Big profitting share checks comming up.

[fmccap]

Hey now, there should be some grief for the repubs too in that short rant.

For what? That came about during total Democrat control.

[fmccap]

 

Now if anyone is interested that right there is a classic case of a straw man.

 

I don't believe that anyone here thinks that the auto industry would have shriveled up and blown away. Your distorting what he's saying. There a number of variables involved when major players of the same industry go through a normal business bankruptcy, like pensions being taken over by the Pension Guarantee Corp, interconnected tier 1 & 2 suppliers going bankrupt and the eventual contractual reworkings of said companies all of which would have been bad for the Auto industry, our area and the nation. We have discussed this a number of times, but Ford Motor was preparing for a mass layoff if the bailouts did not come through as they anticipated supplier issues, the UAW expected future contracts to include more concessions as GM contracts would be much worse under a traditional bankruptcy and thus Ford would put pressure on them for competitive language in theirs.

 

Now could we say that in 10 or so years Ford may have been in a stroinger position without the bailouts? It's quite possible, but since we don't know the future we have to stick with the simple reality that they worked and Ford is a good position and making profits, the midwest is doing better and as such there's no reason to knock them based of ideals or guessing at the future.

If anyone else is interested that is classic BS.

 

I'm not distorting anything when he tells me "sole reason that Ford still has the ability to give you a paycheck". To me that means if it never happened I would not be recieving a paycheck right now.

[Langston Hughes]

For what? That came about during total Democrat control.

 

LOL. It's useless to talk with you. Have a good day.

[ppeter31]

The numbers are out today, anyone know what this translates in $$$ for us.

[Pioneer]

Average $8300.

 

http://www.detroitnews.com/article/20130129/AUTO0102/301290366/Ford-reports-5-67-billion-net-income-2012

Edited January 29, 2013 by Pioneer

[qwertyuiop]

The numbers are out today, anyone know what this translates in $$$ for us.

 

Well, according to Ford (media.ford.com), it looks to be translating into about $8,300 per employee into the profit sharing fund for those who worked a full year. It actually will be a bit smaller...

 

Taking into account the new hires, the higher amount of hours worked and special items ($246M), we're looking at an average check of about $7,200 before taxes for those who worked a full year. Their calculations show a share per compensated hour of $3.99. Figure this closer to around $3.43.

 

If you worked 2,080 hours, your check (at a SPH of $3.43) would be about $7134.40 before taxes. Adjust this amount up or down depending on how many hours you worked (straight time) in 2012.

[Twincam Harley]

What do new hires have to do with this? I don't think it is just straight time hours included either. You get credit for OT as well.

Edited January 29, 2013 by Twincam Harley

[qwertyuiop]

The new profit share formula takes into account the number of employees, and also the hours each employee worked... I'm not in any way saying that this is a bad thing, but the more people that come into the system, the more that the formula is diluted.

 

You get credit for the OT hours that are added to your straight time, but the actual OT premium hours are not considered "compensated" for purposes of profit sharing.

Edited January 29, 2013 by qwertyuiop

[Twincam Harley]

I get what you are saying on the hours now.

 

I don't know how many employees we have added but there are some on layoff too during retooling so it may be a wash. I'm betting on $7500 average and OT plants will see higher.

[qwertyuiop]

Since last year, there have been about 4,800 new employees added. All numbers last year reported approximately 41,000 employees. Ford says on its website today there are 45,800 hourly workers now.

 

I'm trying to find where they have Net Interest Expense, as that also detracts from sharing. I'll look at the slides when they go on the website a little later.

[qwertyuiop]

After looking at the slides and doing some more unnecessary math, it looks like our share per hour is going to top out at about $3.6322/hour.

 

Some examples:

 

1000 hours worked: $3,632.20

 

1250 hours worked: $4,540.25

 

1500 hours worked: $5,448.30

 

1850 hours worked: $6,719.57

 

2080 hours worked: $7,554.98

 

2250 hours worked: $8,172.45

 

2500 hours worked: $9,080.50

[Twincam Harley]

Don't forget that 10% goes to VEBA.

[fordd]

Don't forget that 10% goes to VEBA.

 

 

I dont think this true. I know it is in the contract but I thought it had to go through some kind of court process to determine if it is even legal to do this. Am I wrong here?

[madime39]

Don't forget that 10% goes to VEBA.

Could be wrong, but the way I understood it the 10% comes off the top, then profit-share amount is determined.

[mnm]

Anyone know a way to figure out hours worked last year besides flipping through every paystub?

[fordwindsor]

A few questions from a Canadian employee, where we do not have profit sharing for the hourly employees.

 

-what is the wage for a production employee - 1st tier?

 

-is the $8,300 average payout for the 4th quarter or for the full year

 

- if it is just for the 4th quarter, what were the payouts for the 1,2 and 3rd quarters?

 

Thanks and Merci.

