Employees of Stellantis, maker of Jeep SUVs and Ram pickup trucks, represented by the United Auto Workers will benefit from the removal of a profit-sharing maximum in the 2019 contract and see checks of up to $14,670 before taxes next month.
The payouts are the biggest in more than 35 years. There are 43,000 eligible workers for the checks; the maximum payout is a 83% increase from last year following Stellantis NV's strong results in North America in 2021.
The automaker formed from the merger of Fiat Chrysler Automobiles NV and French rival Groupe PSA announced profit-sharing early Wednesday as part of full-year 2021 earnings. Profit-sharing for U.S. workers is based on Stellantis' North American adjusted operating income margin. It nearly doubled to 16.3% from FCA's 8.9% results in 2020 as the auto industry recovered from pandemic-induced shutdowns but fought supply-chain shortages.
