Chrysler giving $3,500 ratification bonuses to its workers earlier than expected

Article by Christian Andrei, on December 4, 2012

The second half of a $3,500 ratification bonus will be given to Chrysler group LLC’s hourly workers (who are represented by the United Auto Workers union) earlier than what’s set under a labor deal. Chrysler said that the early payment will be done on December 21. With this move, Chrysler hopes to acknowledge its workers’ “dedication” as the company’s sales have increased.

Chrysler said that it was waiving the financial threshold cited in the labor deal entered with the UAW in October 2011 that wouldn’t have made the payment possible until the first quarter of 2013. Chrysler is under the control of Fiat. Chief Executive Sergio Marchionne sent a letter to employees, saying that the waiver of the four-quarter requirement is intended to recognize the “tremendous contribution” that has been made to the performance of its facilities and to Chrysler’s revival.

According to the deal, the UAW members will get the bonus in two equal payments with the first half to be paid upon ratification. The second payment will follow if certain financial targets were reached for four straight quarters. Chrysler said that around 26,200 hourly workers represented by the UAW qualify for the payment. The payment will be made on top of the $500 quality-related bonus that will be given on December 7.

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