Anyone know what we are getting in return for the 15%, that we are giving up. At YRC they got worthless stock right now but did get something. What are we getting in return. ABF was talking profit sharing at one time. Maybe I miss it in the 15 pages. :thumbsup:
Earnings Plus Plan. Effective at the beginning of the next payroll period following ratification by Employer’s bargaining unit employees and continuing until March 31, 2013, all regular employees (including bargaining unit, non-bargaining unit, and management employees) will participate in the Earnings Plus Plan. Under the Earnings Plus Plan, employees paid on a weekly basis will be paid a percentage of their pay earned during the weeks ending in the quarter consistent with the table below. Salaried employees will be paid a percentage of their pay earned for the three months of the quarter. Payments will be made during the month following the end of the fiscal quarter when Employer’s publicly disclosed operating ratio is below 99.00 for the quarter.
This is a classic example of " Throw the dog a bone". The profits would be so small that it would be an insult.What really gets me is this clause:
In the event the Employer’s publicly disclosed operating ratio is below 97.00 for any calendar year during the life of this Plan, or, alternatively, in the event the Employer’s EBITDA exceeds $99.5 million for any calendar year during the life of this Plan, the wage reduction in effect on April 1 of the following year will be reduced by 5% on that date.
This means that the economy could turn around next week and ABF could start raking in the money again and we would still be on a 15% pay cut until April of 2011. Then get this....In April we would ONLY be taking a 10% wage DECREASE.
This is what the company and our beloved leaders think of us!!!!!!!!
PS- Don't forget that ABF UPack is not going to show up anymore on our profits , That will be on Moving Solutions Inc. Just think what that will do to our operating ratio!