Statement from UAW Vice President Jimmy Settles on Ford Profit-Sharing Announcement
“This morning, Ford Motor Co. announced their 2016 North American full-year profits of $9 billion. This is exciting news as our members will each see a significant profit-sharing financial payout per the 2015 collective bargaining agreement.
“This is also an important indicator that Ford Motor Co. is a healthy, financially secure company which translates to job security for our members.
“The profit-sharing payout, expected to average approximately $9,000 for each of our 56,000 hard-working men and women, will provide a substantial benefit to their respective communities across this great country.
“I’m also reminded that profit sharing is a major topic of discussion during negotiations with Ford Motor Co. Profit sharing is not a benevolent payout by the company, but something our members deserve and demand. The UAW first won this benefit in 1982, and we continue to fight to maintain and improve profit sharing with each subsequent round of negotiations. During 2011 negotiations, we negotiated a much-simplified, profit-sharing formula that ensured the payout amounts were transparent and increased the amount of payout for our members. In 2015, we successfully negotiated to remove the cap on company profits that would count towards profit-sharing payouts.
“Both job security and financial gains for our membership have always been at the top of my priority list and today’s announcement solidifies our efforts.”