To compete with stingy auto suppliers overseas, Delphi needs to pay its hourly workers less.
To compete with corporations at home, Michigan’s fourth-largest company needs to pay its top managers more.
Got it? It’s all about competition.
That’s why Delphi wants its hourly workers to absorb a 63% pay cut, and why it filed for bankruptcy when they refused to swallow wage concessions on the company’s tight schedule.
And that’s why, on the eve of its bankruptcy filing, Delphi sweetened severance packages for 21 top executives, who’ll now get 18 months’ salary, plus part of their regular bonuses, if their jobs are eliminated.
[. . .] I think we in Michigan are about to find out exactly how angry workers can get.
… But I believe we are very near the point where the frustration of the working poor and newly unemployed may erupt in acts of violence the likes of which haven’t been seen in this country since the earliest days of the labor movement.
And the way things are going, it’s only a matter of time before top executives at Michigan’s largest public companies are unable to walk through their factories or walk their dogs beyond the perimeters policed by their invisible security fences without protection.
More at the link.
Another company pension going away. Thousands more families losing health insurance and jobs. Another community devestated. Another batch of executives getting rich off of it.