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Ford UAW Workers To Receive Average $7,377 Profit-Sharing Checks

February 4, 2022 / 10:32 PM EST / CW50 Detroit

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(CBS Detroit) -- Ford's union workers can expect a big payday soon as the company announced they will receive a profit-sharing check an average of $7,377 -- double the amount from last year.

According to a report from the Detroit Free Press, the checks should be issued on March 10. UAW represents about 56,000 Ford workers.

"UAW Ford members worked diligently and remained dedicated to produce the finest built products in the world during a year that presented great challenges due to the pandemic and unprecedented supply chain issues. Their contributions to Ford Motor Company's profits under such conditions are to be commended and our members should be very proud of this great accomplishment," read a statement from Chuck Browning UAW vice president of director of the Ford Department.

Browning said union workers should expect to receive an average of $7,377 in profit sharing "with variation based on hours worked over the course of the year."

Ford said workers eligible for profit sharing are all permanent full-time hourly with at least three months of consecutive service in 2021.

The company reversed a loss and rode some big accounting changes to post a $17.94 billion net profit last year, even as it battled computer chip shortages that caused factory slowdowns and vehicle shortages. It expects full-year pretax profits this year to rise 15% to 25% over 2021 numbers, to a range of $11.5 billion to $12.5 billion.