UPS (NYSE: UPS) TODAY was notified by the International Brotherhood of Teamsters that the Master Agreement between UPS and the IBT was approved for implementation on April 25 for all UPS employees covered by the agreement.
The contract is effective from 8/1/13 to 7/31/18 and applicable retroactive benefits payments will be made to employees within 30 days. There will be competitive wage and benefit increases over the five-year term of the agreement with a new base wage for part-time employees of USD10 per hour.
Also included is transition of Teamster-represented employees from UPS-sponsored health care plans to multi-employer health care plans. This includes a pre-tax cash payment of USD2.3bn and the transfer of USD1.2bn of postretirement obligations by UPS to the multi-employer plans, as well as a pre-tax charge of approximately USD1.1bn. Additional information about the agreement is available at www.investors.ups.com.
UPS is a leader in logistics, offering a broad range of solutions for the transportation of packages and freight, including innovative delivery options for the global consumer market; the facilitation of international trade, and the deployment of advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide.