FACTBOX: Highlights of American Axle deal with UAW

DETROIT (Reuters) - Key points of a tentative contract agreement between American Axle & Manufacturing Holdings Inc and the United Auto Workers. The details are based on a summary of the contract provided by the UAW and a union official.

* Hourly wage rates to be cut to a range of $10 to $26.

* Wages at the flagship Detroit plant would range between $14.35 and $26 per hour.

* American Axle will offer payments of up to $105,000 over three years in exchange for lower wages.

* American Axle will offer buyouts of up to $140,000 for employees who leave the payroll.

* The voluntary buyout program will be offered 14 days after contract ratification and would include 45 days for workers to consider their options.

* Workers who opt for the buyout will leave American Axle by February 1, 2009.

* New production hires to start at wages of $11.50 per hour, skilled trades workers to start at $22.00 per hour.

* A signing bonus of $5,000 to be paid to each worker following ratification.