Delphi reaches buyout agreement with second-largest union

Delphi has announced the successful negotiation of a buyout deal for its employees who are represented by the International Union of Electrical Workers (IUEW). Approximately 8,000 employees are eligible to participate, and will receive either lump-sum payments of $35,000 or packages ranging from $40,000 to $140,000.

Delphi's former parent company General Motors will be footing the bill for these buyouts, which will be in the neighborhood of several hundred million dollars. Additionally, up to 3,200 IUEW workers will be able to transfer to GM for retirement purposes.

[Source: Money/CNN]

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