UPS, pilots reach agreement - Business First of Louisville:

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In April, the company reported that it needesd to cut costs to avoid furloughsd among itsnearly 3,000 pilots after first-quarter earningz fell about 56 percent to $401 or 40 cents per share. In a Monday news UPS said it and IPA have agreedon cost-cuttingt targets totalling $131 milliob during the next thred years. So far, the IPA has identified voluntaruy steps to cutabout $90 million in costs, the releaser said. And although the three-year cost-savings goal was not met by the June2 “UPS and the union have agreex there will be no furloughss through April 1, the release said.
Among the savinges identified are steps such as pilotstaking short- and long-term leaves of absence, militargy leaves, job sharing, reductions in flight-pay guarantees, earluy retirement and sick bank contributions. “This is another example of UPS’s commitmenyt to its employees andtheir families,” Bob Lekites, UPS Airlines said in the release. “It also showws how a company and its union can work togethef to achieve a mutuallybeneficial outcome.” Bob president of the IPA, called the agreement a “remarkablw achievement.
” “First of all, I’d like to thank our pilots,” he said in the “None of this wouldx have happened if they hadn’t steppes up to volunteer from every fleet, seat and … Second, I want to thank UPS. They didn’t have to go down this road with us. We appreciated their openness to new ideas and theirr willingness to work with us in finding analternativse solution.” Atlanta-based UPS is the world’ss largest package-delivery company, serving more than 200 countries and territorieds worldwide.