Yellow Corp truck driver goes furious with bosses after company STOPPED contributions to employee pension fund – as $1.2 billion debt leaves it on the brink of bankruptcy
- Yellow Corp said it would suspend health care benefits and pension accrual for its staff
- An employee was filmed arguing with his boss after discovering the state of affairs
- Truck drivers’ union Teamsters said workers are going on strike because of the plans
This is the harrowing moment when a Yellow Corp truck driver is told that the pension he has built up over 30 years will not be matched by the company – as it is going bankrupt.
Footage shared on TikTok shows the employee screaming angrily after hearing that his health care benefits and pension payments had been stopped.
The worker, who is believed to be operating in Florida, says, “It’s the bastards up there, I did my best for this company.” This is my money that you all play with. F*** this shit.’
The Central States Board of Trustees at Yellow said they would suspend health benefits and pension accrual for employees as the company struggles to refinance $1.2 billion in debt.
The Teamsters union, which represents 22,000 truck drivers, is preparing to strike as early as Monday.
An upset employee was filmed screaming in a Yellow warehouse after learning his pension was in jeopardy due to the company’s financial problems
The video, believed to be from earlier this week, shows irate workers at a depot after learning the company failed to make a $50 million employee benefit payment.
Pension accrual and employee care will also be suspended on 23 July.
In the footage, the employee is yelling and pacing back and forth, yelling, “No one is telling me why I’m getting emotional.”
He continues: ‘I’ve been here for thirty years. No one tells me to calm down. Analyze that mess.”
Teamsters General President Sean M. O’Brien said in a statement, “Yellow has once again failed its employees and continues to disregard its responsibilities.
Pictured is Yellow CEO Darren Hawkins. His company is in danger of going bankrupt
“The gross mismanagement of this company is another affront to the livelihoods and well-being of 22,000 Teamsters across the country.
“After years of worker restitutions, federal loans and other bailouts, this idiot company has only itself to thank for being in this embarrassing position.”
Teamsters Secretary-Treasurer Fred Zuckerman said, “Yellow has a responsibility and obligation to employees.
“Our members must not suffer from management’s incompetence and financial irresponsibility.”
He continued, “This is a new low even for a company as dysfunctional as Yellow. The Teamsters are working with our local unions and we will continue to update members regularly as this situation unfolds.”
Yellow is currently $1.6 billion in debt, $1.2 billion of which was due this summer, including $700 million to the federal government
A spokesman said: “The company intends to repay the money with interest immediately after obtaining additional financing and has requested the money to discuss acceptable terms.”