01/30/2024

UPS to Slash 12,000 Jobs

The company cited softer demand, higher labor costs

On Tuesday, UPS announced it plans to cut 12,000 jobs as a part of a plan to save $1 billion in costs.

The layoffs will eliminate around 2.4 percent of its global workforce of roughly 495,000, with about 75 percent of the job reductions coming in the first half of 2024. Executives said they don't expect those jobs to return.

"It's a change in the way we work," Brian Newman, UPS' chief financial officer, told investors. "So, as volume returns to the system, we don’t expect these jobs to come back. It’s changing the effective way we operate."

Please select this link to read the complete article from The Washington Post.