General Motors Co. will pay more than $189 million in profit-sharing to 48,000 U.S. hourly workers and millions more in performance bonuses to salaried employees, according to a person briefed on the matter.
The company, less than two years out of bankruptcy protection, will pay most hourly workers more than $4,000 each as compensation for the company's strong financial performance last year, the person said. The payments are more than double the previous record payment of $1,775 in 1999, the height of the boom in sales of sport utility vehicles and pickup trucks.
GM's 28,000 salaried workers, such as engineers and managers, will get 4 to 16 percent of their base pay. Fewer than 1 percent will get 50 percent or more, while another 3 percent will get between 16 and 50 percent, the person said. GM is not giving annual pay raises.
The bonuses rise with the worker's level of responsibility and are based on the performance of the worker and the company, said the person, who asked not to be identified because the figures have not been made public. Workers were notified of the numbers Monday morning, the person said.
The numbers won't be final until GM announces its fourth-quarter and full-year earnings later this month, the person said.