There will be no merit pay increases in 2011 for Ford Motor Co.’s salaried workers since their compensation is commensurate with other large U.S. companies.
Marcey Evans, a company spokeswoman, said that the salaries of its employees are on par with companies such as General Motors Co., Pfizer Inc. and Boeing Co.
Last year, Ford restored raises to its 20,000 U.S. salaried employees and bonuses will be given this year. In the first nine months of 2010, Ford (the world's most profitable automaker) earned $6.37 billion.
This is the highest since 1998 and it is also more than any other automaker. Three analysts surveyed by Bloomberg said that on average, Ford will report a net income of $8.2 billion in 2010.
New models such as the Fiesta subcompact and the redesigned Taurus helped Ford to raise U.S. sales by 17% last year, beating the industry's 11% increase.
In a memo, Mark Fields, Ford's president of the Americas, told salaried employees that the “economic recovery remains fragile and [its] competitors are becoming more aggressive.”
Ford said that in its latest review of salaried compensation against these benchmark companies, Ford base salaries in the U.S. and Canada were found to be competitive. [via autonews - sub. required]