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.