Take Ten Percent Off the Top
As token gestures go, this one is particularly insulting. Executives at Delphi, the financially troubled auto parts producer that was spun off from GM a few years ago, are voluntarily cutting their million dollar salaries by as much as 20% as the company goes through bankruptcy procedures and seeks to void its union contracts and slash the pay of its workers by as much as two-thirds. This magnanimous act was meant to make up for the previously announced (now retracted) executive bonuses meant to “entice” these brilliant captains of industry to remain with the company through the hard times that they caused. The workers at Delphi make around $26 an hour. The business community likes to toss around the figure of $70 an hour, which would include the cost of payments for medical insurance, pension funds and other benefits. Delphi says these wages make the company uncompetitive, as similar workers […]