Teamsters voting on UPS contract could conclude Tuesday

The Teamsters union said it plans to conclude by midafternoon Tuesday the ballot counting to determine the outcome of the vote to either ratify or reject a five-year contract with UPS Inc.

The counting is expected to be completed after 3 p.m. EDT Tuesday, with the results announced after that, a Teamsters spokeswoman said Monday. She did not give specifics as to when the results would be made public.

The deadline for submitting ballots had been Tuesday. UPS (NYSE: UPS) employs approximately 340,000 Teamster members.

If ratified by the rank and file, the new contract would be retroactive to Aug. 1.

UPS and the Teamsters agreed on July 25 to a tentative five-year contract that calls for a $2.75-an-hour wage increase in the first year for full- and part-time workers, smaller increases in years two through four and another bump, albeit not as a big as in year one, during the fifth and final year.

By the time the contract ends, senior full-time drivers will earn approximately $170,000 a year in wages and benefits. Part- and full-time workers will get $7.50 more in wages over the life of the contract. The Teamsters have estimated the value of the contract at $30 billion over the five-year period.

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