YRC, (Teamsters) union reach tentative deal for 10 pct pay cut

[Omaha Steve]

http://money.cnn.com/news/newsfeeds/articles/apwire/a9860134f8aee555b668cc7bcbaf7f2c.htm

Trucking company YRC Worldwide, union reach tentative deal for immediate 10 percent pay cut
December 03, 2008: 05:53 PM EST

NEW YORK (Associated Press) - Teamsters leaders voted Wednesday for union workers at trucking company YRC Worldwide Inc. to take an immediate 10 percent pay cut to hold up the company's dwindling finances.

At a meeting with YRC Worldwide Inc. and about 300 representatives of the International Brotherhood of Teamsters in Phoenix Tuesday, union leaders reviewed the deal and said they expect to send it out for a member vote on Dec. 9. Ballots are expected to be counted Dec. 30, Teamsters spokesman Bret Caldwell said.

The 40,000 union workers employed by YRC are currently covered under a five-year contract that began in March. This agreement is an amendment to help cope with current market conditions, Caldwell said. The Overland Park, Kan.-based company has a total of about 58,000 employees.

The cut will not include any changes in health care or other benefits, he said.

The amendment calls for "equal sacrifice," Caldwell said, which means that all nonunion workers and executives on all rungs of the corporate ladder will take a similar cut in compensation. The spokesman noted that the nonunion cut may affect health coverage, and include provisions such as higher insurance co-payments.

"Every employee at YRC will help pay for this recovery," he said.

FULL story at link.