Workers at UPS aren’t the only ones demanding more pay. Neither side has made their offers public, but the union president reportedly said the difference is as much as $6 to $7 per hour. Currently, about 100,000 workers employed on this basis make less than that, O’Brien has said. He has said that part-time wages need to start at more than $20 an hour. Then, the Teamsters rejected UPS’s offer for part-time wage increases, which O’Brien called “crumbs.” The talks to renew the five-year contract will resume next week after they stalled July 5. So you all will set the tone on the direction of organized labor moving forward.” “This is the largest collective-bargaining agreement in the entire labor movement. “We’re going to get the best contract,” union President Sean O’Brien told Teamster members July 16. UPS’s Teamsters also seek monetary recognition for serving during the pandemic as essential workers. UPS workers are seeking relief from the pandemic era’s surge in price growth: The current labor contract locked in a wage progression from 2018 to 2023. On its own, a walkout could add up to 0.2 percentage point to the annual inflation rate, said Greg Valliere, chief US policy strategist for asset manager AGF Investments Inc. Spiking wage costs could prompt consumer-product companies to lift prices that otherwise have been decelerating in recent months, Bostjancic said. This could “give other workers the incentive to bargain for higher wages” and prompt a shift in the employer-employee dynamic, said Kathy Bostjancic, chief economist at insurer Nationwide Mutual Insurance Co. And if the Teamsters’ demand for much-higher wages is met, this could be a harbinger for other outsized salary increases, further complicating the Fed’s effort to get price growth to its 2% annual target. to raise prices to help throttle some of the parcels that would pour into its networks.Įconomists say the strike might raise the inflation rate - which the Federal Reserve has sought to curb via an aggressive tightening campaign after it reached a four-decade high of 9.1% last year. It would also enable competitors such as FedEx Corp. 1, a walkout by members of the International Brotherhood of Teamsters would snarl shipments of the 19 million packages that UPS moves daily in the US. threatens to unravel progress in tackling two of the US economy’s biggest hurdles in decades: inflation and supply-chain disruptions. Why South Africa Is on the Brink of ChaosĪpple Tests ‘Apple GPT,’ Develops Generative AI Tools to Catch OpenAIĪ potential strike by 340,000 unionized workers at United Parcel Service Inc. Putin Warns Poland Over ‘Aggression’ Against Ally Belarus US Recession Becomes Closer Call as Economists Rethink Forecastsīillionaire Sternlicht Sees ‘Category 5 Hurricane’ Spurred by Fed Rate Hikes
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