Porsche Is Paying Employees Close to $11,000 in Bonuses

After what Porsche says is the most successful year in the company’s history, the company is paying out bonuses to around 23,000 employees.

UPDATED Mar 22, 2018 5:40 PM

In the last few months, The Drive learned that a few American based automotive brands would be paying out some large bonuses to employees thanks to strong profits and hard work. For example, General Motors paid out $11,750 in bonuses to union workers. Today, we learned German brand Porsche is paying its employees hefty bonuses as well, totaling close to $11,889 (9,656 euros). 

Porsche announced the bonuses through the Porsche Executive Board and Group works council. Around $11,444 (9,300 euros) of the employee's payout would be made by combining two bonuses. According to Porsche, around $10,580 (8,600 euros) will be paid out as a reward for positive company results and staff performance during the 2017 financial year. Porsche says the 2017 bonus will be paid to around 23,000 employees at Porsche AG. An additional $860 (700 euros) will be paid as a special contribution to the Porsche VarioRente, which is Porsche's pension plan, or alternative individual pension plans. 

“The successful Porsche year 2017 was a team effort,” says Oliver Blume, Chairman of the Executive Board of Porsche AG. “We are proud of the great commitment and passion of all our colleagues. At Porsche, the focus is on people."

In addition to the two bonus components, Porsche employees will receive a one-off 2018 anniversary bonus of around $438 (356 euros) bringing the employee total to around $11,444 (9,300 euros). The 356 euro bonus honors the 70-year anniversary of the Porsche sports car, the Porsche 356. 

“Porsche employees deserve every cent of the bonus that they are getting this year. After all, these outstanding results were not handed to us on a plate—they were achieved with a lot of hard work. This is why I am really proud of our Porsche team and their outstanding performance. Our motto is: Less talk more action,” said Uwe Hück, Chair of the Group Works Council.