Drop Off Your Old Gig, Pick Up This Pay Package: UPS Drivers Make $170K Under New Deal
Portfolio Pulse from Adam Eckert
The International Brotherhood of Teamsters union and United Parcel Service (UPS) have reached a deal to create more full-time jobs and raise wages. The deal could boost pay and benefits to an average of $170,000 per year. The agreement, ratified by 86.3% of votes, will raise full-time workers' wages to an average of $49 an hour and part-time workers’ wages to at least $21 an hour. The deal also ends mandatory overtime and increases holiday time. UPS cut its full-year guidance due to volume impacts from labor negotiations and costs associated with the agreement.
August 29, 2023 | 8:28 pm
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NEGATIVE IMPACT
The labor agreement between UPS and the Teamsters union could impact UPS's earnings due to the increased wages and benefits. The company has already cut its full-year guidance due to the costs associated with the agreement.
The labor agreement will increase the wages and benefits for UPS workers, which will increase the company's expenses. This could negatively impact the company's earnings, as reflected in the company's decision to cut its full-year guidance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100