UPS And Teamsters Reach Settlement On Severance Packages
UPS and the Teamsters union agreed to a settlement limiting severance packages to $150,000 for eligible drivers while protecting seniority.Summary
United Parcel Service (UPS) and the Teamsters National Negotiating Committee have reached a settlement regarding severance packages for its drivers. The agreement limits the total number of severance packages UPS can offer to 7,500 drivers nationwide, across all job classifications. Eligible employees, including long-haul feeder drivers and Regular Package Car Drivers, will receive payments of $150,000 for early retirement, distributed based on seniority. Importantly, UPS has committed to not introducing any further severance programs until the current Teamsters National Master Agreement expires on July 31, 2028. The agreement aims to balance cost control for UPS with providing fair benefits to long-serving Teamsters members. UPS stock saw a slight increase following the announcement, closing at $98.18 on April 2nd and edging higher to $98.30 in overnight trading.
(Source：Finanzen.ch)