US - The International Brotherhood of Teamsters Union has extended its pensions agreement with shipping and delivery company UPS for a further five years, following ratification by members.
To this end, UPS has agreed to make a one-off pre-tax payment of US$6.1bn to the Central States plan on 26 December to cover the costs of its withdrawal from the scheme.
Other details of the agreement include wage increases and increases to healthcare and pension plan payments.
The deal was initially reached in October before being put out to members for discussion and approval. Last month, a majority of 65% of members voted in favour of accepting the arrangement.
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