UPS said it remains at the table "ready to negotiate" a deal with the Teamsters union after it demanded that the company present its last, best and final contractual offer by Friday.

"Last week, we provided our initial economic proposal. This week we followed with a significantly amended proposal to address key demands from the Teamsters. Reaching a consensus requires time and serious, detailed discussion, but it also requires give-and-take from both sides," UPS said in a statement.

 [Photo: UPS]

The world's biggest package courier noted that it is "working around the clock" to ensure that a deal is reached before its existing agreement contract expires on July 31, as union leaders have warned that a strike is imminent without a contract.

"We're working around the clock to reach an agreement that strengthens our industry-leading pay and benefits ahead of the current contract’s expiration on August 1," UPS said.

"We remain at the table, ready to negotiate," it added.

The escalation of tensions comes after the Teamsters gave UPS a week to present an economic proposal that was better than the one they labelled "appalling." The union claimed that UPS' initial proposal included tiny salary increases and reductions to customary cost-of-living adjustments.

"The largest single-employer strike in American history now appears inevitable," said Sean M. O'Brien, general president of Teamsters.

Teamsters General Secretary-Treasurer Fred Zuckerman pointed out that "time has run out for UPS to give workers that honourable contract."

"We have an economy today that is reliant on parcel delivery, and no one in the game handles more packages per day or provides better service than Teamsters at UPS. Our members are fighting for a post-pandemic agreement that honours the sacrifices they made to keep this country moving during the last several years," he said.