Here's your ticket...
Well, now our people can take the money and run. Here's an article from the Tribune Comical (but don't worry, I saw the stories elsewhere, so it may just be true).
Electrical union, Delphi reach attrition plan
By LARRY RINGLER Tribune Chronicle
TROY, Mich. — It took two days of intense bargaining, but 8,400 Delphi Corp. electrical union workers late Friday finally got an attrition plan to call their own.
The package for the International Union of Electrical Workers-Communications Workers of America provides special retirement option for 3,290 members, the union said.
Those workers can either take a $35,000 bonus for normal or early retirement; take a mutually satisfactory retirement for those who are at least 50 years old with 10 years of service, or elect to participate in a special program where workers with between 26 years and less than 30 years can grow into retirement.
The union said it made gains in the buyout program by creating a third tier for workers compared with an earlier attrition program available to both traditional and competitive rate workers.
Workers with at least 10 years of service can take a $140,000 buyout payment to sever ties with the company. Workers with three to 10 years of service are eligible for a $70,000 payment, while those between one and three years of service can receive $40,000, the union said.
The plan doesn’t need members’ ratification but must be approved by bankruptcy Judge Robert D. Drain, who is presiding over Delphi’s Chapter 11 bankruptcy.
Union leaders said Drain could consider the plan in the next 10 days.
The rollout will begin before the judge rules but no payments will be made until the court approves it, the union said.
General Motors Corp., Delphi’s former parent and largest buyer of its auto parts, will assume financial obligations for the lump-sum payments to eligible Delphi workers accepting normal or voluntary retirement incentives, Delphi said.
GM also will fund certain post-retirement employee benefits for Delphi workers who move to GM in order to retire, as well as half of employee buyout costs, the company said.
‘‘I think it’ll be very well received’’ said IUE-CWA President Jim Clark.
He added the attrition deal was a ‘‘very important’’ part of the union’s effort to create a soft landing for members facing the loss of their job as Delphi restructures.
Willie Thorpe, who took over chairmanship of the union’s Automotive Conference Board after the sudden death of Henry Reichard June 5, said he was ‘‘really excited’’ to get the deal, saying the union will continue to work hard on tough issues remaining in the company’s bankruptcy case.
Delphi spokesman Lindsey Williams said the agreement ‘‘gives the chance for virtually all IUE-CWA represented employees to take advantage of opportunities they otherwise would not have been entitled to. It’s a great opportunity for these employees.’’
The plan adapts a supplemental attrition package reached June 9 by the UAW and Delphi to the needs of the IUE-CWA, bargainers said.
The conference board unanimously recommended the attrition plan, which will allow about half of its members to be able to retire with a General Motors Corp. pension and benefits — something bargainers called very important to their members.
Some 1,700 of the union’s 3,800 members at Delphi Packard Electric in Warren can retire with GM benefits, said Bob Sutton, secretary of the union’s Automotive Conference Board.
lringler@tribune-chronicle.com
Okey dokey...now, we wait for the judge...
Dawn
Electrical union, Delphi reach attrition plan
By LARRY RINGLER Tribune Chronicle
TROY, Mich. — It took two days of intense bargaining, but 8,400 Delphi Corp. electrical union workers late Friday finally got an attrition plan to call their own.
The package for the International Union of Electrical Workers-Communications Workers of America provides special retirement option for 3,290 members, the union said.
Those workers can either take a $35,000 bonus for normal or early retirement; take a mutually satisfactory retirement for those who are at least 50 years old with 10 years of service, or elect to participate in a special program where workers with between 26 years and less than 30 years can grow into retirement.
The union said it made gains in the buyout program by creating a third tier for workers compared with an earlier attrition program available to both traditional and competitive rate workers.
Workers with at least 10 years of service can take a $140,000 buyout payment to sever ties with the company. Workers with three to 10 years of service are eligible for a $70,000 payment, while those between one and three years of service can receive $40,000, the union said.
The plan doesn’t need members’ ratification but must be approved by bankruptcy Judge Robert D. Drain, who is presiding over Delphi’s Chapter 11 bankruptcy.
Union leaders said Drain could consider the plan in the next 10 days.
The rollout will begin before the judge rules but no payments will be made until the court approves it, the union said.
General Motors Corp., Delphi’s former parent and largest buyer of its auto parts, will assume financial obligations for the lump-sum payments to eligible Delphi workers accepting normal or voluntary retirement incentives, Delphi said.
GM also will fund certain post-retirement employee benefits for Delphi workers who move to GM in order to retire, as well as half of employee buyout costs, the company said.
‘‘I think it’ll be very well received’’ said IUE-CWA President Jim Clark.
He added the attrition deal was a ‘‘very important’’ part of the union’s effort to create a soft landing for members facing the loss of their job as Delphi restructures.
Willie Thorpe, who took over chairmanship of the union’s Automotive Conference Board after the sudden death of Henry Reichard June 5, said he was ‘‘really excited’’ to get the deal, saying the union will continue to work hard on tough issues remaining in the company’s bankruptcy case.
Delphi spokesman Lindsey Williams said the agreement ‘‘gives the chance for virtually all IUE-CWA represented employees to take advantage of opportunities they otherwise would not have been entitled to. It’s a great opportunity for these employees.’’
The plan adapts a supplemental attrition package reached June 9 by the UAW and Delphi to the needs of the IUE-CWA, bargainers said.
The conference board unanimously recommended the attrition plan, which will allow about half of its members to be able to retire with a General Motors Corp. pension and benefits — something bargainers called very important to their members.
Some 1,700 of the union’s 3,800 members at Delphi Packard Electric in Warren can retire with GM benefits, said Bob Sutton, secretary of the union’s Automotive Conference Board.
lringler@tribune-chronicle.com
Okey dokey...now, we wait for the judge...
Dawn
posted by Spencemo @ 10:22 AM
0 Comments:
Post a Comment
<< Home