The United Auto Workers union and Delphi Corp. have agreed to early retirement and buyout programs that would enable the bankrupt supplier to reduce its hourly workforce.

The programs also have the endorsement of General Motors Corp., Delphi’s former corporate parent and its largest customer.

Described as “significant progress” in a statement released by Delphi, the development prompts the adjournment of bankruptcy court proceedings “to allow the company, its unions and GM additional time to fully focus on reaching comprehensive consensual agreements,” the supplier says.

Delphi’s court date has now been set at Aug. 11.

“The Court has advised the parties to continue efforts for a consensual resolution of the issues and work diligently toward an agreement outside of court,” says Delphi Chief Restructuring Officer John Sheehan. “We remain committed to that outcome, and believe there is sufficient framework and understanding between the parties to enable further progress in negotiations during the recess period.”

Pending court approval, the latest agreement between Delphi and the UAW expands the scope of the supplier’s attrition program. Employees covered by the UAW’s labor contract with Delphi, and having at least 26 years of credited service, regardless of age, are eligible for early retirement.

The current plan is available only to employees with 27 to 30 years of credited service. In addition, eligible employees with more than 10 years’ seniority are being offered $140,000 to leave the company. Those with less than 10 years are eligible to receive $70,000.

And employees hired prior to March 22 under the UAW-Delphi tiered-wage Supplemental New Hire Agreement are eligible for buyout packages worth $40,000, the UAW says.

The deal is announced as the UAW’s constitutional convention is set to convene on Monday. Executive elections are also scheduled. President Ron Gettelfinger expected to remain in office while new faces will fill three top vice president positions with the retirements of Richard Shoemaker, Nate Gooden and Gerald Bantom.

A slate of three candidates has been put forward for election, as is the UAW’s custom. Each has a background with a Detroit auto maker.

Meanwhile, Delphi continues negotiations with two other unions that represent workers in its plants.