Record profit at North Dakota state mill means $11,600 profit-sharing checks for workers

[RC]

By: By Tu-Uyen Tran, Forum Communications Co., INFORUM

GRAND FORKS – After reporting record profits, the North Dakota Mill here is also reporting big profit-sharing payouts to its workers.

The average worker earned an $11,600 bonus, about 21.9 percent of his or her annual wages, according to General Manager Vance Taylor. In the past decade, the average bonus accounted for about 9 percent of annual wages.

Profit sharing is part of the compensation package at the mill, he said, and it creates a strong incentive for mill employees to work together as a team.

In fiscal year 2011, which ended June 30, the state-owned mill earned a profit of $16.1 million; that’s 22 percent higher than the record set in fiscal year 2010 and 705 percent more than the mill’s goal of a $2 million profit.

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Socialism works. This is not Communism. For one, Communism would not be paying out profit sharing.
Now compare this to the greedy capitalism, where the profits go to the upper management as obscene wages and bonus, as they cut hours, benefits and jobs of the workers to increase those profits.