Latest news with #voluntaryseverance
Yahoo
2 days ago
- Business
- Yahoo
UPS extends buyout offer deadline after low driver interest
UPS has extended the deadline for van drivers to apply for a buyout package by two weeks, an indication that the program didn't meet its target for eliminating jobs. The integrated parcel carrier initially gave drivers until July 31 to apply for the voluntary separation offer, but the Teamsters union posted on its Facebook page on Friday that 'the package giant quietly extended the deadline for its devious driver voluntary severance plan.' A spokesperson for the union declined to provide details, but an individual at a local Teamsters office on the West Coast said UPS (NYSE: UPS) is giving delivery drivers until Aug. 14 to take the buyout. The person is not authorized to speak with the media and is not being identified to avoid any employer repercussions. UPS CEO Carol Tomé said on the company's July 29 earnings conference call that the buyout offer has generated 'a lot of interest' so far, but the company has not announced how many people have signed up and whether the package is over or undersubscribed. A UPS spokesperson declined to provide any update on the situation. About 85% of UPS drivers are at the top end of the pay scale. Those who have 25 to 40 years of service would be the most likely candidates to accept the buyout package, Nando Cesarone, president of the U.S. region and UPS Airlines, told analysts on the call. UPS is offering $1,800 per year of service, with a minimum payout of $10,000. A driver with 27 years of experience would receive a $48,600 buyout, according to the offer sheet. It's unclear if the delay in achieving the job-reduction target will change the timing of the separation dates. Applicants were told they will be considered for separation dates between Aug. 31 and Oct. 31, depending on the local needs. If the number of applications exceeds eliminated positions, approvals will be granted in order of seniority. Additional applications may be considered for separation dates between Feb. 1 and March 31. The financial package is in addition to earned retirement benefits, including pension and healthcare. The Teamsters union has vehemently opposed UPS's buyout plan as a violation of its 2023 master contract, which obligates UPS to create about 30,000 full-time jobs. Union leaders have urged members to decline the voluntary separation package. The Teamsters argue the separation program violates the union contract because it wasn't negotiated and any program that changes the terms of employment, such as compensation and separation, must be bargained with the union. Seniority order for buyouts also requires union approval. Equally important, is that the union considers the buyout as too low, amounting to about a week's pay per year served. The UPS buyout program, announced July, is connected to a huge network reconfiguration that aims to close 200 domestic package sortation centers over five years, invest in more automation and consolidate volumes in more efficient facilities. The integrated parcel logistics giant earlier this year announced plans to eliminate 20,000 front-line positions to better align the workforce with the smaller footprint and a planned 50% downsizing in business from Amazon, its largest customer. Click here for more FreightWaves/American Shipper stories by Eric Kulisch. RELATED READING: UPS posts tepid results amid tariff, restructuring challenges Teamsters call UPS driver buyout offer 'paltry' The post UPS extends buyout offer deadline after low driver interest appeared first on FreightWaves.
BBC News
08-07-2025
- Business
- BBC News
Deadline extended for University of Aberdeen redundancy scheme
The University of Aberdeen has extended its voluntary severance scheme as it continues to search for millions of pounds in financial reopened the scheme in April this year, to try to help save £ the time it said it had made progress but needed to make more savings and described the measures being taken as regrettable but an update to staff, management said the window for those interested in voluntary severance or enhanced retirement - originally due to close in June - had now been extended until September. A university spokesperson said it was "cautiously optimistic" it had achieved about £4m of savings."Further cost savings and income generation are still needed as our three-year financial plan requires the university to break even by 2028," the spokesperson University of Aberdeen's future was described as being in "significant doubt" in its annual report in May last such as rising costs and falling numbers of international students were the university has stressed that the report was setting out the potential risk if action had not been taken, and that it was now on a firm financial Scottish government said that, along with Scottish Funding Council, it would continue to engage closely with the sector as universities - including Aberdeen - "develop their plans to address financial sustainability".The University and College Union has described it as an extremely worrying time for staff at the university.
