The Teamsters union on Friday said it had ratified its first-ever nationwide contract at Costco Wholesale Corp. (COST) -- a master agreement the union said offered better pay and other benefits to 18,000 workers across the U.S. The agreement provides "significant wage improvements over the next three years and a substantial increase in pension contributions by the employer," the union said. The contract also secured higher semi-annual bonuses and a "more flexible" attendance policy, according to a release. The union said 72% voted in favor of the agreement, which comes after Costco union members in June rejected an earlier contract offer. Mike Bergen, chair of the Teamsters Costco National Negotiating Committee, said in the release that workers "weren't afraid to strike if necessary, and the company knew they weren't bluffing." The announcement follows other union drives at Amazon.com Inc. (AMZN), Starbucks Corp. (SBUX) and other retailers.
(END) Dow Jones Newswires
October 21, 2022 19:20 ET (23:20 GMT)
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