Important to note: this article is old.
UPS is now laying off 12000 workers just after 5 months of the so-called “historic” deal (CBS)
From Yahoo Finance (Jan 31, 2024):
UPS (UPS) employees are in the news once again — but this time, it’s not gone their way.
The shipping giant, which forecast weak demand for parcel delivery in 2024, has said it plans to lay off 12,000 employees to save $1 billion in costs. It’s also mulling a sale of its Coyote brokerage unit.
This shocking announcement made on Tuesday comes just six months after unionized UPS workers landed a “lucrative” new labor deal, which will see delivery drivers earning an average of $170,000 in annual pay and benefits by the end of the five years.
“2023 was a unique, and quite candidly, difficult and disappointing year,” said UPS CEO Carol Tomé during the company’s earnings call. “We experienced declines in volume, revenue and operating profits and all three of our business segments.”
Yeah, most of them aren’t gonna see that promised 170k by the end of that five year contract.