Chrysler workers to get profit-sharing checks averaging $650

Thursday, February 16th 2006, 11:08 am
By: News On 6

AUBURN HILLS, Mich. (AP) _ Union workers at DaimlerChrysler AG's Chrysler Group will receive profit-sharing checks averaging $650, down from the previous year's average bonus of $1,500, the automaker said Thursday.

The announcement follows news last week that employees of General Motors Corp. and Ford Motor Co. won't be getting profit-sharing checks, while U.S. workers at Toyota Motor Corp. and Honda Motor Co. will be getting thousands of dollars in bonuses.

Chrysler Group CEO Tom LaSorda said the payments reflect both a successful year and rising costs of pensions, health care and vehicle financing. DaimlerChrysler said Thursday that Chrysler's operating profit was $1.79 billion for 2005.

``Our profit-sharing pool was significantly reduced by a number of factors, the biggest being a dramatic increase in retiree pension and health care expenses and U.S. vehicle financing,'' LaSorda said in a statement.

The payments to Chrysler's 59,000 eligible United Auto Workers-represented U.S. employees will be made March 3.