Swift cuts CPM by .01
 

At the end of April '09 Swift is cutting a penny/mile across the board. They're also suspending all 401K matching. I know many companies are suspending matching 401K funds (even outside the transportation industry) but this is the first I've heard of dropping pay for OTR drivers.

Swift contends that they're only following a trend in the industry, implying that other carriers have already cut their CPM pay. Any feedback on that? What is your company doing?

belpre is going to have a field day with this post.:lol::lol:


I can see the word COOLIE being used alot. :rofl:

I haven't heard of anyone cutting anyone's CPM....Swift is the first. I guess they want to be the first to screw their drivers in this fashion.

Maybe "Unca Jerry" should cut his pay and benefits instead....and lighten other executives pay packages and stock options as well....

Hmmm, I wonder how many deadbeats, errr, I mean "relatives" he has sucking at the teat as well????

Actually, I'm surprised they didn't give a 1 cpm raise and shave the paid miles on every trip another 5 %......

First I've heard of anyone cutting pay on existing drivers...I know of several that lowered their starting pay on new hire experienced drivers.

Swift is also suspending all bonuses, both for drivers and non-drivers alike, and non-driver employees will be required to take 1 week off without pay in the 2nd quarter. All of these changes will take place on April 27th, which begins Swift's 2nd fiscal quarter.

It would be unfair to omit the statement, by Jerry, that the company intends to reinstate any cuts in CPM, bonuses, etc. and also to try and replace all lost pay with bonuses in the 3rd quarter if freight picks up. If things go really well the company will pay larger bonuses. Not sure who, besides executives, have been getting bonuses lately, but no driver I've talked to has received a production bonus for quite a while.

All of the cost cutting is designed to retain the current non-driver workforce and avoid lay-offs. I can accept all of it on face value if it all goes according to plan and CPM, 401K matching and bonuses are reinstated when business picks up. Yeah, and I believe in Santa Clause and the Tooth Fairy, too.

So swift drivers get to go from "screwed"to ...what? anyone's guess???I will not see this company for to long in this industry.:thumbsup:

Everyone is cutting pay. If they don't do it directly, they do it indirectly. And new hires (not just at swift) are getting hit rather hard from what starting CPM was 6-months ago.

In case you haven't noticed Mother Superior has whacked accessorial pay.

It's a sucky business. When freight picks up, the trucking companies will start whining to the Gov. about a driver shortage. Stimulus money (and tax credits) will go to training new drivers.

What about Crete? I know they used to advertise .41 cpm with one year exp., I called and the recruiter said I would get either .38 or .39 with 2.5 years exp.!!! Still a lot better than .28, or whatever Swift and Werner are paying these days...but it seems they have lowered their pay.

The one's I know about:

Yellow/Roadway 10%
Conway Freight 5% and no 401k match
Fedex Freight no 401k match and no profit sharing
Saia 5% and no 401k match
Ward 8.9%
UPS Freight nothing, we have a contract, but they did freeze salaries for supervisors and eliminate bonuses and 401k match

There's probably more that I dont know about. Not to mention the ones that went out of business.