UPS Pilots Ratify New Contract
Agreement passes by wide margin, enhances wages, pension and scheduling
Get Alerts UPS Hot Sheet
Overall Analyst Rating:
NEUTRAL ( Up)
Dividend Yield: 4.6%
Revenue Growth %: -5.2%
Join SI Premium – FREE
LOUISVILLE, KY, Aug. 31, 2016 (GLOBE NEWSWIRE) --
UPS (NYSE: UPS) pilots represented by the Independent Pilots Association today ratified a new labor agreement that becomes amendable Sept. 1, 2021.
The agreement was voted on by 98.7% of the association membership, with 91.6% percent voting to ratify. Terms of the agreement become effective Sept. 1, 2016 and run through Sept. 1, 2021. The contract covers 2,579 pilots at UPS Airlines.
Key components of the ratified agreement include:
- Immediate increases of 14.65% and a signing bonus in place of retroactive pay
- 3% annual wage increases through the span of the contract
- Enhanced pension benefits
- Crew rest enhancements, including reduced duty period limits for overnight and international flights; additional sleep facilities at major gateways; and sleep modules in UPS B767 aircraft
"We are happy that our crewmembers have accepted this win-win contract offer,” said Brendan Canavan, UPS Airlines president. "Together, we have succeeded in taking care of both our people’s needs and our business objectives."
About UPS
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including the transportation of packages and freight; the facilitation of international trade, and the deployment of advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the Web at UPS.com and its corporate blog can be found at blog.ups.com. To get UPS news direct, visit pressroom.ups.com/RSS.
Mike Mangeot UPS Airlines 502-329-3060 [email protected]Source: UPS
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- HSBC Upgrades UPS (UPS) to Buy, 'Back to earnings growth'
- CoTec Holdings Corp. Announces Initial Closing of Non-Brokered Private Placement
- UPS (UPS) PT Raised to $160 at Susquehanna
Create E-mail Alert Related Categories
Press ReleasesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!