The Teamsters can read the newspapers.
YRC Worldwide Inc. employees who belong to the International Brotherhood of Teamsters have approved an amended labor agreement that includes a 10 percent wage cut and suspension of cost-of-living adjustments. The move is seen as vital to the trucking company’s financial health.
The amended contract applies to union workers in YRC’s Yellow Transportation, Roadway, Holland and New Penn business units.
In exchange for the wage cut and suspension of cost-of-living adjustments, Teamsters employees will get a 15 percent ownership stake in YRC. Contributions to the health, welfare and pension plans will continue as previously negotiated, YRC said in a news release.
Nonunion employees will see similar or greater reductions in total compensation, including changes made last year to nonunion workers’ retirement and benefit programs. Nonunion employees also have options to buy as much as a 7 percent ownership stake in the company.
Senior executives will reduce total compensation and won’t be eligible to participate in the stock option program.
Note that management took some hits, too.
No mention of work rules, but those are largely the province of the US Dep't of Transportation.
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One positive thing I'll say about the teamsters is this. You abide by the DOT regs. Period. End of story. That's going to happen to all companies soon. They won't have any choice in the matter. The days of the renegade are about done.
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