GM Announces Record $14,500 Profit-Sharing Payouts for UAW Workers

DETROIT, Mich. — General Motors announced Tuesday that approximately 45,000 U.S. hourly workers represented by the United Auto Workers (UAW) will receive record profit-sharing checks of up to $14,500 for 2024, marking the highest payout since 2016.

The payout, totaling $640 million, reflects GM’s strong financial performance, with North American pretax profits reaching $14.5 billion, an 18% increase from $12.3 billion in 2023. The profit-sharing formula, negotiated with the UAW, awards $1,000 for every $1 billion in North American pretax earnings.

“Our employees and owners are all sharing in our success,” GM CEO Mary Barra said in a statement. “I’m pleased to share that our global salaried team has earned strong performance bonuses, and our U.S. hourly employees once again earned the industry’s highest profit sharing.”

Eligible workers, including those who accrued 1,850 or more compensated hours in 2024, will receive their checks in late February. The 2024 payout surpasses the previous record of $12,750 set in 2023 and $12,250 in 2022.

The new UAW contract, negotiated in 2023, expanded profit-sharing eligibility to include temporary employees and workers at GM’s battery facilities. The agreement also removed a $12,000 cap on profit-sharing payments, allowing for higher payouts like this year’s record amount.

GM’s announcement comes as other Detroit automakers prepare to report their financial results. Ford Motor Co. is set to release its earnings on Feb. 5, while Stellantis, maker of Chrysler, Dodge, Jeep, Ram, and Fiat brands, will report on Feb. 26.

Barra also highlighted GM’s strong performance in 2024, noting that global salaried employees will receive performance bonuses and that investors earned a 50% total return for the year.