DETROIT (Reuters) - Delphi Corp., the bankrupt auto-parts maker, said on Monday that 12,600 employees represented by the United Auto Workers union agreed to retire as the company reorganizes its business.þþThe results are preliminary, and employees who signed up within the last seven days may still revoke their decision, said Delphi of Troy, Michigan.þþAs part of an agreement, announced on March 22, with the UAW, workers with 30 years' experience receive $35,000 to retire immediately with full benefits. Workers with at least 27 years would receive monthly payments and retire with full benefits when they reached 30 years.þþDelphi expects more employees to accept buyout offers available under another agreement with the UAW and former parent General Motors Corp.. Also on Monday, automaker GM said 35,000 workers, or almost a third of its hourly work force, had accepted its own early retirement plan.þþIn June, Delphi, the UAW and GM announced a supplementary agreement extending the pre-retirement plan to workers with at least 26 years experience and offered straight buyouts to the entire Delphi UAW work force under the GM UAW buyout terms.þþDelphi, which filed for bankruptcy in October, has said it expects to cut about four-fifths of its more than 33,000 U.S. hourly workers, eliminate 21 of 29 U.S. union plants and drop up to 8,500 salaried workers to restructure its U.S. business.þþ
Source: NY Times
