Union workers at YRC Worldwide OK deal to cut wages, nix pension contributions for 18 months

Union workers at YRC Worldwide OK more wage cuts

NEW YORK — Union workers at trucking company YRC Worldwide have ratified a plan to cut their wages by an additional 5 percent and gave up company pension contributions for 18 months.

The agreement announced Friday is widely thought to be a necessary step in the trucker’s attempt to stave off bankruptcy. Overland Park, Kan.-based YRC Worldwide Inc. expects the deal to save it $45 month to $50 million a month.

The approximately 35,000 union members at YRC already agreed to a 10 percent wage cut early this year.

Besides battling the worst shipping demand in decades, YRC lost customers as it integrated its Yellow and Roadway networks and rumors circulated about its financial health.