UPS Freezes Pay After Volume Drops Most Since 1999

Discussion in 'The Latest UPS Headlines' started by cheryl, Feb 3, 2009.

  1. cheryl

    cheryl I started this. Staff Member

    UPS Freezes Pay After Volume Drops Most Since 1999 - Bloomberg

    United Parcel Service Inc., the world’s largest package-delivery company, said it’s freezing management salaries and suspending retirement contributions after U.S. volume plunged the most in nine years. The shares rose.

    UPS said its domestic shipments, which typically mirrors U.S. gross domestic product, dropped 3.9 percent in the fourth quarter, the Atlanta-based company said today in a statement. That was the biggest decrease since the company’s initial public offering in 1999 as businesses and consumers spent less.
  2. leeeoooooo

    leeeoooooo New Member

    Yes, I was called into a "un"expected meeting yesterday to hear this news. A lot of long faced people sitting at a conference table wondering if this was "pink-slip" day. It was a relief but we are kind of expecting it to be short lived. They've already cut a whole department from our location. That was 35 jobs in one fell swoop for our small town site.