March 31, 2023

Great Indian Mutiny

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Stellantis will receive huge profit-sharing checks after record results in North America

Employees of Stellantis NV, maker of Jeep SUVs and Ram minivans, represented by the United Auto Workers, could see next month’s $14,760 profit-sharing checks, though some could be more and some less, the automaker announced Wednesday.

There are 40,500 workers eligible for checks. The yield represents an increase of less than 1% from last year after Stellantis NV’s record results in North America in 2022, although supply chain constraints remain.

The automaker formed from the merger of Fiat Chrysler Automobiles NV and French competitor Groupe PSA announced its profit sharing early Wednesday as part of its full-year 2022 earnings. Profit sharing for US workers is based on Stellantis’ North America adjusted operating income margin. It increased slightly to 16.4% from 16.3% in 2021.

Last year, Stellantis paid 43,000 employees up to $14,670 in profit sharing, the most in 35 years at the time. This year’s payments must appear in eligible workers’ payroll on March 10, according to Stellantis.

Eligible seniority employees will receive compensation based on compensated hours for 2022. This includes those who are scheduled to be laid off next week at the Jeep Cherokee plant in Belvidere, Illinois, when it is set idle. The factory employs 1,350 wage and hourly workers.