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Dear New Yorkers,
It's a “Hot Labor Summer” indeed.
WGA writers and SAG actors are on strike, rocking Hollywood with their demands for better contracts and pay from executives.
Here in New York, workers at the Children's Law Center of NY are striking for a fair contract after two years of bad faith negotiations.
And across the country, workers unionized with the International Brother of Teamsters are applying significant pressure on UPS with two weeks to go before their contract negotiation deadline.
With the negotiation deadline quickly approaching, the Office of the Comptroller urged UPS CEO Carol Tomé in a letter today to effectively address part-time employees’ concerns and negotiate a fair contract.
Why, might you ask, is the Comptroller sending a letter to the CEO of UPS? To be clear, The New York City Retirement Systems, which I serve as custodian, trustee and investment advisor, are long-term shareholders in UPS with shares valued at $191,067,415 as of June 30.
That is why we are urging the CEO to offer a contract that both addresses the real concerns of its part-time employees and delivers for its customers, employees and shareholders (including the nearly 800,000 New York City public employees, retirees and beneficiaries).
Failing to reach a resolution threatens a huge ripple effect for our economy. Not only would it slow delivery times for consumers, but also cause supply chain breakdowns for vulnerable industries like small businesses and hospitals. A 10-day strike could reportedly cost the US economy $7.1B in losses.
Look, workers generated $13 billion in profits for UPS last year. It's in the best long-term interest of the company to pay up the wages and benefits that Teamsters are rightly demanding. Our letter expresses the critical need for a fair contract for workers before the August 1 negotiation deadline.
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