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Strike Could End With 'Buydowns'
POSTED: 2:36 pm EDT 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.
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