Delphi, Union Sign Pact With GM Support

Law360, New York (June 9, 2006, 12:00 AM EDT) -- Auto parts maker Delphi Corp. has penned a deal with its major union that will let seasoned workers take early retirement under a cost-cutting plan supported by the company’s biggest customer, General Motors.

The deal with the United Auto Workers will expand existing retirement incentives and establish a buyout program, Delphi said Friday.

Under the deal, Delphi will offer early retirement to workers with 26 years of credited service and provide buyouts for UAW-represented hourly employees.

Workers with more than 10 years seniority will be offered...
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