Analysis of: Teamsters Freight Members Ratify YRCW Job Security Plan
Implications: By a 77-to-23 percent margin, Teamsters rank and file at the YRC Worldwide member companies have approved a 10 percent wage giveback that is expected to save the company between $220 million and $250 million annually. It actually will save the company more than that going forward because it also suspends all cost-of-living raises-- which were supposed to be around 3.5 percent annually--through the end of the contract in 2013. Pension contributions are unchanged, which is of prime importance to the Teamsters.
Analysis: Well, YRC Worldwide's 55,000 or so Teamsters have certainly done their part to help save the venerable 83-year-old trucking concern, the nation's largest.
Now, it's management's turn.
Labor and management leaders have both strong-armed this wage concession through to the point where it passed by a 77-23 percent margin with an impressive 75 percent of affected Teamsters voting. That's a huge number, considering only about 33 percent of eligible Teamsters actually vote in union presidential elections.
Teamsters union President Jim Hoffa called it a desperation move. "We are facing the worst economy in our lifetime," Hoffa said.
Not to be outdone, YRC Worldwide CEO Bill Zollars says in his press release: "During a time of economic hardship, we are proud of the understanding and support of our employees. The amended contract will provide our company with significant annual cost reductions that will also have long-term benefits as the economy recovers."
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6 comments:
Dear brothers and sisters,
B.O.H.I.C.A. strikes again. I voted no, did you ? So 10% a year for 5 years is 50%. That is over 1 billion dollars. Just remember this time next year when you get your W-2 to do your tax return and say WOW I paid YRCW 5,000.00 dollars this past year to work for them. That's 25,000.00 dollars and more for 5 years. Plus the 3.5% yearly C.O.L.A. we didn't get. B.O.H.I.C.A. stands for BEND OVER HERE IT COMES AGAIN.
Fraternally Yours S.L.D.
Dear brothers and sisters,
B.O.H.I.C.A. strikes again. I voted no, did you ? So 10% a year for 5 years is 50%. That is over 1 billion dollars. Just remember this time next year when you get your W-2 to do your tax return and say WOW I paid YRCW 5,000.00 dollars this past year to work for them. That's 25,000.00 dollars and more for 5 years. Plus the 3.5% yearly C.O.L.A. we didn't get. B.O.H.I.C.A. stands for BEND OVER HERE IT COMES AGAIN.
Fraternally Yours S.L.D.
Dear S.L.D.
I did my part and voted NO. We were lied to by Zollars and the union officials. They didn't tell us alot of stuff that was found out anyway. They know exactly what I'm talking about as alot of you know. It was just that to many people were to scared to stand up for their selves. Not enough backbone. I think everyone that voted No and got bent over should send an email or regular letter to express how you feel to Zollars or whoever.
Brothers and sisters:
Stop whinning,look around it's not YRC the only company suffering.
Don't be selfish, for companies in order to growth and create more jobs, they have to take risks; unfortunaly, these risks taken by Yellow didn't paid off.
So, 10% cut is nothing compared to other workers in other companies, that they lost 100%.
Here are some ideas to recoop that 10% you just lost:
1. Skip a weekend w/o case of beer.
2. Cancel the movie channel pkg.
3. Skip a dinner at the Buffet.
4. Fire your lawnmower.
5. 10% cut allowence for your kids.
6. Skip the mall for six months.
7. Take only stayvacation.
8. Stop eating junkis.
I know we can survive this storm, in this rough times, be positive, give the most out of you, life itself will compensate 10% to the square. Got it.
I voted no there is no way I wouldever yes. I came from Preston and now work for Holland. We will never get this money back. I think we will go out of business in the near future. No company has ever made it back on a give back. Bill Zollers can go strait to hell. The company suck ass that wrote anonymus is just that.
How strange is it that the paycut was already taken off one of my husbands co workers BEFORE the vote was in?? He had vacation paid unused and sold it back. They had deducted 10% 2 days before the official vote was in. I bet there was no voting, Union had already agreed. Voting was just to make people think they had a say in this.
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