Thanks to an improved financial outlook, Ford is reinstating merit raises and bonuses for white collar workers for the first time since 2008.
According to a letter obtained by the Detroit Free Press, about 20,000 of Ford’s white collar workers will be getting a 2.7 percent pay raise effective April 1. Additionally, those white collar workers will also be receiving bonus checks.
In 2011 Ford’s white collar work force received bonuses, but not pay raises. In 2010 it was just the opposite, with workers getting merit pay raises but not bonuses. No extra cash was doled out in 2009.
Ford has yet to announced it financial results for 2011, but Ford CEO Alan Mulally says the final figure will be greater than the $8.3 billion earned in 2010.
Ford’s hourly workers have already cashed in on the automaker’s successes. Ford’s UAW workers were paid $5,000 in March 2011 for the company’s success in 2010, and also received a profit-sharing bonus of about $3,250 in December. UAW workers also received signing bonuses, competitive bonuses and inflation protection payments in 2011.
Ford is expected to cut its UAW workers another profit-sharing check in March.
