UPS and Teamsters Union Agree in Principle on 2 New 5-Year Deals

Before you go, we thought you'd like these...
Before you go close icon

In what UPS CEO Scott Davis calls "a win-win-win for our people, customers, and shareholders," the company has reached a "tentative agreement" with nearly 250,000 Teamsters Union employees on two five-year contracts. The first deal addresses union employees in UPS' packaging unit; the other agreement impacts freight employees, the sides recently announced.

According to the Teamsters announcement, both agreements will "protect [union members'] health-care benefits, provide substantial wage increases and significantly raise contributions to pension and health and welfare benefits." The deals would affect UPS' 140,000 package employees, and the nearly 110,000 Teamsters Union employees in its freight unit.

In addition to the health-care benefits and higher wages, Teamsters said the new agreement would result in 2,000 full-time jobs from the ranks of existing UPS part-time package employees.

The article UPS and Teamsters Union Agree in Principle on 2 New 5-Year Deals originally appeared on Fool.com.

Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool recommends United Parcel Service. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners