UPS aircraft maintenance workers' union approves 3-year deal that boosts wages, pension contribution

United Parcel Service Inc.'s aircraft maintenance and related workers' union approved on Tuesday a three-year deal that boosts wages for 1,675 Teamsters members and raises pension contributions by the package delivery giant. The deal was approved by more than 87% of union members who voted. Under terms of the deal, annual wages will increase 3.3%, starting November 2023, and cost-of-living increases will compound. In addition, UPS will raise its pension contribution to 13.5% from 13.0% as of November 2025. UPS's stock, which ticked up 0.1% in morning trading. It has lost 8.4% over the past three months while the Dow Jones Transportation Average has lost 3.3% and the Dow Jones Industrial Average has slipped 2.5%.

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