Ford Motor Co.’s salaried workers in the U.S. and Canada this spring will be given bonuses and merit-based increases. This marks the first time that Ford has paid out both since the financial crisis started. Ford spokeswoman Marcey Evans said that the automaker will offer an average 2.7% salary raise that is based in a large part on individual performance. Evans said that the raises will take effect on April 1 and bonuses will be paid in March.
A note was sent last week by Mark Fields, who oversees Ford's operations in North and South America, to 20,000 salaried employees in the U.S. and Canada to confirm that both bonuses and merit pay increases would be offered. The last time that Ford offered both was in 2008 when the automaker was in the early stages of its turnaround plan "One Ford" under Chief Executive Alan Mulally.
Investment Lehman Brothers filed for bankruptcy n the fall of 2008. This sent global markets into a tailspin and forced Ford's crosstown rivals General Motors and Chrysler Group LLC to the point of collapse. Ford, the only U.S. automaker that didn’t take a federal bailout, didn’t pay bonuses nor pay increases in 2009. Ford gave just merit-based pay increases to salaried workers in 2010. And salaried employees got just a bonus in 2011. [source: Reuters]