Could this be our future in Australia

[act2617]

Delphi actions could bankrupt GM.
March 31, 2006

Delphi looking for deep wage cuts

Delphi's statement Friday said it is proposing its union members take a pay cut of nearly 40 percent, though that would be cushioned by a $50,000 one-time payment to compensate for concessions.

It is proposing cutting hourly pay nearly 19 percent to $22 from $27 right away, and then to $16.50 an hour in September 2007, when the current labor deal is due to expire. The $50,000 "wage buydown" payment would be made then.

As steep as the wage cut proposal is, Delphi's demand Friday is less severe than the 54 percent cut to $12.50 an hour that Delphi was originally demanding shortly after its Oct. 8 bankruptcy filing.

The plant closing or sale plans would also mean a nearly two-third cut in hourly employment, to 12,000 workers at the eight plants Delphi intends to keep in the United States, down from 32,000 union members now.
http://money.cnn.com/2006/03/31/news...lphi/index.htm