The Teamsters union said it plans to conclude by midafternoon Tuesday the ballot counting to determine the outcome of the vote to either ratify or reject a five-year contract with UPS Inc.

The counting is expected to be completed after 3 p.m. EDT Tuesday, with the results announced after that, a Teamsters spokeswoman said Monday. She did not give specifics as to when the results would be made public.

The deadline for submitting ballots had been Tuesday. UPS (NYSE: UPS) employs approximately 340,000 Teamster members.

If ratified by the rank and file, the new contract would be retroactive to Aug. 1.

UPS and the Teamsters agreed on July 25 to a tentative five-year contract that calls for a $2.75-an-hour wage increase in the first year for full- and part-time workers, smaller increases in years two through four and another bump, albeit not as a big as in year one, during the fifth and final year.

By the time the contract ends, senior full-time drivers will earn approximately $170,000 a year in wages and benefits. Part- and full-time workers will get $7.50 more in wages over the life of the contract. The Teamsters have estimated the value of the contract at $30 billion over the five-year period.