raises for white collar shortly after the third round of concessions were voted down. You can't plead poverty in one press release then spend frivolously in the other. Ford, traditionally, has had the best relationship with the UAW and have worked as a team for many decades. I see this ending because of some decisions that have been made recently, and see the next contract negotiations as anything but peaceful. Quote Link to comment Share on other sites More sharing options...
wildosvt Posted January 28, 2010 Share Posted January 28, 2010 Remember, all publicly held corporation exist first to make profit for the stock holder. Instead of complaining, why not get to the front of the line by buying some stock! A happy workforce is an important part of a health company. But, the UAW recently voted down concession, so why should Ford make concessions when they are still deeply in debt ? As a stock holder, I would love to see a dividend, but I know that is years away. Just skip over the fact that larger consessions were passed prior to that. Your not currently an employee are you. 1 Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted January 28, 2010 Share Posted January 28, 2010 (edited) The company announced a profit and the return of merit raises for white collar shortly after the third round of concessions were voted down. You can't plead poverty in one press release then spend frivolously in the other. Compensating your employees (including benefits) at a rate similar to your competition is good business. I don't think it is "frivolous". Remember, Ford UAW employees make more than either GM or Chrysler UAW employees. I don't think these changes are going to make Ford salaried employee much higher compensated than GM or Chrysler salaried employees. What is good for the goose is good for the gander. You still have a union protecting your job. Salaried has no such shield. And yes, in recent years they have let salaried employees go with very little fanfare. Ford, traditionally, has had the best relationship with the UAW and have worked as a team for many decades. I see this ending because of some decisions that have been made recently, and see the next contract negotiations as anything but peaceful. There is a couple of years to go before then. You can bet that Ford will want pay and benefits inline with what GM and Chrysler UAW employees get. Edited January 28, 2010 by theoldwizard Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted January 28, 2010 Share Posted January 28, 2010 Just skip over the fact that larger consessions were passed prior to that. So why is it that everyone assumes that the salaried employees have not "given" concessions ? Actually, they didn't give a thing. It was just "taken". Your not currently an employee are you. No, I am not. But I have relatives and close friends who are current salaried employees so I know what is going on. Quote Link to comment Share on other sites More sharing options...
Bowie Posted January 28, 2010 Share Posted January 28, 2010 So why is it that everyone assumes that the salaried employees have not "given" concessions ? Actually, they didn't give a thing. It was just "taken". No, I am not. But I have relatives and close friends who are current salaried employees so I know what is going on. [/quote THIS FORUM IS FOR FORD EMPLOYEES ONLY! There are other forums that you can post to on this site! 2 Quote Link to comment Share on other sites More sharing options...
wildosvt Posted January 28, 2010 Share Posted January 28, 2010 So why is it that everyone assumes that the salaried employees have not "given" concessions ? Actually, they didn't give a thing. It was just "taken". No, I am not. But I have relatives and close friends who are current salaried employees so I know what is going on. I know that lower salary has taken a hit. Never stated otherwise. Just pointing out that you overlooked our previous consession, And seemed to blast us for turning the minor one down. And so you know, Ford will never be debt free as long as they are in buisness. :shades: Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.