FROM: National Freight Division
DATE: March 17, 2021
RE: Teamsters to Receive Bonus Pool at YRC Freight, Holland and New Penn
We have been advised that YRCW (Yellow) has indicated that it is paying certain bonuses to various Company officers and/or executives. In the last agreement, TNFINC sought to curtail excessive executive bonus by putting in a “two for one” provision in the national agreement. Specifically, for every dollar that gets paid in executive bonuses, the workers get two dollars put into a pool to split up. So, the executives have to think twice before taking bonuses because, for example, every million dollars the Company wants to put in the executive pool will actually cost the Company a total of three million dollars because two million will have to go to the members. This year, the Corporate officer/executive bonus pool is $1,672, 916.67. The Teamster represented employees’ pool therefore is $3,345,833.34. National Freight Director Ernie Soehl is not particularly happy with the payment of any bonuses to Corporate officers and executives. But Soehl stated: “I’m certainly glad we fought to put language in the contract to keep these types of executive bonuses somewhat in check and to get something for the members who are the day-to-day heroes who actually keep this Company running. Without this language in the new agreement, the executives would likely have taken larger bonuses and the employees not received anything. While each of the over 18,000 individual eligible members will likely receive between $175 and $200, at least the membership as a whole will get to split up over $3.3 million.” The checks to members will likely go out by the end of the month.