ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

DPH Dechra Pharmaceuticals Plc

3,866.00
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Dechra Pharmaceuticals Plc LSE:DPH London Ordinary Share GB0009633180 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3,866.00 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Delphi White-Collar Pensions Need Fair Treatment, GM Told

06/07/2009 11:56pm

Dow Jones News


Dechra Pharmaceuticals (LSE:DPH)
Historical Stock Chart


From Jun 2019 to Jun 2024

Click Here for more Dechra Pharmaceuticals Charts.

U.S. lawmakers are pressing General Motors Corp. (GMGMQ) to make pension payments to bankrupt Delphi Corp.'s (DPH) white-collar workers, as GM has agreed to do for Delphi's hourly employees.

The potential loss of pension benefits for Delphi workers has become a heated issue on Capitol Hill. Some lawmakers have accused GM and the Obama administration of favoring Delphi's blue-collar, hourly workers at the expense of salaried employees.

Discussions among GM, Delphi and the Pension Benefit Guaranty Corp., the government agency that backstops corporate pension plans, are ongoing. Under a tentative plan, pensions for both salaried and hourly Delphi workers would go to the PBGC. But hourly workers would receive supplemental payments from GM, under an arrangement that dates back years when Delphi was spun off from GM.

U.S. Sen. Charles Schumer, D-N.Y., whose state includes many Delphi workers and retirees, urged GM on Monday to assume obligations for Delphi's salaried retirees as well.

"The salaried employees worked side-by-side with the hourly employees for decades and, therefore, this divergent treatment strikes me as unfair," Schumer wrote in a letter to GM Chief Executive Frederick "Fritz" Henderson.

A GM spokesman declined comment.

A PBGC takeover of Delphi pensions raises the likelihood that payments will be slashed, since federal law limits such payments.

Hourly, blue-collar workers often belong to unions, a key voting segment. The Obama administration has been accused of treating auto unions favorably at the expense of other stakeholders in the restructuring of the auto industry. The administration is overseeing the restructuring of GM.

In a letter to Treasury Secretary Timothy Geithner last month, more than a dozen members of Congress demanded an explanation for the decision to have the PBGC assume the pension plans for Delphi's salaried retirees.

"We respectfully ask that you direct the Auto Task Force to make public all documents concerning how this decision was reached," stated the letter, which was drafted by New York Congressmen Christopher Lee, a Republican, and Brian Higgins, a Democrat.

A Treasury spokeswoman declined comment.

- By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@dowjones.com

 
 

1 Year Dechra Pharmaceuticals Chart

1 Year Dechra Pharmaceuticals Chart

1 Month Dechra Pharmaceuticals Chart

1 Month Dechra Pharmaceuticals Chart

Your Recent History

Delayed Upgrade Clock