Logistics giant UPS and the Teamsters union are continuing negotiations over a new collective bargaining agreement that would cover around 340,000 workers and prevent a strike.
UBS Managing Director and Senior Portfolio Manager Jason Katz breaks down stock trends on Varney & Co.and the Teamsters union continue to run down to the wire as the company offered an enhanced pay package that the union said is an improvement but still not enough.
The Teamsters said Friday that there has been "significant movement on wages and other economic language" after it demanded UPS provide its "last, best, and final offer" by the end of June while threatening a strike if a deal isn’t reached before the current contract expires at the end of July. "We’ve gotten some changes that will better our members’ lives, but more importantly, take care of their families," Teamsters General President Sean O’Brien said at a press event Saturday, "But we’re not there yet, and we’re not there yet because UPS, typically like UPS thinks, that the Teamsters union are going to concede to their demands.
UPS and the Teamsters are hoping to wrap negotiations by July 5 to allow for the new collective bargaining agreement to be ratified by July 31. O’Brien said the Teamsters and UPS will need to reach an agreement by July 5 to put the proposed contract forward for its members to ratify ahead of the current contract’s expiration at the end of July.
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