00:00It's Benzinga bringing Wall Street to Main Street.
00:02UPS said Sunday it reached an agreement with the International Brotherhood of Teamsters
00:06to cap severance offers at 7,500 drivers after a dispute over planned workforce cuts,
00:11according to Reuters. Under the agreement, UPS will offer $150,000 for early retirement.
00:17The union sought to block the driver choice program, arguing it was initiated without
00:21negotiations. It said the program violated its 2023 labor contract, which bars such
00:26individual agreements. UPS announced in January plans to cut up to 30,000 jobs and shut 24
00:32facilities this year. The company is moving away from millions of low-profit deliveries
00:36tied to its largest customer, Amazon. For all things money, visit Benzinga.com.
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