UPS getting “BAD DEAL” in contract? Lol

[Over70irregs]

Interesting take. Any rebuttals?

Teamster agreement a 'bad deal' for UPS: Analyst

United Parcel Service (UPS) and the Teamsters union were able to reach an agreement and avert a strike that could have wide-ranging economic ripple effects. Broughton Capital Principal and Managing Partner Donald Broughton says it's a "bad deal" for UPS, citing labor costs. When it comes to why...

finance.yahoo.com

 

[DriverNerd]

The only way UPS can win is by paying their employees exactly the same or less. A $30 billion contract cost is of course a "bad deal" for UPS.

 

[Over70irregs]

The only way UPS can win is by paying their employees exactly the same or less. A $30 billion contract cost is of course a "bad deal" for UPS.

People don’t realize we own shares also….. We should promote that more often.

 

[I have NOT been lurking]

Interesting take. Any rebuttals?

Teamster agreement a 'bad deal' for UPS: Analyst

United Parcel Service (UPS) and the Teamsters union were able to reach an agreement and avert a strike that could have wide-ranging economic ripple effects. Broughton Capital Principal and Managing Partner Donald Broughton says it's a "bad deal" for UPS, citing labor costs. When it comes to why...

finance.yahoo.com

He can go live in Israel if he hates it

 

[HEFFERNAN]

Interesting take. Any rebuttals?

Teamster agreement a 'bad deal' for UPS: Analyst

United Parcel Service (UPS) and the Teamsters union were able to reach an agreement and avert a strike that could have wide-ranging economic ripple effects. Broughton Capital Principal and Managing Partner Donald Broughton says it's a "bad deal" for UPS, citing labor costs. When it comes to why...

finance.yahoo.com

UPS knows what they're doing.
As a worker, I may not like some of their decisions, but they are probably one of the smartest companies on this planet.

 

[BobJ]

This will hasten automation across the country

 

[KearsargeCoop]

This will hasten automation across the country

This and if the UAW strike in Sept...

 

[DELACROIX]

Interesting take. Any rebuttals?

Teamster agreement a 'bad deal' for UPS: Analyst

United Parcel Service (UPS) and the Teamsters union were able to reach an agreement and avert a strike that could have wide-ranging economic ripple effects. Broughton Capital Principal and Managing Partner Donald Broughton says it's a "bad deal" for UPS, citing labor costs. When it comes to why...

finance.yahoo.com

He quoted that UPS will lose 1.5 Billion dollars annually to cover the additional operating costs with this agreement.

They just eliminated further funding in their own management’s retirement plans and diverted some of our pension increases into our GWI and Health and Welfare plans.

Those changes by themselves will save them over 2 billion a year..

(Cost Neutral) for the next 5 years. Then they will go for our pensions and try to convert them all into 401k’s.

 

[KearsargeCoop]

He quoted that UPS will lose 1.5 Billion dollars annually to cover the additional operating costs with this agreement.

They just eliminated further funding in their own management’s retirement plans and diverted some of our pension increases into our GWI and Health and Welfare plans.

Those changes by themselves will save them over 2 billion a year..

(Cost Neutral) for the next 5 years. Then they will go for our pensions and try to convert them all into 401k’s.

This will be the battle in 2028. And a hill to die on. An important stance for the future of our young brothers.

 

[DELACROIX]

This will be the battle in 2028. And a hill to die on. An important stance for the future of our young brothers.

We can all see it coming..the problem is that most of us who care will be long gone by then and will not have any say in the matter.

 

[BigUnionGuy]

Then they will go for our pensions and try to convert them all into 401k’s.

Never gonna happen.

 

[9.5mania]

Never gonna happen.

You say that but on my old route, a pipeline company stopped pensions for new hires.

Have you seen the young guys on here? They are wild with their fantasies about what kind of profits a corporation should have and what they deserve. If the company sweetens the deal, they will sell out new employees for their benefit.

