Less-than-truckload carrier ABF Freight announced late Friday its Teamster employees ratified a five-year collective bargaining agreement. The 2 parties previously got here to terms on wages and other items two weeks ago.
The brand new deal raises hourly wages by a complete of $6.50 and advantages contributions by $4.46 per hour. Two additional paid sick days and one additional paid holiday were added. The corporate’s greater than 8,600 Teamster employees “overwhelmingly” agreed to the deal, a news release said.
All but two of 27 supplemental agreements were approved. Nonetheless, the union and ABF reached tentative agreements on the remaining two supplements, which shall be voted on by members next week.
“It stays business as usual at ABF because the negotiating teams work through the ultimate two remaining supplements,” ABF’s statement read. “ABF employees will proceed to work under terms of the present contract during this process.”
The Teamsters are also negotiating labor contracts with UPS (NYSE: UPS), Yellow Corp. (NASDAQ: YELL) and TForce Freight (NYSE: TFII).
“This national agreement will serve because the model for the remaining of the freight industry,” said Sean O’Brien, Teamsters general president, in a separate statement. “It is going to set the tone for national freight contracts moving forward.”
ABF Freight System is a subsidiary of transportation and logistics provider ArcBest (NASDAQ: ARCB).