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EXCLUSIVE-YRC sets more pay cuts, as talks with lenders

October 08, 2009: 01:47 PM ET

(Adds detail, stock action, quote)

* Shares jump almost 10 percent

* Company implements new cost cuts

* Working with lenders to maintain liquidity


By Carey Gillam

OVERLAND PARK, Kan. (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.

EXCLUSIVE-YRC sets more pay cuts, as talks with lenders
 
3rd quarter report any day now.. oh help us god. we are sinkinggggggg ..working fridays for free is getting old and the ibt sold us under the bus until 2013 ..also watch how they stop paying the pension for good if they survive ..get the tissues out .
 
trenton86 said:
3rd quarter report any day now.. oh help us god. we are sinkinggggggg ..working fridays for free is getting old and the ibt sold us under the bus until 2013 ..also watch how they stop paying the pension for good if they survive ..get the tissues out .
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I agree with you about the pension. 1 year from now they will say "We still can't make the payments. How about we bring you back to scale and give you a $1.00 raise and you contribute to you own 401" This whole thing just SUX!! Oh yah I forgot I should just be glade I have a job LOL
 
:twisted: I have to say I've made very few concessions in my life. I used to have to cut the lawn when I was in junior high school and I worked at a concession stand at Yale Bowl
I'm six foot four and a half and I have a temper. It's reserved for very important issues. If someone asks me to make a concession at work then I become a madman. It's far better to have and not need then to need and not have :twisted:
 
thejoe said:
:twisted: I have to say I've made very few concessions in my life. I used to have to cut the lawn when I was in junior high school and I worked at a concession stand at Yale Bowl
I'm six foot four and a half and I have a temper. It's reserved for very important issues. If someone asks me to make a concession at work then I become a madman. It's far better to have and not need then to need and not have :twisted:
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As usual:nutkick:you don't make any sense..:biglaugh:
 
truckskillet said:
HEY DONT MESS WITH THEJOE CUZ HE WILL RIDE YOU LIKE A NEW FISH! :biglaugh::biglaugh:
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:clap:That is most likely because he has nothing else to do..first he comes on here and tells everyone how we should just lay down and except all the givebacks and then later says if he had to do it ,he would be pissed off,,:nutkick:sounds like he talks out of both sides to me:biglaugh:
 
MRettb2001 said:
I agree with you about the pension. 1 year from now they will say "We still can't make the payments. How about we bring you back to scale and give you a $1.00 raise and you contribute to you own 401" This whole thing just SUX!! Oh yah I forgot I should just be glade I have a job LOL
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Actually, that sounds like a very good outcome compared to what is more likely to happen.
 
Hey a little trivia for ya, conway freight had a pension up til 4 years ago....then all of a sudden gone... And now an enhanced 401k, they made a decision based on alot of variables to take it away....i wouldnt be surprised if thats the plan at yrc....you'll be able to keep ur time and still are elgible..but the door is slammed and new employess are not elgible...the'll tell ya again..their gonna go out of business, the pos union will give u a spin a roo to get the vote passed again, but........... You'll have a job:)
 
crazy said:
:clap:That is most likely because he has nothing else to do..first he comes on here and tells everyone how we should just lay down and except all the givebacks and then later says if he had to do it ,he would be pissed off,,:nutkick:sounds like he talks out of both sides to me:biglaugh:
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[size=+2]Don't worry-be happy..you'll retire someday[/size]
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