YRC Asks Union to Redo Contract for Trucker?s Refinancing
The Teamsters Union, representing about 25,000 employees of the transportation company YRC, will meet with the company today to discuss further restructuring of their contract as a possible solution for the downward spiral the company has experienced in recent years. The same call for restructuring happened during the 2009/2010 negotiations and led to a 15% wages cut and frozen pensions. The company has also tried stock restructuring, but continues to bleed red ink in one of the company's divisions. Rival companies, who recently have signed agreements with the Teamsters under similar circumstance, are crying foul that YRC is not extending the pact it is making with the Teamsters to all member companies under the National Master Freight Agreement.
See "YRC Asks Union to Redo Contract for Trucker?s Refinancing", Thomas Black, Bloomberg News, November 4, 2013