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The Spaminator
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Ford Renews Salary Increases, Performance Bonuses

The only major U.S. automaker not to take federal bailout money during the recent recession is showing confidence in its future and the economy by giving raises and bonuses to 20,000 white-collar workers.

Ford's (F) nonunion workers received a letter from Mark Fields, president of the Americas division, saying they will get 2.7% base-pay hikes on April 1 and performance-based bonuses to be paid in March. Ford hadn't increased salaried workers' pay since 2009, although some of them got bonuses last year.

The automaker also raised its matching contribution to employee 401(k) retirement plans. It now pays 60 cents for every dollar an employee contributes, up to 5% of salary. This year, the company contribution will rise to 80 cents.

The company didn't say how much the pay increases, bonuses and retirement-plan shift will cost.

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