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FedEx Announces $3.2 Bil. in Wage Increases, Bonuses & More

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Ready to hear about yet another company sharing the savings resulting from the GOP tax cuts? Good, because we can now add FedEx to that list.

FedEx released a statement on Friday detailing the tax cut benefits that will see “wage increases, bonuses, pension funding and expanded U.S. capital investments.”

According to the statement:

FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:

1) Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance-based incentive plans for salaried personnel.

2) A voluntary contribution of $1.5 billion to the FedEx pension plan to ensure it remains     one of the best funded retirement programs in the country.

3) Investing $1.5 billion to significantly expand the FedEx Express Indianapolis hub over the next seven years. The Memphis SuperHub will also be modernized and enlarged in a major program the details of which will be announced later this spring.

Not only is FedEx touting their $3.2 billion commitment to their company and employees, but they also did not shy away from praising the U.S. Tax Cuts and Jobs Act.

“FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States,” the statement read.

FedEx joins Walt Disney Company, Verizon, JP Morgan Chase, Starbucks and Home Depot as companies who announced employee benefits this week as a result of the tax cuts.

If these daily announcements keep coming at the rate they are, it’ll soon be easier to compile a list of companies that aren’t sharing the benefits of the tax cuts with their employees.

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