Members of the Teamsters union voted to ratify a new five-year collective bargaining agreement with shipping giant UPS on Tuesday, avoiding a potential strike that loomed over the U.S. economy as the two sides negotiated in recent months.

The five-year contract covers roughly 340,000 UPS Teamsters members across the U.S. and includes higher wages for full- and part-time workers, more full-time roles, and workplace protections such as air conditioning in delivery vehicles.

The Teamsters said that 86.3% of members voted in favor of ratification, which the union noted was "the highest vote for a contract in the history of the Teamsters at UPS."

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