© Stocksak. FILE PHOTO – People wait in a long line to get into Costco’s Manchester warehouse on March 15, 2020. REUTERS/Phil Noble
(Stocksak – The Teamsters union representing more than 18,000 workers said that it had ratified a national contract with Costco Wholesale Corp on Friday (NASDAQ:).
International Brotherhood of Teamsters released a statement saying that the first ever national agreement will provide members with significant wage increases over the next three-years and a significant increase in Costco pension contributions.
According to the union, the union announced that 93% of members voted against the initial contract offer from the company in June.
“This is an important win for Costco workers as well as the American labor movement. “Corporations like Sysco (NYSE), UPS, or Amazon (NASDAQ:), remain on notice,” said Sean O’Brien, General President of Teamsters.
The contract was ratified by 72% of members. It also includes higher semi-annual bonuses, a more flexible attendance policy, and other benefits for the workplace.
Stocksak asked Costco for comment but they did not respond immediately.