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Thread: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass on!

  1. #1
    Getting In The Groove Now.

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    Thumbs down YRC Contract Extension - Employee Contributions To Debit Relief - read and pass on!

    YRC Worldwide Contract Extension

    If there are any of you that have not stopped to consider exactly how much you have truly given up, please take time to consider what you have already done, and what the company has NOT done to fix the debit problem. Please see the last page for all the calculations titled "Employee Contributions To YRC Freight Debit Relief". First of all each of you individually have given the company a savings of approximately 26 thousand dollars a year. And as of January 2014 that savings over four and a half years comes to more than 3 billion dollars, that is over twice the debit amount. The total YRC debit is 1.4 billion dollars, and the company has only made interest payments on that debit!!! It could have been paid off twice already! Where did the money go? If this is not criminal it should be! The company asks for help, we take cuts and they don't use the cuts for the debit!
    Another question is why didn't the union put in the agreements that the majority, if not all of this savings goes straight to the debit until its paid off, or at least paid down to a manageable level so we can get our pay and pension back? And what about the two union people on the board of directors, aren't they suppose to have our back?
    Have the other companies, Reimer, Holland, Reddaway, and New Penn, taken cuts too? If so then where has that savings gone? If not to the debit principal, then where?
    The company has closed and sold off terminals, and equipment, shrunk the work force, and returned leases to save costs and generate revenue. Also at least lower and middle management were to have pay cuts. Again where has this savings gone? If not to the debit principal, then where?
    The company seems to have an agenda that does not include paying off its principle debit with the savings it has enjoyed for the last five years. So what possible incentive do the employees have to give up any more of their benefits and income? The answer is none!!! The company was given a great opportunity to easily rid itself from the debit ( See the next page for the numbers) and has chosen not to!!! Please pass along to all you can; Thanks, your Teamster Brothers Local 952 Orange, CA

    Employee Contribution To YRC Freight Debit Relief

    Wage Loss:
    $25.09 x .15 = $3.76 loss per hour.
    $3.76 x 2080 = $7,820.80 loss per year per employee 40 hour week.
    Overtime Loss:
    $21.33 $25.09 $37.63
    x 1.5 x 1.5 - 31.99
    $31.99 $37.63 $5.64 loss per hour per employee
    $5.64 x 8 hours O.T. average = $45.12 loss per week per employee.
    $45.12 x 52 weeks =$2,346.24 loss per year per employee.
    Vacation Loss:
    $25.09 x 50 = $1,254.50 loss per year per employee.
    Pension Loss:
    $1.78(25%) x 4 = $7.12 loss per hour per employee.
    $7.12 x 2080 = $14,809.60 loss per year per employee.
    Totals:
    $ 7,820.80
    2,346.24
    1,254.50
    14,809.60
    $26,231.14 Total Loss Per Year Per Employee.
    Total YRC Debit $1.4 Billion $1,400,000,000
    Company Savings From Employee's Per Year.
    26,000 employee's x $26,231.14 = $682,009,640
    January 2014 will be 4.5 years of savings for YRC x 4.5
    That's over $3 Billion in savings. 3,069,043,380
    The Company has paid interest only on the loans, it's clear to see that the whole debit of 1.4 Billion could have been paid off by now just from the Employee's contributions alone!!!
    Last edited by Hot Head; 12-06-2013 at 02:23 AM. Reason: numbers not lining up
    Jimmy, crazy, 2631 and 4 others like this.

  2. #2
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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    All that I talk to think the same thing, with all we have given why hasn't the debt been paid down any? It hasn't they just paid interest payments. I have given up all I care to any my vote is no.

    Hot Head great information!

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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    The Party in the front office should be over!!!

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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    Now if you add to that what they will save if we were somehow to vote "yes" on this latest insanity???

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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    Quote Originally Posted by Kickass View Post
    Now if you add to that what they will save if we were somehow to vote "yes" on this latest insanity???
    They would be using more expensive champagne to toast themselves on the back ..

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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    It's my hope that the folks that represent us counter with an offer for them (yrc) "to go pound sand" but my gut tells me the 2-man farce is just a formality.

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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    Maybe they could consolidate the corp. headquarters..... they have 5 !!! maybe close 1 or 2. you know , make it look like they are trying. If I could get a message to the 2MAN I would ask for an independant fiduicary coop to recieve our monies and then that coop would make sure the debt was paid. I would also ask for an end to this mou crap.... get a contract with increase to pension and none of this blank check sheet.
    222lifer likes this.

  8. #8
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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    Quote Originally Posted by Kickass View Post
    It's my hope that the folks that represent us counter with an offer for them (yrc) "to go pound sand" but my gut tells me the 2-man farce is just a formality.
    I could imagine what the cost of flying all those involved to wherever the meeting is going to be...Just more waste when they can do it in front of a computer..

  9. #9
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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    My understanding was that Roadway was bought for around 1.42 Billion. I also thought USF and New Penn were bought for around 1.5 Billion. Just those 2 aquisitions alone total to almost 3 Billion. If they only owe 1.4 Billion it seems they have paid some debt off.

    I'm not saying vote yes by any means, I will be voting no on either more concessions or any extension but I thought I would try to make sure we are all on the same page as to how much was owed versus how much is now owed.

    If I am wrong please fill me in so I understand better.

  10. #10
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    Default Re: YRC Contract Extension - Employee Contributions To Debit Relief - read and pass o

    They had it down to 874M at one time but borrowed 400M more at 11.25%, they have no intention to pay it down until they gut whatever they can from us.

    Sent from my HTC One using Tapatalk
    222lifer likes this.

 

 
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