Guerrilla22
23rd May 2008, 03:57
A person briefed on the tentative agreement reached Friday between American Axle and Manufacturing Holdings Inc. and the United Auto Workers union said it includes the following provisions. The person asked not to be identified because the deal has not yet been presented to workers.
WAGES: Production workers would see pay cuts from $28 per hour to $18.50. That's better than an earlier company offer of $17.
BUYOUTS: Workers could get $140,000 to sever all ties with the company.
PLANT CLOSINGS: Company will close forges in Detroit and Tonawanda, N.Y.
EARLY RETIREMENT: Unspecified early retirement offers for senior workers.
BUYDOWNS: Workers would get three annual payments to make the transition to lower wages, similar to the 2007 deal between the UAW and Delphi Corp. Delphi agreed to pay $105,000 over the three years.
THE VOTE: Workers in Detroit will get details on Sunday. Voting date will be decided then. If deal is approved, they could be back at work early next week.
WAGES: Production workers would see pay cuts from $28 per hour to $18.50. That's better than an earlier company offer of $17.
BUYOUTS: Workers could get $140,000 to sever all ties with the company.
PLANT CLOSINGS: Company will close forges in Detroit and Tonawanda, N.Y.
EARLY RETIREMENT: Unspecified early retirement offers for senior workers.
BUYDOWNS: Workers would get three annual payments to make the transition to lower wages, similar to the 2007 deal between the UAW and Delphi Corp. Delphi agreed to pay $105,000 over the three years.
THE VOTE: Workers in Detroit will get details on Sunday. Voting date will be decided then. If deal is approved, they could be back at work early next week.