From TDU . . .
https://web.archive.org/web/20101128180502/http://tdu.org/node/3176
"July 14, 2009: The tentative deal with YRC contains an additional 5% wage cut, a reduction in H&W contributions, and an 18-month pension contribution termination period, as well as union proposals.
If approved in a membership vote, the additional pay cut (approximately $1.16 per hour) will go into effect immediately; the pension termination period will begin July 1 and end Dec. 31, 2010; and the contractual health and welfare contribution increase due on Aug. 1 will be reduced to 20¢ per hour.
The temporary pension termination is the biggest item, a cut of $7.60 per hour in pension contributions for the first year of the 18 months, and $8.20 for the latter part of 2010.
With 32,000 Teamsters working, the 18-month pension termination would save YRC about $772 million. The 15% pay cut (previous 10% cut plus additional 5% cut) would save YRC about $290 million per year. The union hired experts from MergeGlobal to review YRC’s finances, and they report that this level of relief is necessary to save the company.
Ballots will be mailed out to some 50,000 working and laid-off Teamsters on or about July 17, just three days after the tentative agreement was revealed to local union officials at a Chicago meeting. Then it will be up to the members.
The union gained an appointee to the board of directors, a corporate turnaround expert in place at YRC, and the ability for members to obtain more stock options.
Additionally, some of the job protections put forward by TDU were added to the tentative agreement: extending recall rights to 10 years; return of Teamster office work that was subcontracted to India; improved “card check” rights to make it easier to organize nonunion units; and some limit on work subcontracted out through YRC Logistics. Unfortunately the diversion of work to YRC Logistics is referred to as “alleged” in the proposal (section 14).
Many locals will hold meetings this weekend, July 18-19. YRC Teamsters should ask questions, get informed and cast a vote.
Click here to see the IBT’s two-page summary of the tentative agreement with YRC.
Click here to read the IBT's Memorandum of Understanding with YRCW."
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YRC was probably the second largest contributor to Teamster pension funds, behind UPS. It was the largest contributor to Central States, now that UPS pulled out.
YRC is also a competitor of UPS in the freight business. Which kinda makes ya look at the massive concessions the Teamsters are giving YRC and go . . . Hmmm?
https://web.archive.org/web/20101128180502/http://tdu.org/node/3176
"July 14, 2009: The tentative deal with YRC contains an additional 5% wage cut, a reduction in H&W contributions, and an 18-month pension contribution termination period, as well as union proposals.
If approved in a membership vote, the additional pay cut (approximately $1.16 per hour) will go into effect immediately; the pension termination period will begin July 1 and end Dec. 31, 2010; and the contractual health and welfare contribution increase due on Aug. 1 will be reduced to 20¢ per hour.
The temporary pension termination is the biggest item, a cut of $7.60 per hour in pension contributions for the first year of the 18 months, and $8.20 for the latter part of 2010.
With 32,000 Teamsters working, the 18-month pension termination would save YRC about $772 million. The 15% pay cut (previous 10% cut plus additional 5% cut) would save YRC about $290 million per year. The union hired experts from MergeGlobal to review YRC’s finances, and they report that this level of relief is necessary to save the company.
Ballots will be mailed out to some 50,000 working and laid-off Teamsters on or about July 17, just three days after the tentative agreement was revealed to local union officials at a Chicago meeting. Then it will be up to the members.
The union gained an appointee to the board of directors, a corporate turnaround expert in place at YRC, and the ability for members to obtain more stock options.
Additionally, some of the job protections put forward by TDU were added to the tentative agreement: extending recall rights to 10 years; return of Teamster office work that was subcontracted to India; improved “card check” rights to make it easier to organize nonunion units; and some limit on work subcontracted out through YRC Logistics. Unfortunately the diversion of work to YRC Logistics is referred to as “alleged” in the proposal (section 14).
Many locals will hold meetings this weekend, July 18-19. YRC Teamsters should ask questions, get informed and cast a vote.
Click here to see the IBT’s two-page summary of the tentative agreement with YRC.
Click here to read the IBT's Memorandum of Understanding with YRCW."
- - - - -
YRC was probably the second largest contributor to Teamster pension funds, behind UPS. It was the largest contributor to Central States, now that UPS pulled out.
YRC is also a competitor of UPS in the freight business. Which kinda makes ya look at the massive concessions the Teamsters are giving YRC and go . . . Hmmm?
