Posted on 07/25/2023 9:50:46 AM PDT by DallasBiff
UPS -2.21%
United Parcel Service (UPS) and the International Brotherhood of Teamsters reached a tentative new five-year collective bargaining agreement covering approximately 330,000 delivery and warehouse workers.
The agreement, if finalized, would avert the largest single strike against a company in US history and an estimated $7 billion hit to the US economy.
The union's current contract with the delivery giant expires Aug. 1, and the Teamsters had threatened that drivers would walk off the job without a deal. Talks between the two sides restarted today after stalling earlier in the month.
"We’ve reached a win, win, win agreement," a UPS spokesperson said in an email to Yahoo Finance. The company added that it will update its guidance concerning the agreement, including its projected cost, during its second quarter earnings call on August 2.
(Excerpt) Read more at finance.yahoo.com ...
And, as usual, the American consumer is the loser.
A tentative agreement between UPS and its unionized workforce was hailed as “historic” this week, with Teamsters leadership boasting that they “changed the game.”
President Biden congratulated contract negotiators and shipping customers everywhere, breathing a sigh of relief that a massive strike would likely be averted. The agreement boosts starting pay for part-timers to $21 an hour, raises the top rate for-time drivers to $49, eliminates a hated “two-tier” wage system that paid some drivers less than others for identical work and includes heat protections and air conditioning for new trucks.
But the deal must still be ratified by UPS’ 340,000 unionized workers, most of whom are part-time, and some of whom say it wouldn’t fix decades of falling pay in a physically exhausting job. Those workers are calling for a “no” vote on the agreement, raising the possibility that ratification will fail.
https://www.cbsnews.com/news/ups-teamsters-contract-unions-agreement-part-time-pay-debate/
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