Monday, April 05, 2010

Crisis at YRC having ripple effect on labor

YRC's troubles are taking employees, the Teamsters' freight division, and the multi-employer pension system for a wild ride.

The International Brotherhood of Teamsters has seen a lot in its 107 years of existence. But in its near two-year effort to rescue troubled trucker YRC Worldwide Inc., it's a safe bet the venerable union went where it has never gone before.

During 2009, as YRC's financial situation grew more precarious, its 35,000 Teamster employees agreed to two wage reductions and an extraordinary 18-month freeze on YRC's pension contributions.

Throughout the year, the union's leadership actively participated in YRC's financial restructuring, acting in an advisory role that was considered well outside the union's traditional box. Full Story.......

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