In past and present SEC filings and press releases, the company states that they are saving $350,000,000 dollars a year, under the current concessions. So, if they're paying out at least $200,000,000 in principle and interest a year, they are left with $150,000,000 to play with, now they're asking for $100,000,000 more.
Some very small concessions, on individuals may be needed to compete with non-union companies, but "NOT" a $200.00+ a week pay cut and 75% reduction in pension contributions. Also, there are many employees that had to give up a weeks vacation valued between $1000.00 to $1800.00.
YRC Worldwide is spearheading the effort to slow the growth of CDL drivers pay and benefits throughout the whole trucking industry, whether it be union or non-union, LTL or TL. When we took the first round of concessions, a vast majority of non-union companies followed suit by reducing their pay and benefits, freezing pay raises, and/or reducing the 401k match. These concessions are excessive and are going to be permanent. We will never get the 15% back, the wages that we are working for "IS" the new top pay, any future pay increases will be based on that. As far as the pension goes, YRC Worldwide has been one of the major corporations lobbying Congress for the past several years to change the multi-employer pension fund liability.