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The latest musical theme for Ford workers and shareholders could be Junior Mafia's "Get Money." The Blue Oval just told its salaried employees that 2010 bonuses would average three percent. Not only does that reinstate the bonus system missing for the past two years, it rewards salaried employees the same way it rewards executives. Of course, it depends on the year's corporate and individual objectives being met, but there are few better ways to help ensure targets are delivered upon than by promising a bunch of extra credits in the form of greenbacks.

Employees aren't the only folks at the Ford cash machine: banks get a dose, with Ford revealing it will write a check for almost ten percent of its debt by next Monday, and the UAW is looking at a jackpot of more than one billion dollars by cashing out stock warrants with a nearly 50-percent profit between their purchase and sell prices.

Make no mistake, Ford still needs to keep this up for a while yet - $31.45 billion in debt remains to be paid to the banks, and $7 billion remains due to the UAW's Voluntary Employment Benefit Association (VEBA) for employee pensions and healthcare. But when you can pay things off and have enough left to spread some cream around, well, that's a good start to the year.

[Source: Detroit Free Press | Image: Karen Bleier/AFP/Getty]

Report: Ford assures workers of bonuses if targets are met originally appeared on Autoblog on Sun, 04 Apr 2010 11:35:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bonusfordford bonusford bonusesford profitford profitabilityford profitsFordBonusFordBonusesFordProfitFordProfitabilityFordProfitsunited auto workersUnitedAutoWorkersvebavoluntary employee benefit associationVoluntaryEmployeeBenefitAssociationSun, 04 Apr 2010 11:35:00 EST http://www.autoblog.com/feed/19421255/article-comments.xml http://www.autoblog.com/feed/2010/04/04/report-ford-assures-workers-of-bonuses-if-targets-are-m/19421255/article-detail.xml 19421255 http://www.blogcdn.com/www.autoblog.com/media/2010/01/was2836868opt_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2010/01/was2836868opt.jpg <![CDATA[Ford workers to get cash bonuses on March 13]]>http://www.autoblog.com/2008/03/06/ford-workers-to-get-cash-bonuses-on-march-13/http://www.autoblog.com/2008/03/06/ford-workers-to-get-cash-bonuses-on-march-13/http://www.autoblog.com/2008/03/06/ford-workers-to-get-cash-bonuses-on-march-13/#commentsFiled under: , , ,

Barely over a year ago, Ford paid out cash bonuses to its employees and recently hinted that they'd do the same this year. Today, an email sent to Ford employees confirmed the bonuses, which will be $1,000 for hourly UAW workers, with significantly larger bonuses based on pay grade going to salaried employees. Before Alan Mulally came to Dearborn, workers at Ford would not have been eligible for any extra income, as the old bonus plan was based on a profit-sharing system. Profit is not something that Ford has seen in a while, losing some $2.7 billion last year.

According to Mulally, the number three automaker in the U.S. "made significant progress on our plan transform Ford Motor Co. into a lean global enterprise poised to become profitable again in 2009." To recognize the efforts of each employee towards the larger goal of regaining profitability, Ford workers should expect their bonuses on March 13.

Not all news was good for Blue Oval employees, though, as salaried workers were informed that their merit pay increases would be delayed from the first of April to the first of June due to the poor overall economy. Considering the state in which Ford is currently operating, we wouldn't expect too many hurt feelings by the slight delay.

[Source: Detroit News]

Ford workers to get cash bonuses on March 13 originally appeared on Autoblog on Thu, 06 Mar 2008 08:28:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bonusemployee bonusemployee-bonusEmployeeBonusfordford bonusford bonusesford-bonusford-bonusesFordBonusFordBonusesThu, 06 Mar 2008 08:28:00 EST http://www.autoblog.com/feed/1132621/article-comments.xml http://www.autoblog.com/feed/2008/03/06/ford-workers-to-get-cash-bonuses-on-march-13/1132621/article-detail.xml 1132621 http://www.blogcdn.com/www.autoblog.com/media/2008/03/1kbill_thumbnail.jpg http://www.blogcdn.com/www.autoblog.com/media/2008/03/1kbill.jpg <![CDATA[Ford readying bonuses for entire workforce]]>http://www.autoblog.com/2008/02/20/ford-readying-bonuses-for-entire-workforce/http://www.autoblog.com/2008/02/20/ford-readying-bonuses-for-entire-workforce/http://www.autoblog.com/2008/02/20/ford-readying-bonuses-for-entire-workforce/#commentsFiled under: , ,

Ford is making significant strides to turn its North American operations around. In 2006, it was able to cut almost 34,000 workers from its payroll after one round of buyouts and is looking to cut even more of its workforce this year through another payoff program that's being offered to 54,000 UAW-represented workers.

While it's mortgaged everything in its arsenal to keep afloat through the tough times, FoMoCo is planning to hand out bonuses this year, as it did last March.

According to the Freep, the bonus plan is sitting on the table in front of Ford's Board of Directors, awaiting approval and it will likely cover some 23,700 salaried and 64,000 hourly workers in North America. Most salaried employees walked home with somewhere between $300 and $800 last year, with higher-ups paid "several thousand dollars to $15,000 or more."

While we understand that keeping moral high in these troubling times is important, with Ford posting a net loss of $2.7 billion last year, it seems that the major "bonus" for workers is that they are still employed at the Blue Oval.

[Sources: Detroit Free Press, Reuters]

Ford readying bonuses for entire workforce originally appeared on Autoblog on Wed, 20 Feb 2008 16:25:00 EST. Please see our terms for use of feeds.

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