United Parcel Service (UPS) said Tuesday that it reached a tentative agreement on a five-year contract with the Intern🌼ational Brotherhood of Teamsters union, which represents 330,000 of its U.S. workers.

The agreement should help UPS ave🉐rt a poꦉssible strike Aug. 1, when the current agreement between the two parties expires.

The Teamsters union negotiated with the package delivery company for b🔴etter pay for part-time workers that make up nearly half of the workforce of UPS, among other requests. 

In addition to higher pay for employees, the union sought to increase the number of full-time jobs at UPS, address safety and health concerns related to heat, and provide stronger protections against alleged managerial harassment. Nearly 97% of the UPS workers who are Teamsters members had approved of the potential strike.

The Atlanta-based delivery company, which is the largest private-sector employer in the U.S., has agreed to include air conditioning in its delivery vans and other concessions amid calls from some investors in the company for management to find a compromise to avoid a widespread strike that likely would create supply-chain issues and could stoke 澳洲幸运5官方开奖结果体彩网:inflation. 

Some estimates forecast that a UPS strike could potentially lead to upwards of $7 billion in losses, the 澳洲幸运5官方开奖结果体彩网:costliest strike recorded in a century.

The tentative accord now will be ☂presented to UPS Teamst꧋ers members for ratification. 

The Teamsters also had been protesting against Yellow Corp., asking the freight company to provide extended healthcare benefits to its employees. Those two parties reached an agreement earlier this week, averting a full-blown strike.

UPS reported consolidated revenue of $22.9 billion in the first quarter of 2023 and expects revenue for the full year to be about $97 billion. Shares of UPS fell more than 1.6% to $185.06 at midday Tuesday after the contract agreement news was reported.