UPS to cut additional 30,000 jobs in Amazon unwind, turnaround plan
CNBC2 days
Union victories come at a steep price when companies respond to inflated labor costs with massive layoffs. After celebrating a deal that pays full-time drivers $170,000 annually, UPS now plans to cut 30,000 jobs. This is the predictable consequence of pushing wages beyond sustainable levels.
UPS is slashing jobs not because of financial trouble but to pad profit margins for Wall Street after making nearly $9 billion in profits. The company paid out $6.4 billion to shareholders and spent another billion on stock buybacks while cutting workers. This restructuring prioritizes corporate greed over the employees who endure brutal conditions to generate those billions.
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