"New part-time hires at UPS will start at $21 per hour and advance to $23 per hour. The current five-year collective bargaining agreement expires July 31. It is the largest private-sector contract in North America, covering roughly 340,000 UPS workers. Local Teamsters chapters had been holding practice pickets in recent weeks in preparation for a strike if the company and the union failed to negotiate a new contract by the end of the month. Union members from across the country still need to ratify the new contract in August. Contract negotiations stalled in early July over wages for part-time workers, who make up more than half of the unionized workforce at UPS. The union initially rejected UPS' economic proposal, arguing the company can afford to increase pay for its part-time employees. UPS posted a record profit last year, as the company reached $100 billion in revenue in 2022 for the first time. "Together we reached a win-win-win agreement on the issues that are important to Teamsters leadership, our employees and to UPS and our customers," said UPS CEO Carol Tomé in a statement on Tuesday. "This agreement continues to reward UPS's full- and part-time employees with industry-leading pay and benefits while retaining the flexibility we need to stay competitive, serve our customers and keep our business strong.""