UPS driver pay deal in US to be worth $170,000 a year, firm says

Shipping giant UPS has warned its profits will be lower than planned this year, in part reflecting the pay increases it agreed to grant US workers in a labour deal last month. UPS said the average full-time driver would earn about $170,000 annually, including healthcare and other benefits, by the end of the five-year contract. UPS has the biggest unionised workforce of any company in the US and is known for its relatively strong compensation offering. For drivers, the Teamsters union, which represents more than 300,000 UPS staff, said the new contract would provide a pay boost of $2.50 an hour this year and $7.50 an hour over the five years of the deal. The average hourly pay in the US was almost $34 in July, while the average compensation cost for employers in the US was about $43 an hour this spring, according to the most recent data from the US Labor Department.

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