Stock Performance Enhancement, i.e., Corporate Greed

GM parts supplier Delphi plans to axe 24,000 jobs!
...reduces hourly wage from $27 to $9!
...pay managers bonuses worth $90M

Former General Motors parts unit Delphi, which is in bankruptcy protection, has said that it will close all its US plants unless trade unions agree to wage cuts to rescue America's largest auto parts-maker.

Delphi CEO Steve Miller, who received a signing-on hello bonus of $3.7 million last summer, said that he hasn't received union counteroffers to his proposal, which includes reducing wage levels from an average $27 per hour to as low as $9 and slashing up to 24,000 jobs over a three-year period. Motor union UAW President Ron Gettelfinger called Delphi's offer an "insult."

"We are going to try and save as many jobs as we can, but at the current wage rates, we would have to close down all of our US plants," Miller said. Delphi will pay an average US wage of $26.97 an hour in 2005.

Delphi was spun off from General Motors in 1999 and a strike could cripple both the parts maker and its largest customer GM.

Read more @ Ireland's Finfacts