Members of the Teamsters have approved a new five-year contract with UPS Inc., with final results of the vote expected to be certified this week, the union said. The Teamsters represent 238,000 of UPS’ 427,700 employees.
The agreement, which was reached Sept. 30 between UPS and Teamsters representatives, was approved by a 65 percent vote, according to a preliminary count released in a statement from the Teamsters.
Several riders to the agreement will need to be renegotiated, a Teamsters spokesman told the Associated Press Wednesday, Nov. 21. The contract will raise wages annually and increase funds that provide pension, health and welfare benefits to the covered employees.
The agreement allows UPS to withdraw from the Central States Pension Fund, with the Atlanta-based company making a $6.1 billion pretax payment to Central States. UPS has said it plans to move employees into a single employer pension fund jointly administered by UPS management and the Teamsters.