Package delivery giant UPS is offering drivers a financial compensation package if they voluntarily resign as the company undergoes a massive restructure.

On Friday, July 18, UPS announced the “US Driver Voluntary Severance Plan (DVSP),” which provides the company’s full-time drivers with “an opportunity to receive a generous financial package if they choose to leave UPS.”

The company pointed to “the largest network reconfiguration in UPS history” as the reason for the driver buyout program.

The DVSP is to provide drivers with $1,800 per year of service at UPS, with a minimum payout of $10,000, UPS said. A driver with 27 years of service would receive a payout of $48,600, according to a memo on the program, while a driver with 5 years of service would receive the minimum payout of $10,000.

The financial package is to be issued in addition to earned retirement benefits, including pension and healthcare, the company said.

The program is entirely voluntary, UPS stressed, and each driver is encouraged to choose the option that is best for his or her family.

“For more than 100 years, we’ve had a productive relationship with the Teamsters and we will continue to do so. We remain committed to the agreements we reached in 2023, as part of our contract negotiations,” UPS said in the DVSP announcement.

The International Brotherhood of Teamsters, which represents 300,000 UPS workers, responded to the DVSP announcement by telling drivers to reject the offer.

“Let us be clear: our jobs are NOT FOR SALE!  This so-called “offer” is not only an insult to our hardworking members, it’s a slap in the face. We stand united and will follow the guidance of the IBT,” said Teamsters Local 512.