General Motors said today it mailed 1988 profit-sharing checks averaging $265 each to 470,000 U.S. hourly and salaried workers, the lowest pay-out among the Big Three U.S. auto makers.
However, the payments by GM were the first for the nation’s largest car maker since 1985. GM’s profit-sharing payments are based on its results in the United States, which had been depressed in recent years due to its slide in market share and its extensive modernization efforts.
GM said its profit-sharing payments totaled $114 million. Ford last week distributed profit-sharing payments averaging $2,800 each to its U.S. workers, while Chrysler distributed payments of $725 per worker to its eligible U.S. employees.