April 24, 2014 / 9:30 PM / in 4 years

UPS ratifies new five-year labor agreement

(Reuters) - United Parcel Service Inc (UPS.N), the world’s biggest courier company, said on Thursday it ratified a five-year contract with higher wages and benefits for 125,000 unionized employees represented by the International Brotherhood of Teamsters.

UPS delivery trucks are seen in New York City March 6, 2014. REUTERS/Mike Segar

The company said it expected to take a pre-tax charge of about $1.05 billion in the second quarter due to the health and welfare changes in the newly-ratified plan. (link.reuters.com/kup78v)

The company reported a 12 percent fall in first-quarter profit earlier on Thursday.

Reporting By Sampad Patnaik in Bangalore; Editing by Savio D'Souza

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