Chrysler Corp. announced that it had made stock awards and incentive payments to about 2,000 executives ahead of schedule because of federal income tax changes that take effect Jan. 1.
The payments were made last week and include one-time stock awards to executives and incentive payments associated with a $1 billion cost-cutting program, Chrysler spokesman Steven Harris said.
The payments stemmed from a "bet-your-check" program set up in July 1989 in which Chrysler executives could wager up to 10 percent of their salaries on meeting the cost-cutting goals, doubling their money if successful.
Harris declined to reveal the amount of the payments.
Top-level executives who make more than $180,000 annually would benefit from the advance, because their tax rates rise to 31 percent in 1991 from 28 percent this year.
But managers making $80,000 to $180,000 annually could be hit, because their top tax rates drop to 31 percent next year from 33 percent this year.