UPS Inc.'s pilots yesterday overwhelmingly ratified a five-year contract that gives the 2,500 unionized pilots an immediate 14.6-percent pay increase, and a 3-percent annual wage hike over the life of the contract.

The contract was ratified with more than 91 percent of the vote, and more than 98 percent of the eligible members casting ballots, the union and Atlanta-based UPS said in separate statements.

The contract also calls for a $60,000 signing bonus for captains and a $40,000 signing bonus for first officers, the union and company said. The pilots are represented by the Independent Pilots Association.

The two sides reached a tentative accord on June 30.