UPS and Teamsters Reach Agreement on Pay Boost, Averting Strike Threat

Negotiations between UPS and the Teamsters union are intensifying as the company offers an enhanced pay package, although the union believes it is still insufficient. The Teamsters have demanded UPS to provide its "last, best, and final offer" by the end of June, threatening a strike if a deal isn't reached before the current contract expires at the end of July. While there has been progress on wages, the union insists that there are still no concessions from their side. Both parties aim to reach an agreement by July 5 for ratification before the contract's expiration. UPS, with around 340,000 unionized employees, plays a significant role in the U.S. economy, particularly in the e-commerce sector.