Watch the Video! Fast Forward to the 6-Minute Mark.

In his “Letter from the President” in this month’s 804 News, Howie Redmond wrote, “We can proudly say that we are taking care of business in the one area that we are responsible for—the union contract.”

Taking care of business: that’s right. And the name of that business is UPS!

Don’t take our word for it. Look at what financial analysts are saying. The host of Mad Money on CNBC says that the company “pantsed” and “pummeled” the Teamsters. The Wall Street Journal says the company will enjoy big savings under the new contract.

Both CNBC and the Wall Street Journal say that one giveback alone—the extension of the progression for new drivers—will save the company $640 million over the next five years.

We don’t know how they calculated that number. But we sure would like to see the figures for all the other givebacks in this contract. Make UPS Deliver estimates that by the fifth year of the contract the full-time jobs giveaway will save the company $480 million a year. How about split wage increases, frozen starting pay, taking away part-timers’ healthcare for the first year of employment and all the other givebacks?

Howie’s letter says that, “I’m proud of what we were able to achieve.” Apparently, the whole Board feels that way. They unanimously recommended that we accept the company’s first offer, the same one Local 804 members rejected by nearly three to one.

Jim Cramer, the host of Mad Money, has a different take. He says, “The company got a new labor agreement with the Teamsters, effective August 1, that will let UPS pay new drivers less than it does veterans. This is a classic example of a union hosing people who aren’t members yet, and one that could save UPS $640 million over the next five years. I cannot overemphasize the importance of this contract to UPS. Personally, of course, I love unions. But professionally, I love companies that have crushed unions. And UPS, you know what they just did? They pantsed the Teamsters! Jimmy Hoffa must be rolling over in his Giants Stadium grave!”

Our Executive Board likes to brag about its experience. But during negotiations, members proved that we understood our bargaining power better than our negotiators did. They settled short and told us that our pension would not be restored if we voted down the contract. We proved them wrong.

Reading this month’s 804 News, it’s clear that our Executive Board still hasn’t learned the lesson of this contract.

Click here to watch the video of Cramer on Mad Money. Fast forward to the six-minute mark to hear Cramer go off on the givebacks negotiated by Jim Hoffa and Ken Hall.

Click here to have your say. We know what our Executive Board thinks and what the financial experts think. Tell us what YOU THINK about the contract and the job our Executive Board is doing in light of the recent comments about the agreement. We’ll keep your comments confidential unless you tell us otherwise.

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