Strike Could End With 'Buydowns'

POSTED: Sunday, May 4, 2008

UPDATED: 3:04 pm EDT May 4, 2008

DETROIT -- A deal may be close between American Axle & Manufacturing Inc. and the United Auto Workers. Nine weeks into the strike, there's talk of a proposal for workers to take contract buyouts, or "buydowns," once it ends.

Roughly 1,100 workers could take buyouts consisting of $140,000. Those who stay would be looking at $11 per-hour wage cuts, offset by a $90,000 bonus spaced over three years to ease the transition to lower wages.

The "buydowns" could convince some union voters to accept the concessions.

Wages would be cut to $17 an hour for production workers, $14 for nonproduction workers, and $25.50 for skilled trades workers.

Before the strike, American Axle workers earned $28.15 an hour, with skilled trades at more than $30 an hour.

Negotiations were expected to continue Sunday morning.

Links We Like

Most Popular

StoriesClick to Expand
- Police: Woman Drowns In Port Huron
  An autopsy may help answer what happened to a Port Huron woman who drowned in Lake Huron, according to police.
- Body Found After Fire Extiguished
  A man's body is found Sunday after a fire is extiguished Sunday in Detroit.
- Barren: Firing 'Came Out Of Nowhere'
  Detroit's police chief says he wasn't prepared for the announcement of his firing by the mayor.
- Catch May Have Led Boat To Capsize
  One of four fishermen rescued after they were found holding on to their 19-foot boat in western Lake Erie says a heavy catch of walleye may have led their craft to capsize.
- Green Oak Township Body Identified
  Investigators use dental records to confirm that a body is that of a man who went missing more than four years ago.
VideoClick to Expand
- Assistant Police Chief Says He's Leaving, Too
  Assistant Chief Ronald Fleming says he will also be leaving the Detroit Police Department after Police Chief James Barren is fired.
- Driver Goes Wrong Way Down I-94
  A Diabetic driver goes the wrong way down a stretch of Interstate 94 and causes a multi-car crash.
- Today Show: Photos Of Michael Jackson's Kids
  Local 4's Guy Gordon reports on NBC's Today Show's exclusive photos of Michael Jackson's children.
- Firefighters Put Out Fire, Find Body
  A man's body is found Sunday after a fire is extiguished Sunday in Detroit.
- Police Release Surveillance Video Of Teen Shooting
  Surveillance video from a shooting in Detroit was released to Local 4 News.
SlideshowsClick to Expand
- Hot Shots: My Fourth Of July Holiday
- Hot Shots: 2009 Fireworks
- Readers Show Their Tattoos, Part III
  Ink is in as readers send in their tattoo images.

Marketplace

JobsClick to Expand
- Interview Take-Along Checklist
  You’re interviewing for a job tomorrow, and you think you’re prepared. We’ve created this handy checklist so you won’t forget a thing.
- Select The Right Career Path
  Whether you're a college student preparing for graduation or an established professional unsure about a midlife change, deciding upon a career can be difficult.
- Avoid These 7 Cover Letter Mistakes
  While some employers don't bother reading cover letters, most do. And they will quickly eliminate you if you make these mistakes.
- Job Termination & Your Resume
  No matter how you left, you need to present the best accomplishments you made at the job to prospective employers.
WomenClick to Expand
- Healthy Living In Your 40s
  Your guide to looking and feeling your best.
- Manage Stress, Find Balance
  The idea of living a balanced life may seem like an oxymoron. Yet working toward balance and self-care is key to feeling in control and more joyful at home and work.
- Weight & Exercise: The Right Mix
  Being healthy is related to how well you take care of yourself. But it’s never too late! A woman can learn new, healthy habits at any age.
InsuranceClick to Expand
- Auto Insurance Quotes
  Simply enter your zip code and get great deals on your car insurance from the top companies. Click here and start saving today!
- Health Insurance Quotes
  No matter where you live, you shouldn’t have to pay too much for health insurance. Your zip code is all you need and we’ll do the rest to find you great insurance rates.
- Home Insurance Quotes
  Your home is your most valuable asset. So make sure you have coverage that fits your needs and doesn’t break the bank.
- Life Insurance Quotes
  What would happen to your family if you were suddenly gone? Don’t leave their future to chance and find top quality life insurance before it’s too late.
- Business Insurance Quotes
  Don’t take chances when it comes to insuring your business. To get the best rates from top companies in your area just enter your zip code.
BudgetingClick to Expand
- Scam Busters: Midas Sued For Bait-And-Switch
  Some Midas Shops Allegedly charged Customers For Unnecessary Repairs.
- 5 Ways To Look Your Best For Less
  Despite The Recession, You Don't Have To Spend A Lot To Look Your Best.
- Recent Grad? Keep That Student Bank Account
  If You're A Recent Graduate, Holding Onto That Student Bank Account Might Offer Up Some Sweet Incentives.
- Password-Free Phones Pose ID Theft Threat
  A Survey Says More Than A Third Of IT Workers Don't Use Passwords To Protect Information On Their Phones.
Your LifeClick to Expand
- Shaq Loses $2.8M On Miami Mansion
  NBA Star Shaquille O'Neal Sold His Waterfront Home In Miami Last Week For $2.8 Million Less Than He Paid For It.
- Hot Vacations: Road Tripping, Couch Surfing
  Vacationers Are Opting For Road Trips, Staying With Friends And Family Or Remaining Closer To Home.
- 8 Ways To Trim Vacation Travel Costs
  Traveling For Summer Vacation Doesn't Have To Be A Budget Breaker If You Employ Some Simple Strategies That Cut Costs, Not Convenience (Or Fun).
- Baseball Luxury Boxes: A Buyer's Market
  The Recession Has Forced Major League Baseball Teams To Boost The Perks And Cut The Prices For VIP Fans.

Question Of The Day

Strike Could End With 'Buydowns'

Sponsored Links

Links We Like

StoriesClick to Expand

VideoClick to Expand

SlideshowsClick to Expand

JobsClick to Expand

WomenClick to Expand

InsuranceClick to Expand

BudgetingClick to Expand

Your LifeClick to Expand

Question Of The Day

Features