ATLANTA, April 24, 2014 (GLOBE NEWSWIRE) -- UPS (NYSE: UPS) today was notified by the InternationalBrotherhood of Teamsters (IBT) that the Master Agreement betweenUPS and the IBT was approved for implementation on April 25 for allUPS employees covered by the Agreement. "We are pleased with this notification and we will move forwardto implement the terms of the contract," said Scott Davis, UPSchairman and CEO. "This contract provides improved wage andbenefit coverage for employees and offers needed stability andflexibility that will help UPS compete effectively and remain apreferred employer offering the industry's best jobs." Key elements of the collective bargaining agreement are asfollows:
- The contract is effective from 8/1/13 to 7/31/18 and applicableretroactive benefits payments will be made to employees within 30days.
- Competitive wage and benefit increases over the 5-year term ofthe agreement with a new base wage for part-time employees of $10per hour.
- Transition of Teamster-represented employees from UPS-sponsoredhealth care plans to multi-employer health care plans. Thisincludes a pre-tax cash payment of $2.3 billion and the transfer of$1.2 billion of postretirement obligations by UPS to themulti-employer plans, as well as a pre-tax charge of approximately$1.1 billion.
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