India, July 3 -- UPS announced Thursday it will offer voluntary buyouts to its union-represented delivery drivers for the first time in its history, as part of a sweeping effort to restructure operations and improve profitability.

Drivers opting for the buyout would receive a substantial financial package in addition to their accrued retirement benefits, including pensions and healthcare.

The Atlanta-based logistics giant is grappling with a post-pandemic decline in parcel volumes, compounded by supply chain disruptions and tariffs implemented under former President Donald Trump that have complicated global shipping routes. Earlier this year, UPS outlined plans to cut 20,000 jobs and close 73 facilities as part of its largest-ever network...