Unions object to Delphi executive bonus plan

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-07-12T205032Z_01_N12313613_RTRIDST_0_AUTOS-DELPHI.XML

CHICAGO, July 12 (Reuters) - Unions representing hourly workers at bankrupt auto parts supplier Delphi Corp. (DPHIQ.PK: Quote, Profile, Research) on Wednesday objected to the company's plans to extend an executive bonus program to the second half of 2006.

Delphi, in talks with its unions over proposed steep wage and benefit cuts, has said it must have the payments to remain competitive on compensation and the program had a maximum $36.3 million payout for the first half of the year.

Troy, Michigan-based Delphi wants the U.S. Bankruptcy Court for the Southern District of New York to approve a second-half 2006 plan and allow plans for each successive six-month period Delphi remains in Chapter 11. A hearing is set for July 19.

<snip>

Delphi, which filed for bankruptcy in October 2005, plans to cut four-fifths of its 33,000 U.S. hourly workers, close or sell 21 of 29 U.S. union plants, and cut up to 8,500 salaried employees to reorganize in North America. The IUE-CWA and the United Auto Workers represent most of those union workers.

<snip>

"The fortunes of top management have improved at precisely the same time the debtors have moved forward with plans to put most of their unionized employees out of work and to slash the wages and benefits of the survivors," the United Steelworkers said in an objection.

...more at link...

[Deja Q]

1. They fire workers for not doing good enough.

When their own profits go down, they still give themselves a bonus.

Despite telling us in the past they deserve high wages because it's THEIR decisions that can make or break a company.

[Doremus]

2. Closing 21 plants, laying off 25,000 and the bigshots GET BONUSES?

:mad: :mad: :mad: :mad: :mad:

Capitalism out of control.

[Omaha Steve]

3. They should...

Share and share alike. What is good for those they just goosed is good for them too!