STRATFORD, Conn., March 13 /PRNewswire-FirstCall/ -- Sikorsky Aircraft negotiators met today with the federal mediator and presented a revised proposal to end the current strike by Teamster Union members. The company is hopeful that the union leadership will present its new offer to the membership for approval. Sikorsky Aircraft, based in Stratford, Conn., is a subsidiary of United Technologies Corp. .
The proposal, presented to the federal mediator who has engaged both parties in earnest discussions with a view to resolving the present labor dispute, better aligns wage increases and bonus payments with concerns previously expressed by the union.
The proposal was presented after union negotiators made a revised offer that significantly increased the economic costs to the company.
The company's revised proposal includes:
* General wage increases of 4 percent, 3.5 percent, and 3 percent in each
year of the three-year contract.
* A $2,500 cash bonus -- $1,000 upon ratification of the contract and
$1,500 in January 2007, when the new 80/20 health care plan is
implemented.
* An increase from $45 to $52 in the monthly multiplier for the pension
benefits and a cash-balance pension increase from 50 to 60 cents per
hour.
* An increase from $56 to $62 per week in employees' allowed 401(k)
contributions -- matched by the company at 50 percent.
* 38 paid holidays over the life of the agreement plus three floating
holidays.
* A voluntary severance program for up to 200 participants, providing
one-week's pay per year of service, a $15,000 lump sum pay out, and
one-year of company-paid medical & dental insurance.
Sikorsky Aircraft Corporation is a world leader in helicopter design, manufacturing, and service. United Technologies Corp., based in Hartford, Conn., provides a broad range of high-technology products and support services to the aerospace and building systems industries.
Contact: Bud Grebey
203.386.6200
