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YRC Worldwide is still trying to figure out the best way to fix a leaky financial ship, but the union that represents most of the company’s workers is not too panicked over the situation.
“Our level of confidence is better than it was better than it was six months ago,” said Bob Paffenroth of Rialto-based Teamsters Local 63. Paffenroth heads operations for the Teamsters’ freight operations on the West Coast. “With the economy the way it is, it’s a tough row to hoe.”
The union has thrown in some substantial coinage on the tambourine in an effort to keep YRC afloat. The Teamsters, in the last three years, have taken pay cuts, allowed YRC to suspend contracted cost-of-living increases and allowed the company to suspend payment to the union’s pension fund. The union took YRC stock in exchange for some of these concessions, and the company closed trading Tuesday at less than 4 cents per share.
If YRC went belly-up it would put about 1,500 to 2,000 Inland workers out of jobs. Thousands of retirees’ medical coverage would vanish. It’s a national story with local implications................
LOGISTICS: Teamsters not too worried about YRC
“Our level of confidence is better than it was better than it was six months ago,” said Bob Paffenroth of Rialto-based Teamsters Local 63. Paffenroth heads operations for the Teamsters’ freight operations on the West Coast. “With the economy the way it is, it’s a tough row to hoe.”
The union has thrown in some substantial coinage on the tambourine in an effort to keep YRC afloat. The Teamsters, in the last three years, have taken pay cuts, allowed YRC to suspend contracted cost-of-living increases and allowed the company to suspend payment to the union’s pension fund. The union took YRC stock in exchange for some of these concessions, and the company closed trading Tuesday at less than 4 cents per share.
If YRC went belly-up it would put about 1,500 to 2,000 Inland workers out of jobs. Thousands of retirees’ medical coverage would vanish. It’s a national story with local implications................
LOGISTICS: Teamsters not too worried about YRC