Delphi reaches agreement on buyouts with UAW, GM

Delphi has reached a buyout agreement with the United Auto Workers and General Motors. Announced Friday, the deal will extend buyout offers to each and every hourly worker, giving all UAW-represented employees (around 22,000 out of 31,000 Delphi employees)  a chance to bail with a safety net.

The move is seen as a very positive step in talks looking to avoid a strike. Under the agreement, General Motors will continue to pay for part of the compensation packages, which will put them on the hook for part of the $70,000-$140,000 per payout accepted.

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[Sources: Associated Press via San Jose Mercury News; CNN]