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New Tax Law Brings Big Bonuses for Chrysler Workers

New Tax Law Brings Big Bonuses for Chrysler Workers

According to a news release, the investment will go toward modernizing the plant at Mound and Nine Mile roads in south Warren to produce the Ram Heavy Duty pickup truck, which is relocating from Mexico to MI in 2020.

It is proper that the company's employees are able to share in the tax reform savings and that we acknowledge openly and the improvement in the business environment in the U.S.by investing accordingly in our industrial footprint, said the automaker's CEO Sergio Marchionne through a press release. The company will also give $2,000 bonuses to approximately 60,000 FCA hourly and salaried employees in the US, excluding senior leadership, in the second quarter of the year. This changeover will be complete in 2020.

The measure is expected to boost corporate profits of banks and other companies over the medium and long term by lowering the corporate tax rate to 21% from 35%. Approximately 60,000 employees will receive a $2000 bonus in the 2nd quarter of 2018, including employees at the Belvidere Assembly plant according to a FCA spokesperson. That truck is now made in Saltillo, Mexico, where workers will continue to make commercial vehicles.

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$350 million in the Belvidere Assembly Plant in IL to produce the Jeep Cherokee, which moved from Toledo, OH, in 2017.

FCA's investment announcement related to the production of its next-generation Ram Heavy Duty pickups. More than 300 new jobs were added to support production. FCA said this was on top of a large investment at the Warren factory announced previous year.

"While the news is positive, the UAW is reviewing the details", Rothenberg said, noting union officials would likely have more to say later.

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The automaker said the two activities had become viable in part by the tax bill that President Trump signed.

Fiat/Chrysler says the tax plan will also mean the return of manufacturing jobs to the USA from Mexico. As president, Trump has since backed away from that threat though his administration has been demanding significant revisions to the North American Free Trade Agreement and threatening to kill the pact if it doesn't get what it wants.

Thursday's announcement was the second major auto factory news in as many days.

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Hackel pointed to investments since 201 that include $2 billion in the GM Tech Center in Warren, Fords $2 billion plan for the Romeo Engine Plant and Chryslers previously announced $2 billion investment in the Sterling Heights Assembly Plant as proof.