UPS plans to propose buyouts to its management employees
On Thursday, United Parcel Service Inc.’s (UPS.N) Chief Executive Officer Carol Tomé announced that the company plans to propose buyouts to management employees to curb production costs.
The American multinational package delivery company said that it would present the buyouts to qualifying management in non-operation roles on Friday.
According to a reliable source, employees would be given two choices: leave by the end of 2020 or leave by mid-2021.
UPS said last week that it plans to hire more than 100,000 extra workers for the winter holiday season to help handle an increase in packages.
In 2019, UPS hired nearly 500,000 employees including 87,000 in management positions.