- Yellow Corp fails to honor its commitment to employee benefits, leading to outrage among workers.
- The company's $1.2 billion debt struggle results in a freeze on health benefits and pension accruals.
- The Teamsters union, representing 22,000 truck drivers, contemplates striking in response to the company's irresponsible actions.
In a somber development, a seasoned trucker employed by Yellow Corp, faced the distressing news that the company would not be fortifying his pension, accrued over three decades, as the firm teeters on the brink of insolvency.
A viral video on TikTok captures the disgruntled worker, believed to be based in Florida, vociferously expressing his outrage upon learning that his health care benefits and pension payments had been discontinued. The aggrieved trucker accuses the company's higher-ups of mishandling his hard-earned money.
Yellow Corp's Central States Board of Trustees announced a freeze on health benefits and pension accruals for employees, a drastic measure born out of the company's struggle to refinance a debt of $1.2 billion. This news incited a bitter uproar among the employees, depicted in the aforementioned video, and has prompted the Teamsters union, which represents 22,000 truck drivers, to consider going on strike.
The escalating situation was further fueled by Yellow Corp's failure to remit a $50 million payment intended for employee benefits. As a consequence, not only will the pension accruals be frozen, but the employee healthcare benefits are also slated for suspension, effective July 23.
In the video, the infuriated employee is seen pacing and shouting, expressing his frustration and emotional turmoil over the situation. The Teamsters' leadership condemned Yellow Corp for its irresponsible actions, attributing its financial plight to the company's "gross mismanagement," and voicing their concern for the wellbeing of their members.
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