UPS CEO says drivers will average $170,000 in pay and benefits at end of 5-year deal
Publishing timestamp: 2023-08-09 16:42:08
Summary
The article discusses how UPS and the Teamsters Union reached a tentative labor deal with pay raises and other improvements. The agreement averted a strike and the roughly 340,000 workers represented are currently voting on the deal. The CEO of UPS stated that drivers will average $170,000 in pay and benefits at the end of the five-year contract. The article also mentions that UPS has cut its full-year revenue and margin forecasts due to the impact of labor negotiations and costs associated with the tentative agreement. The deal includes raising part-time workers' wages and ending mandatory overtime on drivers' days off.
Sentiment: NEUTRAL
Tickers: UPS,
Keywords: economy, airlines, breaking news: economy, labor unions, breaking news: business, business news, aerospace and defense industry, united parcel service inc, business, life,