MANILA — Contractualization in labor will stop when more jobs become available for Filipinos, senatorial aspirants said during Sunday's "Harapan 2019: The ABS-CBN Senatorial Town Hall Debate." Few issues barring 'end endo' bill approval, says Labor chief Eleven candidates faced Bayan Patroller Leoniber Faciol, who asked them what they would do to halt the rampant contractualization of laborers in Navotas, most of whom, he said, receive less than the minimum wage. Ending "endo" or hiring workers in 5-month-long cycles at a time to avoid granting them regular status, is one of the campaign promises of President Rodrigo Duterte. Marcelino Arias of Labor Party Philippines suggested that employers apply a "profit-sharing" scheme to motivate employees and possibly elevate them into middle class status. "Para magkaroon ng trabaho, simple lamang, alisin ang kontraktuwalisasyon para sila ay maging eksperto. At profit sharing para 'yung mga manggagawa magsisikap para mapaunlad ang … [Read more...] about Create more jobs, apply profit-sharing scheme to stop ‘endo’, Senate bets say
Profit sharing plans vs 401k
Feb 06, 4:30 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Dawn Geske 02/06/19 AT 4:25 PM Amid layoffs of more than 4,000 workers, GM (GM) will dole out profit-sharing checks to hourly workers in the amount of $10,750.The profit-sharing amount is a reduction from last year’s $11,750 per worker, based on North American pretax profits. The 2018 pre-tax profits for GM came in at $10.8 billion, down from the $11.9 billion of 2017.The reduction in profit sharing was a result of costs related to restructuring and its ignition switch issue, the company said. A total of $1.3 billion was earmarked for restructuring, according to GM CFO Dhivya Suryadevara.In 2019, another $2 billion is expected to be needed for restructuring efforts, including the layoff packages of 2,250 salaried workers and involuntary severance for some 4,000 employees, the company said.According to Suryadevara, GM’s profits were up based on a … [Read more...] about GM Profit Sharing: How Much Will Workers Get Paid Amid Layoffs?
Hourly workers at General Motors are eligible for profit-sharing checks of up to $10,750, based on the automaker's 2018 pre-tax North American profits. More than 46,500 eligible workers, represented by the United Auto Workers, will receive the payments in their Feb. 22 checks, the automaker said Wednesday. The profit-sharing plan is part of the labor contract between the UAW and GM. Since 2010, certain eligible hourly GM workers have earned more than $80,500 in profit-sharing payments. GM's Lockport and Tonawanda plants combined have more than 2,500 hourly workers. It wasn't immediately known how many of them were eligible for the profit-sharing payments. GM hourly workers in 2018 received profit sharing payments of up to $11,750. … [Read more...] about GM hourly workers to receive up to $10,750 in profit sharing
Phoebe Wall Howard Detroit Free Press Published 11:24 AM EST Jan 24, 2019 While hourly workers employed by Ford Motor Co. on average will each get a $7,600 profit-sharing check in March, the dollar amount would have been even bigger if not for President Donald Trump's tariffs. During discussion with analysts about Ford's 2018 annual earnings report, Chief Financial Officer Bob Shanks revealed Wednesday that the Dearborn-based carmaker absorbed about $750 million in tariff costs. Trump, in seeking to push China, Mexico and Canada into better trade deals, imposed tariffs of 25 percent on steel and 10 percent on aluminum last year. Ford had to pay those costs to import materials to build vehicles. "Tariffs is something we'll continue to watch" in gauging Ford's future finances, Shanks said. UAW workers, who negotiate profit sharing as part of contracts negotiated every four years, will be watching too. Ford's factory workers will see their … [Read more...] about Trump tariffs reduce Ford UAW workers’ profit-sharing checks
Phoebe Wall Howard Detroit Free Press Published 4:15 PM EST Jan 23, 2019 Ford said Wednesday afternoon that its U.S. production workers will receive $7,600 in profit-sharing checks based on 2018 earnings, which dipped slightly from 2017. Ford said the cost of recalls, tariffs, commodity prices and lower sales in Asia weighed on its finances last year. Ford posted a 2018 earnings before interest or taxes — EBIT — of $7 billion, which will result in the $7,600 profit-sharing checks on average for a majority of the company's 56,000 hourly UAW workers. Not all hourly workers are eligible for the benefit, which is based on profits in North America. Workers get profit-sharing checks in the spring. In 2017, Ford posted a full-year adjusted pretax profit of $8.4 billion, and profit sharing last year was $7,500. The company said it changed its reporting in 2018 to establish a mobility business unit, separate … [Read more...] about Ford UAW workers to get $7,600 profit-sharing checks