WASHINGTON, DC | As was announced early this morning, YRCW will receive a $700 million loan as part of the CARES Act, which will be used in large part to pay its employees’ health, welfare and pension benefits that the company had become delinquent in paying.
Across the country, YRCW Teamsters, including more than 800 Local 710 workers at YRC & USF Holland, have been uncertain as to the future of their healthcare, and, to a greater extent, the future of their employment.
Local 710 had been working diligently alongside the IBT to ensure that YRCW would pay all monies owed to the funds. While some initial progress was made, it wasn’t a long-term solution. YRC had taken the necessary steps to apply for a loan through the US Treasury, but the government had not opened the portal to allow the filing until this morning.
“The members will continue to work and receive the benefits they bargained for, and that’s what we have been fighting for all along,” said Local 710 Secretary-Treasurer and Co-Chair to the Local 710 Funds, Mike Cales. “The initial outlook for our members at YRC and Holland was very bleak, but it’s our job to ensure that our members and their families are protected. These are essential workers who have been working throughout this pandemic to keep our supply chain moving forward, and for their healthcare to be in question at a time like this was unacceptable. This loan means they can rest easier knowing their jobs, health, and pension benefits are protected.”