If YRC Worldwide Fails, You Can't Blame the Teamsters.

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."

Full Story......