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Non-Tech : Delphi Automotive Systems (DPH) -- Ignore unavailable to you. Want to Upgrade?

To: JakeStraw who wrote (49)	10/13/1999 2:32:00 PM
From: JakeStraw	Respond to of 397

UAW Ratifies GM, Delphi Pacts DETROIT (AP) -- The United Auto Workers said today that members at General Motors Corp. and its former parts unit have ratified a four-year contract. The GM and Delphi Automotive System deals closely follow the UAW's contract with DaimlerChrysler AG [NYSE:DAJ - news], according to a union summary of the agreements. That deal was ratified by 86 percent of workers who voted. Workers at Ford Motor Co. are scheduled complete their voting by Oct. 24. UAW President Stephen P. Yokich said 77 percent of the workers who voted approved the deal, which covers 185,000 hourly and salaried workers. Vote totals were not immediately available. The GM and Delphi contracts give workers an annual increase of 3 percent a year for the next four years, a $1,350 signing bonus and improved cost of living adjustments. The new deals have several clauses aimed at protecting union jobs. For example, if employment drops below 80 percent of a set level in a bargaining unit, GM and Delphi must replace each job lost. GM and Delphi also agreed not to spin off any division into a separate business or close or sell any factories. GM and Delphi also pledged to take a neutral stance toward union organizing drives, and would not take work away from a plant that forms a union. The Delphi contract allows workers to transfer back to GM when openings occur, and gives them until Jan. 1 to retire with GM pensions. If Delphi goes out of business during the contract, the workers' layoff benefits would come from GM. The contract also improves pensions -- an important goal for the UAW's older workforce. The companies also increased the lump sum payment retirees would get based on inflation.