UPS cuts thousands of jobs, roughly 2.4% of workforce, cites decline in demand, labor costs

UPS announced Tuesday that the worldwide parcel delivery service will cut 12,000 jobs, roughly 2.4% of its workforce. 

UPS cited lighter demand and high labor union costs for the cuts. 

“2023 was a unique and difficult year,” CEO Carol Tomé said. “Through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth.”

A spokesperson for UPS confirmed to NBC News that these job cuts would impact all functions globally and 75% of the reductions would come in the first half of 2024.

No union jobs will be impacted by the cuts.