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United Parcel Service (UPS) plans to cut around 12,000 jobs and require staff to return to offices five days a week starting March 4. The job cuts will primarily affect management staff and contract workers, and the company does not expect these positions to return even when business improves. UPS's revenue declined in the fourth quarter of 2023, and it predicts challenges for 2024 despite the estimated $1 billion in savings from the job cuts. The company is also focusing on using artificial intelligence and machine learning tools to boost productivity. [Extracted from the article]