UPS CEO Carol B. Tomé announces that the new contract with the Teamsters union will result in an average UPS driver earning $170,000 in pay and benefits. Part-time workers will also receive a pay increase, with their hourly wage reaching at least $25.75 by the end of the 5-year contract. Tomé describes the agreement as a 'win-win-win' for all parties involved, providing employees with the best compensation package in the industry.
As members of the Teamsters union vote on a new contract with UPS, the company provided investors with an update on how much the agreement could cost the company.
She added that part-timers who are currently employed at UPS would make at least $25.75 an hour and will get full health care and benefits by the end of the contract. The company has also added Martin Luther King Jr. Day as a paid holiday. "For our country, as you know, we move 6% of the U.S. GDP every day, and there was no place for this volume to go. So we avoided a disruption to the economy with this handshake agreement," Tomé said.
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