Contract-related costs could be $500 million more than expected: UPS

Robert Besser
17 Sep 2023, 21:49 GMT+10

Due to a new five-year contract covering some 340,000 Teamsters-represented workers in the U.S., wages and benefit costs will increase by a 3.3 percent compound annual growth, said UPS
UPS Chief Financial Officer Brian Newman said the new contract expires on July 31, 2028, and 46 percent of wage and benefit costs will hit this year
Contract-related costs in the second half of 2023 are expected to be some $500 million more than UPS expected, he added

ATLANTA, Georgia: This week, United Parcel Service (UPS) said due to a new five-year contract covering some 340,000 Teamsters-represented workers in the U.S., wages and benefit costs will increase by a 3.3 percent compound annual growth rate over the life of the agreement.

UPS Chief Financial Officer Brian Newman said the new contract expires on July 31, 2028, and 46 percent of wage and benefit costs will hit this year.

Contract-related costs in the second half of 2023 are expected to be some $500 million more than UPS expected, he added.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sierra Leone Times.

More Information

32 ℃

Mostly Cloudy in Seletar

Business

Section

Japanese startup develops robot resembling 'Mobile Suit Gundam'

TOKYO, Japan: Tokyo-based startup Tsubame Industries has developed a four-wheeled robot that resembles the "Mobile Suit Gundam" from the popular ...

Gold Rush: Federal Government's bold move to attract Saudi investment in Reko Diq

ISLAMABAD, Pakistan - According to The News, the federal government is considering selling its stake in the Reko Diq project ...

Nasdaq dives 248 points as interest rates reach for the stars

NEW YORK, NEW YORK - U.S. stocks tumbled on Tuesday as interest rates on 10 and 30-year Treasury yields approached ...

Chief medical officer warns of levels of Cannabis use in Ireland

DUBLIN, Ireland: The chief medical officer has issued a stark warning regarding the alarming levels of cannabis consumption in Ireland, ...

Deal unlikely to stop strike, say Kaiser Permanente workers' unions

OAKLAND, California: As their current contract expires and their unions prepare to strike, Kaiser Permanente workers' representatives said, on September ...

In the midst of slowdown, eurozone inflation hits a two-year low

FRANKFURT, Germany: Inflation in the eurozone hit a two-year low in September, signaling that the European Central Bank's (ECB) strategy ...

Africa

Section