The General, Delphi and the UAW came together and reached an agreement to extend the limited early retirement buyout originally offered only to select employees — to all Delphi UAW workers. This means the original early-retirement offer which covered only 13,000 UAW members working at Delphi will now cover all 23,000 workers. Employees choosing the package with ten years or more of seniority will be eligible for $140,000 and less than ten years seniority are eligible for $70,000. Those who decide to take the package will forfeit their health care packages — and those who decide not to take the package — will probably end up having their asses fired or their plants closed. So although the General will have to be forking over a decent hunk of change to make this happen — we're starting to wonder whether Farago'll have to begin writing a "Life Watch" soon.
Delphi offers buyouts to all UAW [Freep]
More on Delphi [internal]