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  1. #1
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    Default EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    By Carey Gillam

    OVERLAND PARK, Kan., Oct 8 (Reuters) - Troubled trucking company YRC Worldwide Inc, has implemented another round of pay cuts and cost-savings measures as it works with lenders to maintain liquidity.

    YRC has informed nonunion employees that they will each be required to take eight hours of unpaid time off per month beginning in October, according to an internal memo emailed to employees Wednesday and obtained by Reuters. Based on a 40-hour work week, that amounts to nearly a 5 percent pay cut. The plan is slated to run through February.

    Employees are also being asked to voluntarily take between two and eight weeks of sabbatical at 15 percent of their pay. The company is also maximizing severance payouts at 12 weeks.

    The moves come on top of a 10 percent pay cut implemented earlier this year.

    Shares of YRC jumped almost 10 percent on the Nasdaq to $4.59.
    EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

  2. #2
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    Default Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    I asked my boss man about this cut, he said he was not told anything. I don't think he is telling the truth.

  3. #3
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    Default Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    Quote Originally Posted by Teamster View Post
    I asked my boss man about this cut, he said he was not told anything. I don't think he is telling the truth.
    me neither especially after i heard them all talking about it at our terminal

  4. #4
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    Default Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    I am betting they know about it.I read it in a e-mail sent to all our Mismanagement types.

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    Default Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    The New Penn management and office workers were told that they'd have to take one day/month off without pay this week. At least at our terminal and the main office in Lebanon. I did here them talking about it. But If they were talking about the rumour or a memo, I can't prove it. I think it's real. But the stocks dropped the next day anyway.
    Last edited by slavenomore; 10-10-2009 at 09:30 PM.

  6. #6
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    Angry Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    YRC has informed nonunion employees that they will each be required to take eight hours of unpaid time off per month beginning in October, according to an internal memo emailed to employees Wednesday and obtained by Reuters. Based on a 40-hour work week, that amounts to nearly a 5 percent pay cut. The plan is slated to run through February.
    Poor babies
    At least they get some time off for their "sacrifice".
    We took the cut in pay and are expected to work the same hours...(or more).

  7. #7
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    Default Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    Quote Originally Posted by Teamster View Post
    I asked my boss man about this cut, he said he was not told anything. I don't think he is telling the truth.
    My boss said there was a countrywide conference call about it, so yours was lying

  8. #8
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    Default Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    Quote Originally Posted by x475 View Post
    Poor babies
    At least they get some time off for their "sacrifice".
    We took the cut in pay and are expected to work the same hours...(or more).
    And to top it off, I am expected and asked to do more work than was done before the cut.

    The same boss that told me the lie also told me to find my pallet jack off the clock when I came to work each morning so I would have one. Many of my coworkers run around 30 minuets before they get on the clock to get there work tools before some one else does. I have seen several loading there freight, hooking there tractors etc before they get on the clock.

  9. #9
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    Default Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    Be sure to tell them if they were to be injured there would be no workers comp. benefits.

  10. #10
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    Default Re: EXCLUSIVE-UPDATE 1-YRC sets more pay cuts, as talks with lenders

    Quote Originally Posted by Teamster View Post
    Many of my coworkers run around 30 minuets before they get on the clock to get there work tools before some one else does. I have seen several loading there freight, hooking there tractors etc before they get on the clock.
    That's pathetic.

 

 
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