UPS and Teamsters Union Avert Strike with Landmark Labor Agreement

UPS (NYSE: UPS) and the Teamsters union have reached a tentative five-year contract agreement for its some-340,000 workers, staving off a potentially disruptive strike. This comes after a protracted negotiation period— briefly interrupted in early July— with a deal finally announced just six days before the planned strike.

The new contract sees UPS proposing a $30 billion fund injection, a move hailed by Teamsters President Sean O’Brien as setting a new standard for labor negotiations. UPS CEO Carol Tomé expressed satisfaction over the deal, stating it rewarded UPS employees with leading pay and benefits while maintaining the company’s competitive edge.

The deal also contains upsides for UPS workers, including heat safety measures such as air-conditioned vehicles, a response to long-standing complaints about increased risk working in record high temperatures. Another hotly contested issue the new contract addresses is part-time drivers’ pay; the new deal abolishes the controversial “22.4s” category of part-time drivers— a two-tiered system that had sparked widespread disapproval amongst workers and led to a leadership change within the union.

The new agreement reclassifies these 22.4 drivers as regular drivers and adjusts their pay accordingly. Additionally, UPS can no longer require drivers to work overtime on their scheduled off-days. Wage increases are also substantial, with current full- and part-time workers guaranteed a $2.75 hourly pay increase this year, equating to a $7.50 increase over the contract’s duration. Starting part-time workers’ wages will rise immediately to at least $21 per hour, escalating to $23 per hour.


Information for this briefing was found via UPS and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

WGA Strike: the plot thickens

As the Writers’ Guild of America, which represents television and film writers in the United...

Saturday, May 13, 2023, 09:00:00 AM

Trucking Company Yellow Lays off Workers, Blames Teamsters Union for Financial Turmoil

Yellow (NASDAQ: YELL), the third-largest less-than-truckload company, which is currently under financial turmoil, has announced...

Friday, July 28, 2023, 03:18:00 PM

Unifor Union Members Overwhelmingly Support Strike Mandates in Detroit Three Negotiations

Members of Unifor, Canada’s largest union in the private sector, employed at Ford Motor Company...

Monday, August 28, 2023, 08:01:56 AM

Teamsters Union Ratifies 5-Year Deal With UPS, Averting Strike Threat

In what the organization considers a victory, the Teamsters union members have overwhelmingly ratified a...

Wednesday, August 23, 2023, 10:09:00 AM

UPS on the Verge of an Unprecedented Strike as Unions Join Forces

The Transport Workers Union (TWU) and the Independent Pilots Association (IPA) have announced their intention...

Thursday, July 20, 2023, 06:16:00 AM