United Parcel Service Inc. reached a tentative agreement to renew a five-year labor contract with the Teamsters union, staving off a possible strike as soon as next week that could have paralyzed shipments throughout the US and beyond.
The provisional deal, which needs to be ratified by the Teamsters’ 340,000-strong membership in a vote next month, could be a good omen for negotiations between labor and management across several key industries. The UPS negotiations are a key test of unionized workers’ leverage at a time when wage growth is outpacing inflation.
Source: Bloomberg
Teamsters President Sean O’Brien cheered the deal, calling it the best ever wrung from the courier. The pugnacious labor leader has sought to prove his negotiating smarts ahead of talks with other corporate titans, including Amazon.com Inc.
The union secured higher pay and a number of key concessions from UPS important to its members, including eliminating a class of drivers who earned less, air conditioning in new vehicles and an additional paid holiday. In total, the Teamsters estimate that the contract includes $30 billion of new money over the five-year span.
The tentative pact garnered support from US President Joe Biden, who said it “moves us closer to a better deal for workers that will also add to our economic momentum.”
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