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  1. #1
    Having Fun Now

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    Default Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    Implications
    YRC Worldwide's 50,000 Teamsters employees are being asked to approve an additional 5 percent wage cut as well as an 18-month freeze in the company's pension contributions. This comes on top of a 10 percent wage cut already approved by the YRC workers. Combined, these two givebacks are estimated to save YRCW approximately $900 million annually as the debt-laden company fights for survival.

    Analysis
    Another quarter, another round of wage and benefit cuts being proposed to rank-and-file Teamster members at troubled YRC Worldwide, the nation's largest trucking company by revenue.
    YRC is asking its 35,000 active workers (plus an additional 15,000 or so laid-off or furloughed workers) to approve a 5 percent wage giveback (on top of an early 10 percent wage cut) that would last through the end of their current contract in 2013.
    In addition, YRC wants to stop making payments to Teamsters pension plans for 18 months. That would save the company approximately $45 million a month, rising to $50 million a month in 2010.
    http://www.glgroup.com/News/Will-$900-Million-a-Year-Savings-Be-Enough-For-YRC-Worldwide--41454.html

  2. #2
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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    link copy and paste

    http://www.glgroup.com/News/Will-$900-Million-a-Year-Savings-Be-Enough-For-YRC-Worldwide--41454.html
    Last edited by pj2004; 07-16-2009 at 08:01 AM.

  3. #3
    Getting In The Groove Now.

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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    Teamsters leaders believe trucking competitors are looking at the recession as an opportunity to toss YRC to the wolves. In a bulletin to members, C. Thomas Keegel, the Teamsters' secretary-treasurer, said others in the industry are slashing prices in an attempt to force YRC out of business.
    Tuesday's deal, which must be ratified by the members, is an attempt to prevent that.


    Give that the average age of a Teamster at YRC is about 60, the pension freeze is even harder to swallow, according to Ken Paff, organizing for Teamsters for a Democratic Union, the dissident wing of the 1.4 million-member union.

  4. #4
    One More Time

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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    Well if 900 million is too much for YRC they can pass along the difference to me,, shoot I am already set up on "direct deposit", I figure they can call it re-payment for "pain & sufferring"

  5. #5
    Resistance is futile.

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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    This is prrof that WE TEAMSTERS will have dug YRCW out of the hole, by our backs.

  6. #6
    LOAD AND PARK CHARLIE
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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    I just don't believe that YRC will be satisfied with this last giveback request. But only time will tell. Seems to me, they should be able to budget the concessions into their operating figures, and then no for sure that the budget will work.

    I guess I would like to see them give all you guys an idea of the probability of the level of your job security. Knowing exactly what the cost of doing business is, and knowing exactly the amount of the concessions, they should be able to do just that.

    If the company and the union continue to have a we will just have to see attitude, I would be very suspicious of the whole deal. Time to get some rock solid information. They either have a game plan, or they better get one damn soon too.,

  7. #7
    I Am Rocking Now

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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    I don't see how they could possibly give an accurate probability percentage number when so much depends on the future economical picture. The future cost of doing business is not necessarily calculable using last months or this months numbers. I would think that the savings formula was calculated and goes a little above what they think will be needed in case the economy gets even worse. So, in my opinion, to throw out a number that is really just a guess considering the unstable economy would be somewhat misleading.

  8. #8
    Getting In The Groove Now.

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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    This quote was on a link from Reuters about the new concessions..
    If you put all of that together, we are going to be well placed to make it no matter what happens going forward," he added.
    Quote:
    YRC Chief Executive Bill Zollars told Reuters in a telephone interview. "It is very significant for us to have this cushion."

  9. #9
    LOAD AND PARK CHARLIE
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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    Wow I guess that will enable even more mismanagement from the corporate powers that be. It also sounds like a lead in for them to ask for even more givebacks later on. Guess we will just have to watch and see.

    Just keep the checkbooks opens brothers.

  10. #10
    I Am Rocking Now

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    Default Re: Will $900 Million a Year Savings Be Enough For YRC Worldwide?

    Quote Originally Posted by LOAD AND PARK CHARLIE View Post
    Wow I guess that will enable even more mismanagement from the corporate powers that be. It also sounds like a lead in for them to ask for even more givebacks later on. Guess we will just have to watch and see.

    Just keep the checkbooks opens brothers.
    Man. Do you really think anybody's happy about this? We know what you went through and later you said a better Union Company came around and now it's all getting better. That's not gonna happen here. There's already more than enough negativity to go around inside the freight sector and not without good reason but why predict more unless it's just to get a reaction? I'm sure most have already decided on how they intend to vote.

 

 
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