Catherwood LibraryILR School

UPS recently announced that thousands of employees will be affected by upcoming layoffs. The company plans to cut almost 12,000 jobs, and the cuts will allow UPS to save almost one billion dollars. UPS currently employs around half a million workers, and layoffs will affect over two percent of the total workforce. The company has experienced significant decreases in profit in the past few years, and the layoffs will allow UPS to reduce the budget gap between revenue and costs. A majority of layoffs will occur in the first six months of 2024, and UPS will provide laid-off workers with outplacement services and severance packages. Company management stated that the layoffs are not targeted at union members represented by the International Brotherhood of Teamsters, but some unionized workers will be impacted based on the departments that will be affected by the layoffs.