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Tuesday, September 30, 2008

Porsche Hands out Big Bonuses Again

STUTTGART, Germany — Bonuses are going up this year at Porsche AG. The German automaker said in a statement that it will give all of its employees €6,000 bonuses, the equivalent of $8,667. In 2007, Porsche handed out €5,200 bonuses, the equivalent of $7,511.

Porsche is one of the most profitable automakers in the world. In comparison, hourly Ford employees who are members of the United Auto Workers received checks for $1,000 in bonuses earlier this year.

Porsche cited "the company's exceptionally positive business development this year" in its bonus announcement. The company also noted that "workers will receive €1,500 in honor of the 60th anniversary of the brand, which the sports-car manufacturer is celebrating in 2008. The Executive Board intends this jubilee payment as a 'thank you' to all employees for their high degree of commitment and their special dedication." The U.S. equivalent of €1,500 is $2,165.

What this means to you: Oh, to be a Porsche employee in these tough times.