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BMW pays big bonuses for bumper 2010

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BMW pays big bonuses for bumper 2010
Photo: DPA
11:53 CEST+02:00
In a sign of the soaring fortunes of the auto industry, BMW is paying a hefty bonus to its workers after a two-year break in profit-sharing, the company announced on Thursday.

The typical worker will get nearly 1.6 months' worth of bonus salary – an average of €5,840 – in reward for the company's strong performance in 2010.

“Our workers received no profit-share for the financial years 2008 and 2009. They accepted that,” said BMW boss Norbert Reithofer at the company's shareholders' meeting in Munich.

Shareholders also have something to celebrate from of the worldwide auto market boom: BMW plans to pay dividends of €1.30 per ordinary share, which is €1 more than in 2009.

Owing to full order books, the firm will also hire an extra 2,000 workers this year, more than half of them in Germany, he said.

BMW already paid its workers a one-off bonus in the middle of last year. After two tough years in 2008 and 2009, BMW, like other auto makers, got well and truly back on track last year.

“For workers that means extra shifts – a lot of extra shifts and intensive projects,” said Reithofer.

The first three months of this year were the best ever recorded by BMW. Reithofer aims to hold the company's leading position in top-end cars in the coming years, fending off challenges from Audi and Daimler.

The Quandt family, which together owns 46.7 percent of the company and includes Susanne Klatten, Johanna Quandt and Stefan Quandt, will rake in about €365 million in dividends.

DPA/The Local/djw

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