Auto parts supplier Delphi has offered its workers $50,000 as compensation for a planned 40 percent wage reduction in a last-ditch effort to reach an agreement as bankruptcy-prompted labor negotiations continue in Detroit. Delphi has until Friday to reach a deal with the labor unions; if they fail to do so, they will ask a bankruptcy judge for permission to cancel contracts, lower wages, and reduce benefits, a move which will almost certainly prompt a strike.
See "Delphi Is Said to Offer Unions a One-Time Sweetener", Jeremy W. Peters, The New York Times, March 27, 2006