GM Offers More Delphi Buyouts
Tuesday, June 13th, 2006
General Motors on Friday agreed to offer buyouts to additional Delphi Corp. hourly workers to try to prevent a strike by Delphi’s unions over demanded wage and head-count cuts.
GM is offering a $140,000 buyout to all hourly employees with more than 10 years of seniority and less than 26 years and a $70,000 buyout to employees with less than 10 years of seniority. For the buyout, the employees must be willing to forgo retirement health care insurance.
Delphi and the UAW announced the agreement separately. The expanded buyout offers are subject to U.S. Bankruptcy Court approval.
GM also is offering an early retirement package to hourly employees with 26 years of seniority. Nearly 10,000 Delphi workers have taken an early retirement package offered to those with 27 to 30 years. Those retirements would reduce Delphi’s hourly work force from about 33,000 today to 23,000.
In a related development, Delphi’s efforts to seek court approval to void its labor contracts have been postponed until Aug. 11.
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