The 340,000 employees of UPS Inc. represented by the International Brotherhood of Teamsters have approved a new five-year labor pact with the company.

UPS Inc. has become a hot employer since its union last month secured $30 billion in new money over a five-year contract.

Local union leaders voted in favor of a tentative labor agreement that UPS and the Teamsters reached July 25, an important step toward finalizing a deal that covers about 340,000 workers.

Less-than-truckload carrier Yellow Corp. said it continues to negotiate with union leaders as the future of the company, which has been in operation for nearly 100 years, may be in jeopardy.

UPS and the Teamsters have reached a tentative five-year collective bargaining agreement that covers more than 340,000 workers, the company and the union announced in separate statements.

Some large retailers and other companies across the country are warning customers of potential delivery delays if there is a UPS strike.

An agreement between the Teamsters and Central States Funds averts, for now, a strike that could have begun as soon as July 24 against Yellow Corp.

A potential strike by 340,000 unionized workers at UPS Inc. threatens to unravel progress in tackling two of the U.S. economy’s biggest hurdles: inflation and supply chain disruptions.

Dockworkers might be rethinking their position on a tentative deal after calling off a renewed strike this weekend at Canada’s west coast ports, according to Prime Minister Justin Trudeau.

Workers at Canada’s west coast ports withdrew plans to go back on strike, hours after threatening to restart a disruption that would have paralyzed  the country’s busiest maritime hub.