Trucking company Yellow Corp. came to an agreement with its drivers Sunday, narrowly avoiding a strike.
The Central States Health and Welfare Fund agreed with the Teamsters to extend drivers’ health care benefits and pensions to the tune of $50 million. Originally, benefits were set to expire Sunday.
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“Our members at YRC Freight and Holland cannot work without health care, and the Teamsters worked tirelessly to ensure an immediate strike at Yellow could be averted,” Teamsters President Sean M. O’Brien said in a statement. “These discussions were not easy, but Central States has made meaningful movement under pressure from the union. We are seeking a real resolution, but let this solution today serve as a profound reminder that our members can only endure so many sacrifices. Teamsters at Yellow simply work too hard and have already given so much.”
The Teamsters, representing 22,000 Yellow Corp. drivers, gave Central States 30 days to pay what it owes in pension accruals and benefits but Central States agreed it would make the payment within the next two weeks.
Yellow Corp. is the third largest trucking company with clients like Walmart and Home Depot sharing their inventories in the same truck. Different shipments often share the same trailer in the classic yellow semi trucks.
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This comes as the Teamsters are set to continue negotiations Monday with UPS, a process that began in April. Both came to an agreement on 55 non-economic issues on June 19, but it remains to be seen when the two will agree on wage negotiations.
Contracts with UPS drivers, who deliver 37% of the United States’s total parcel volume, expire Aug 1.
