April 24, 2014 / 9:03 PM / 3 years ago

UPS ratifies new five-year labor agreement

April 24 (Reuters) - United Parcel Service Inc, the world’s biggest courier company, said on Thursday it ratified a five-year contract with higher wages and benefits for 125,000 unionized employees represented by the International Brotherhood of Teamsters.

The company said it expected to take a pre-tax charge of about $1.05 billion in the second quarter due to the health and welfare changes in the newly-ratified plan. (link.reuters.com/kup78v)

The company reported a 12 percent fall in first-quarter profit earlier on Thursday. (Reporting By Sampad Patnaik in Bangalore; Editing by Savio D‘Souza)

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