The 40,000 members of the United Brotherhood of Teamsters who work for the big, less-than-truckload carrier YRC voted to take a 10-percent pay cut in exchange for a 15-percent ownership of the company.
The Associated Press reports the vote was 3-to-1 in favor of the deal.
A Teamster official says the vote shows that rank-and-file members understand, “that the company needs some help to get through this difficult period.”
A YRC spokesman says non-union employees – including president Bill Zollars – will also see their compensation cut by 10-percent or more.
YRC estimates that, collectively, the pay cuts will save the company up to $250 million a year.