Labor union Teamsters recommended its Costco members to approve new contract from the employer. Teamsters labor union represent 16,000 workers in the Costco Wholesale Corp.
According to Reuters, Teamsters recommended their 16,000 members in Costco to approve a new contract offer from the retailer. The recommendation came out after the union urged the members to reject Costco's earlier proposal a month before.
In its official press release, Teamster recommended ratification of a new tentative agreement after members rejected an earlier proposal last month. International Vice President and Negotiations Chair Rome Aloise said the new offer provides Costco Teamsters the advantage and security for their future.
"The Costco Teamsters collective bargaining agreement has traditionally been the best contract in the organized retail industry and by far exceeds anything that other big box stores provide for their workers," Rome Aloise said. "This new offer will give all of the Costco Teamsters the opportunity to maintain that advantage while they are working, and to have a secure retirement in their future."
Under the new agreement, Costco provided its employees on the East Coast a 401(k) pension plan. They joined the defined benefit pension plan which has already provided to 12,500 Costco Teamsters members in California.
"Language changes and economic changes were made that enabled the committee to reverse its position from a rejection to a positive recommendation of the latest offer," Teamsters said, as quoted by PR Newswire on Tuesday.
Regarding the new agreement, although the terms cannot be disclosed until the members are given the opportunity to ratify the offer, it includes opportunity for East Coast Costco Teamsters to participate in the Western Conference of Teamsters Pension Trust Fund. For more than 30 years, the California Costco Teamsters have traditionally participated in the pension plan, and now the East Coast Costco Teamsters will enjoy similar benefits.
International Brotherhood of Teamster, or IBT is a labor union in United States, Canada and Puerto Rico which was founded in 1903. The union was formed as a merger of some local and regional local of teamsters. Teamster Union now represents variety of membership from blue-collar and professional workers in public and private sectors.
Teamster is recorded as one of the world-largest labor union, and also one of the largest campaign contributor in the United States. The union represents more than 14 million workers, both men and women in United States, Canada and Puerto Rico. Costco Teamster represent 8% of Cotsco's global workforce.
Teamsters Labor union, which represent 16,000 workers of Costco Wholesale Corp. recommended its members to approve new contract from the retail giant. The new agreement provide Teamsters Costco members opportunity to receive a 401(k) pension plan.
