UPS Plans To Offer A Better Deal As Teamsters-Represented Workers Near The Strike: Report

United Parcel Service Inc UPS reportedly plans to return to the negotiation table to avoid a strike. UPS is ready to return to the bargaining table with a better offer for roughly 340,000 Teamsters-represented U.S. workers in a bid to avert a potentially economically damaging strike on Aug. 1, reported Reuters.

"We are prepared to increase our industry-leading pay and benefits, but need to work quickly to finalize a fair deal that provides certainty for our customers, our employees and businesses across the country," UPS stated.

The International Brotherhood of Teamsters claimed in a Twitter statement that UPS contacted it on Wednesday with an offer to resume discussions next week.

Also Read: FedEx Positions For Overflow Amid Anticipated UPS Strike, Advises Customers To Start Shipping Now

A main sticking point in the negotiations is pay hikes for experienced part-time workers, who are earning roughly the same or even less than new hires because starting rates have risen in recent years due to the labor crisis, the report mentioned.

Related: UPS, Teamsters Union Stare Down Largest Strike Since 1959 As Contract Talks Break Down

Price Action: UPS shares are trading higher by 0.25% at $186.50 on the last check Thursday.

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