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Ouch

March 22nd, 2006 - 9:02 am

GM and Delphi have reached a deal with the UAW over the fates of 135,000 hourly workers:

GM workers will be eligible for payouts of between $35,000 and $140,000 depending on their years of service. At Delphi, up to 5,000 workers will be eligible to return to GM, Delphi’s former parent company, while 13,000 U.S. hourly workers will be eligible for a lump sum payment of up to $35,000 to retire.

Assuming an average payout of $87,500, that’s almost 12 billion dollars. For perspective, GM lost 10 billion dollars last year, its worst ever.

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