UPS Drivers to Earn $170K Annually: New Contract Agreement with Teamsters Union Explained
Channel: NewsBytesAI
Date: 2023-08-11

Welcome to our latest update video where we will be discussing the monumental contract agreement between the United Parcel Service (UPS) and the Teamsters union. This significant agreement is a game-changer for full-time UPS drivers, who can now look forward to earning an average of $170,000 annually in pay and benefits by the end of a five-year term. 

This information is according to none other than the Chief Executive Officer of UPS, Carol Tomé, who has played a pivotal role in these negotiations. But the benefits don't stop here. Part-time union employees, who are already working at UPS, can also expect their paychecks to be boosted. They will now earn at least $25.75 per hour while still receiving full healthcare and pension benefits.

In an industry-first, the contract agreement is set to improve working conditions at UPS, with air conditioning measures being one of the major highlights. This is a massive win for employee welfare and working conditions. Moreover, Martin Luther King Junior Day will now be recognized as a paid holiday, marking its debut in the company's long-standing history.

The significance of this agreement cannot be overstated, as the Teamsters had previously threatened the largest single employer strike in US history if a new contract could not be reached. The voting process on the proposed contract began last week and will continue until August twenty-second.

However, it's important to note that these labor talks have not been without their challenges for UPS. The business has seen a nearly ten percent decrease in its average daily package volume, as some customers have transferred their business to other carriers in anticipation of the potential strike. This led to about a seven percent decrease in revenue for the quarter.

But UPS is not sitting idle. In response to these challenges, UPS has launched initiatives to win back customers and capitalize on more than $7 billion of opportunity in its sales pipeline. 

Stay tuned for more updates on this developing story. Don't forget to like, share and subscribe to our channel for more breaking news and insights into the world of business.



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