 

[UpstateNYUPSer(Ret)]

This will be the battle in 2028. And a hill to die on. An important stance for the future of our young brothers.

This should have been the battle in 2023. UPS launched the first salvo when they tried to rein in future labor costs by proposing a $32/hr top rate for all new FT hires as of 8/1/23. Had it not been for their ridiculously low proposed GWI's, which were to be split every year of the 5 year deal, I personally think that a more reasonable top rate ($38-40/hr) for future hires, coupled with more reasonable unsplit GWI's, may have had a chance of being approved by the members. Now that the Company has loosened their purse strings and the guys get a whiff of $50/hr it is going to be very hard to go back.

 

[BigUnionGuy]

You say that but on my old route, a pipeline company stopped pensions for new hires.

I'm guessing they aren't unionized Teamsters ?

Have you seen the young guys on here? They are wild with their fantasies about what kind of profits a corporation should have and what they deserve. If the company sweetens the deal, they will sell out new employees for their benefit.

I saw some goofy rumor, that the company was offering a "signing" bonus. People were flipping their lid

saying "we" should be able to see the offer and be allowed to vote on it.


Ridiculous.

 

[UpstateNYUPSer(Ret)]

Never gonna happen.

I wouldn't be too sure of that, especially for new hires covered by the Company plan.

You say that but on my old route, a pipeline company stopped pensions for new hires.

Have you seen the young guys on here? They are wild with their fantasies about what kind of profits a corporation should have and what they deserve. If the company sweetens the deal, they will sell out new employees for their benefit.

Newbies, especially PTers, like the portability that a 401k provides. The era of career UPS drivers is slowly coming to an end; to that end, offering a 401k in which pension contributions are deposited as opposed to a pension, defined benefit or otherwise, in which the member has to meet minimum age and years of service criteria in order to begin collecting, will be a huge selling point.

The employer's 401(k) maximum contribution limit is much more liberal. Altogether, the most that can be contributed to your 401(k) plan between both you and your employer is $66,000 in 2023, up from $61,000 in 2022. (Again, those aged 50 and older can also make an additional catch-up contribution of $7,500 in 2023.)


How often do millennials job-hop? According to Zippia, on average, a millennial will stay at their job for 2.75 years. And according to a Gallup report on the millennial generation, 21% of millennials surveyed report changing jobs within the past year – more than three times the rate of other generations.

 

[What'dyabringmetoday???]

Never gonna happen.

Neither was delivering ground on weekends...

 

[KearsargeCoop]

We can all see it coming..the problem is that most of us who care will be long gone by then and will not have any say in the matter.

I have at least three more contracts and I'll be a crotchety old by the end. I'll carry the torch and scream loud at every chance I get.

 

[What'dyabringmetoday???]

I wouldn't be too sure of that, especially for new hires covered by the Company plan.

Newbies, especially PTers, like the portability that a 401k provides. The era of career UPS drivers is slowly coming to an end; to that end, offering a 401k in which pension contributions are deposited as opposed to a pension, defined benefit or otherwise, in which the member has to meet minimum age and years of service criteria in order to begin collecting, will be a huge selling point.

How often do millennials job-hop? According to Zippia, on average, a millennial will stay at their job for 2.75 years. And according to a Gallup report on the millennial generation, 21% of millennials surveyed report changing jobs within the past year – more than three times the rate of other generations.

Based on the track record of how our fund has been managed, I'd much rather have them give me the money directly. Just an opinion...

 

[9.5mania]

I'm guessing they aren't unionized Teamsters ?

They weren’t, but the reality is that pension benefits are becoming obsolete. With a 401k, the money is easy to liquidate with a death or succession. If the company made an offer to put all our pension into our 401k, I’d really consider it.

 

[Over70irregs]

This will be the battle in 2028. And a hill to die on. An important stance for the future of our young brothers.

We need to mentally and fiscally prepare them for the pension fight..