no cola in 2024

NO Cost-Of-Living (COLA) for August 1, 2024

Teamsters Local 638 received this news today from the IBT Package Division:

"Based on the Consumer Price Index (CPI-W) figures released June 12th, 2024, by the Bureau of Labor Statistics, there is no cost-of-living allowance as outlined in Article 33 of the 2023-2028 National Master United Parcel Service Agreement. As you may know, our members covered by this agreement may receive an annual Cost-of-Living Allowance (COLA) in 2024 if it totals at least $0.05. Additionally, the language provides for a one (1) cent per hour and one-fourth (0.25) mils per mile increase for every two-tenths (0.2) point increase in the CPI-W Index in excess of 3.0%. Reaching an Index level of 308.163 in May 2024, the Index increased 0.83 points above the May 2023 Index plus 3.0%. The 0.83 points do not meet the $0.05 minimum."