Negotiations between UPS and the International Brotherhood of Teamsters broke down early Wednesday, increasing the likelihood of a strike just weeks before their contract is set to expire.
A walkout by UPS, the nation’s largest shipping company, would disrupt the movement of goods and commodities across the country and have serious implications for the economy. Roughly 6 percent of the country’s gross domestic product moves through UPS each year.overwhelmingly to authorize a strike. Teamsters’ leadership has said they won’t work beyond the expiration of their current contract at the end of July.
It’s unclear what specifically remains to be worked out. Compensation was a key issue heading into the negotiations, as were questions about the creation of more full-time jobs and UPS’s reliance on a lower-paid tier of delivery driver. The union has criticized the pay increases included in previous offers from the company, which they say don’t keep up with the cost of living for part-time workers especially. Company drivers make $95,000 a year on average, and part-timers earn $20 an hour on average after 30 days.The two sides have tentatively reached agreements on several points, including one to equip new vehicles with air conditioning and on terms that would prevent the installation of driver-facing cameras.
The negotiations come as UPS faces declining revenue and significant competition for its core business. The company reported first-quarter revenue of $22.9 billion, down 6 percent from last year. Operating profit fell 21.8 percent to $2.5 billion. It has deep-pocketed rivals investing deeply in expanding their logistics networks. The U.S. Postal Service is embarking on a $9.6 billionThis is a developing story and will be updated.
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