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The ITT List

Wednesday, Mar 22, 2006, 10:18 am

GM and UAW cut a deal

By Brian Zick
The AP reports Delphi, GM Reach Deals With UAW on Buyouts

DETROIT - General Motors Corp. and auto parts supplier Delphi Corp. announced deals with the United Auto Workers on Wednesday that would help the struggling companies cut labor costs by offering early-retirement buyouts to 113,000 U.S. hourly workers.
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About 100,000 GM workers will be eligible for payouts of between $35,000 and $140,000 depending on their years of service. At Delphi, up to 5,000 workers will be eligible to return to GM, Delphi's former parent company, while 13,000 U.S. hourly workers will be eligible for a lump sum payment of up to $35,000 to retire. Delphi has about 34,000 U.S. hourly workers overall.

About 100,000 GM workers will be eligible for payouts of between $35,000 and $140,000 depending on their years of service. At Delphi, up to 5,000 workers will be eligible to return to GM, Delphi's former parent company, while 13,000 U.S. hourly workers will be eligible for a lump sum payment of up to $35,000 to retire. Delphi has about 34,000 U.S. hourly workers overall.
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