Mayor Daley and organized labor have reached an agreement that could dramatically reduce the 929 layoffs needed to solve Chicago's worst budget crisis in a generation, City Hall sources said Monday.
Union leaders have agreed to work-rule changes to reduce the city's overtime costs, the soures said. They have also agreed to drop their opposition to a partial shutdown of city government around the holidays.
In exchange, Daley has agreed to offer cash incentives -- at least $5,000 and as high as $15,000 -- for members of Laborers Local 1001 to induce retirements by eligible union members.
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