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GM, Chrysler set to dole out bonuses: report

GM, Chrysler set to dole out bonuses: report
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First Published: Fri, Feb 11 2011. 11 18 AM IST
Updated: Fri, Feb 11 2011. 11 18 AM IST
Detroit: Less than 1% of General Motors Co’s salaried employees in the United States typically receive annual bonuses of up to 50% or more, the automaker said in a statement late on Thursday.
GM’s comments come after a Bloomberg report that GM and Chrysler Group LLC could award managers bonuses of up to 50% of their salary. The report cited people familiar with the matter.
In a statement, GM said for 96% of its 26,000 US salaried workers, bonuses range from 4% to 16% of base pay.
Bloomberg reported that GM plans to pay most managers bonuses equal to 15% to 20% of their annual salary.
Compensation for GM’s 100 most highly paid executives is based on the parameters approved by the US Treasury, GM said in the statement.
Ford Motor Co is expected to pay bonuses equal to 10% or more of their base pay to some salaried staff, Bloomberg reported.
Chrysler’s bonuses for its 10,755 salaried workers will average about $10,000 and could be paid as soon as Friday, Bloomberg reported. Some employees who are not subject to pay restrictions could net as much as half their salary.
Chrysler declined to comment on the Bloomberg report. Ford could not be immediately reached for comment.
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First Published: Fri, Feb 11 2011. 11 18 AM IST