R-14Driver
TB Legend
- Credits
- 0
To: All YRC Worldwide employees
Today the majority of our employees represented by the International Brotherhood of Teamsters announced ratification of the proposed labor contract modifications. The modifications include a five percent incremental wage reduction and an 18-month cessation of union pension fund contributions, which will not require repayment. In exchange, Teamsters employees will receive options for 20 percent of the outstanding shares of YRC Worldwide stock, pending shareholder approval.
The support and professionalism of our union employees moves us another important step forward in our comprehensive plan to restore financial strength and position our company for future success. Related savings from the pension and wage reduction are estimated at approximately $45 million per month, and begin immediately. Savings grow to an estimated $50 million per month in 2010.
As with prior ratification elections, a small number of the bargaining units representing less than 10 percent of our Teamsters employees did not yet ratify the labor agreement modifications. The company and the Teamsters expect to address employee concerns and have these smaller bargaining units reconsider the modifications in the near future.
I encourage you to read the full release about the ratification vote on @yrcw or YRCW.com. I also hope you will take part in our quarterly Town Hall Meeting on Monday, Aug. 10, beginning at 10 a.m. Central Time. (Participation details on @yrcw.)
I appreciate the support of all our employee-owners as we manage our way through this challenging economy. Your daily dedication builds confidence and shows our customers and competitors that YRC Worldwide will come through this recession stronger than ever.
Thank you,
Bill Zollars
Chairman, President & CEO
YRC Worldwide
Today the majority of our employees represented by the International Brotherhood of Teamsters announced ratification of the proposed labor contract modifications. The modifications include a five percent incremental wage reduction and an 18-month cessation of union pension fund contributions, which will not require repayment. In exchange, Teamsters employees will receive options for 20 percent of the outstanding shares of YRC Worldwide stock, pending shareholder approval.
The support and professionalism of our union employees moves us another important step forward in our comprehensive plan to restore financial strength and position our company for future success. Related savings from the pension and wage reduction are estimated at approximately $45 million per month, and begin immediately. Savings grow to an estimated $50 million per month in 2010.
As with prior ratification elections, a small number of the bargaining units representing less than 10 percent of our Teamsters employees did not yet ratify the labor agreement modifications. The company and the Teamsters expect to address employee concerns and have these smaller bargaining units reconsider the modifications in the near future.
I encourage you to read the full release about the ratification vote on @yrcw or YRCW.com. I also hope you will take part in our quarterly Town Hall Meeting on Monday, Aug. 10, beginning at 10 a.m. Central Time. (Participation details on @yrcw.)
I appreciate the support of all our employee-owners as we manage our way through this challenging economy. Your daily dedication builds confidence and shows our customers and competitors that YRC Worldwide will come through this recession stronger than ever.
Thank you,
Bill Zollars
Chairman, President & CEO
YRC Worldwide
: ! here's a big F-U to you Billy Boy and the rest of YRCW !