(RTTNews) - United Parcel Service (UPS) has reached a new settlement with the Teamsters National Negotiating Committee, capping severance offers while safeguarding the seniority of Teamsters drivers, according to a statement from the International Brotherhood of Teamsters.
Under the agreement, UPS will be limited in the number of severance packages it can provide, with eligible employees receiving $150,000 payments for early retirement. These offers will be extended to long-haul feeder drivers and Regular Package Car Drivers based on seniority across all regions.
The company has also agreed not to pursue or introduce any other severance programs during the life of the current Teamsters National Master Agreement, which runs until July 31, 2028. The settlement caps the total number of severance payments at 7,500 drivers nationwide across all job classifications.
UPS closed at $98.18 on April 2, reflecting a gain of $0.27 or 0.28%. In overnight trading, the stock edged slightly higher to $98.30, an increase of $0.12 or 0.12%.
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