[Twincam Harley]

$28.25ish

Full year

[deflep1]

Could be wrong, but the way I understood it the 10% comes off the top, then profit-share amount is determined.

Ford simplified the profit sharing factor to $1000 per billion profit. $8.3 billion 2012 North American profit equals $8,300 average check. VEBA is done before the number is released and we don't have to separately factor in the new hires, all 45,800 hourly employees are already included. Our base 2080 hours (40hrs x 52 weeks) for production equals $59,000. With a little overtime $65 - $70 thousand would be close to average. If you made more than that, then you can use the per hour factor posted by "qwertyuiop", even though he's trying to discount the new hires into the equation. (New hires make about 54% of what we do to start and not all have worked all of 2012, so those 4,800 workers would only dilute the equation about by what 2,000 full wage workers would.) We knew when they simplified the profit sharing equation last year that we wouldn't have to wait for the normal release of the profit sharing factor in February to figure out what we'd get. 6 Billion = $6,000, 7B = 7k, 8B = 8k etc. If you made far less or far more, then you need to do the exact math on hours worked times the factor to get your personal exact total.

[deflep1]

Anyone know a way to figure out hours worked last year besides flipping through every paystub?

To get a close estimate, take the total gross including 401k. If you made 75k, 59k of that was straight 40 hours (28.5 an hour x 2080 hours). 16k was overtime pay at 42.75 an hour which would be 374 hours of overtime (divide 16,000 by 42.75 to get overtime hour worked.) 374 x 28.5 = $10,659 of straight wages added to your 59,000 base equals $69,659 eligible pay for profit sharing or 2,454 total hours worked. (2,080 plus 374 equals 2,454)

[qwertyuiop]

Ford simplified the profit sharing factor to $1000 per billion profit. $8.3 billion 2012 North American profit equals $8,300 average check. VEBA is done before the number is released and we don't have to separately factor in the new hires, all 45,800 hourly employees are already included. Our base 2080 hours (40hrs x 52 weeks) for production equals $59,000. With a little overtime $65 - $70 thousand would be close to average. If you made more than that, then you can use the per hour factor posted by "qwertyuiop", even though he's trying to discount the new hires into the equation. (New hires make about 54% of what we do to start and not all have worked all of 2012, so those 4,800 workers would only dilute the equation about by what 2,000 full wage workers would.) We knew when they simplified the profit sharing equation last year that we wouldn't have to wait for the normal release of the profit sharing factor in February to figure out what we'd get. 6 Billion = $6,000, 7B = 7k, 8B = 8k etc. If you made far less or far more, then you need to do the exact math on hours worked times the factor to get your personal exact total.

 

Regardless of how they simplified it, that's not how it is figured. That is simply the amount that goes into the profit sharing fund for each eligible employee who had more than 1,850 compensated hours. For those employees that had less than 1,850 compensated hours, a pro-rated amount goes into the profit sharing fund. I have explained how this works now ad infinitum, and I don't really feel like explaining myself all over again.

 

The reason why I say that it is somewhat diluted is because you now have 4,800 MORE employees ADDING TO the amount of hours worked by all eligible employees. UNDER NO CIRCUMSTANCES am I saying that this is a bad thing - any new jobs we add are wonderful.

 

VEBA is NOT being diverted from the fund. If this was true, then you could take a few cents off of my $3.6322/hour factor. I am getting this number from the financials Ford disclosed this morning, subtracting (again, by contract) special items and net interest expense, BOTH of which are subtracted from Ford North America profits when our share is figured. The news wants to report a sensationalistic factor of $8,300, and this is what we would all like to see, but quite frankly, unless you worked about 250 hours of overtime last year, you should expect to receive somewhere around $7,500 before taxes.

 

And again, without going into the gory details of how to figure your profit share, it is not based on your gross income any longer. It is now based on your compensated hours, and the easiest way to find this is to go to Labor and request a copy of how many hours you had last year. It took labor less than 2 minutes to tell me mine was 2,259.7. Failing that, take about 10 minutes and go through your pay stubs for the last year. Add up your straight time, holiday, short week and vacation and you arrive at your compensated hours.

[damagedone37]

Anyone know a way to figure out hours worked last year besides flipping through every paystub?

Goto LR and ask them for your hours worked or previous year they will have this on file for your FMLA paperwork if needed

[qwertyuiop]

If you want to read about how the formula is figured, click below... I found my post from when the contract was in ratification stages.

 

http://www.blueovalforums.com/forums/index.php?/topic/47412-new-profit-sharing-formula/&do=findComment&comment=735377

[Bigcountry]

Knot + Knot = Knot

[salinedude]

Is vacation time considered in the compensated hours? 6 or 7 weeks of vacation can add up

[madime39]

Note paragraph 5:

 

http://www.uaw.org/story/uaw-statement-retirees-and-2011-big-three-negotiations