Following a week of work stoppages and protests, DaimlerChrysler reached an agreement with its workers that calls for cutting labor costs by 500 million Euros ($612 million) a year. The deal includes job security guarantees for employees, a ten percent cut in compensation for the company?s management board and a 20 percent cut in compensation for new staff in service jobs. This agreement ends the threat of outsourcing production of the company?s Mercedes C-Class cars.
See "DaimlerChrysler and Its Workers Reach Deal", The Associated Press, The New York Times, July 22, 2004