Unions hit with wage and benefit cuts, blast executive bonus payouts that may reach $74M in '06.

A U.S. bankruptcy court on Wednesday approved an extension of a multimillion dollar bonus plan for top Delphi Corp. executives over the objections of unions representing its 33,000 U.S. factory workers.

The bonuses, which the supplier argued are vital to retain key employees as it restructures, will go to 460 top officers if Delphi hits certain earnings targets between July and December. Similar bonuses, cleared by the court in February , came to $36.3 million for the first six months of the year, Delphi said. The second piece will total roughly $20 million if the company meets the performance targets and up to $37.9 million if the targets are exceeded.

But the United Auto Workers and Delphi's other five unions blasted the payouts, which come as hourly workers are being asked to accept steep wage and benefit cuts to aid the company's turnaround.


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