There's good news for York Region commuters -- that is if the public transit strike ever ends.

The region has saved more than $5 million as a result of the transit strike which is now in its eighth week. Council decided Thursday those savings will be forwarded to area riders once public transit is back up and running.

In a media release issued Thursday afternoon, York Region said that the approximately $5.1 million accumulated by the region by not paying contractors during the work stoppage would cover the cost of one month of free service for residents when the service resumes.

"Every dollar we have saved to date and until the end of the strike will be returned to riders to offset the personal losses of those deeply impacted by this strike," York Region Chairman and CEO Bill Fisch said in the statement.

Despite the savings, region officials are worried about the number of riders lost during the York Region Transit strike.

The region estimates up to a 10 per cent reduction in ridership following the strike, the released said.

The 10 per cent drop would translate to roughly $6.1 million in lost revenue.

Meanwhile, striking workers are holding a massive demonstration that tied up traffic in Newmarket.

Hundreds of workers marched in the rain to York Region headquarters, resulting in northbound Young Street being blocked at Mulock Drive to accommodate the demonstration.

Once the workers arrived at York Region headquarters, they chanted slogans and listened to speakers who fired up the crowd before some employees went inside the building to attend the council meeting.

The workers are asking council members to start the process of binding arbitration.

More than 550 workers, employed by Miller Transit, First Canada and Viva, who are all contracted by York Region, went on strike Oct. 24, shutting down about 60 per cent of the region's bus routes.

The strike is affecting more than 44,000 riders every day.

With no contract talks scheduled, workers are ramping up their strike to put pressure on York Region council, which refuses to intervene in the labour dispute.

Amalgamated Transit Union Local 1587 represents about 340 bus drivers and mechanics in YRT's southeast and north divisions, while 220 Viva employees are represented by ATU Local 113.

With files from CP24's Cam Woolley