By Leftlane Staff
Wednesday, Mar 22nd, 2006 @ 10:30 am

Delphi has reached an agreement with the UAW and General Motors on a
special hourly attrition plan, including the opportunity for UAW-represented Delphi employees to retire from GM. GM has agreed to provide substantial financial support under the proposed plan. The plan enables a more rapid transformation to a reduced labor cost structure across Delphi’s U.S. manufacturing operations. While subject to bankruptcy court approval, the plan relies mostly on early retirement. Eligible UAW-represented Delphi employees may elect to retire from Delphi or flow to and retire from GM. Approximately 13,000 hourly union-represented employees may be eligible to participate in the plan. Certain eligible U.S. hourly employees may be offered a lump sum payment of $35,000 to retire. The possibility of a strike by Delphi workers if an agreement was not reached threatened to cripple GM, according to many analysts. Luckily, it looks like that will not happen.

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