FedEx pronounces wage will increase, bonuses amid tax reform

FedEx pronounces wage will increase, bonuses amid tax reform

FedEx said Friday that it'll raise compensation by more than $200 million, with about two-thirds going to hourly workers by pushing up this year's annual pay increases to April 1st from the normal October date.

This morning, FedEx announced that it will spend $3.2 billion in new investments and employee benefits following enactment of the Tax Cuts and Jobs Act.

FedEx also said $1.5 billion will be put toward the company's pension plan and another $1.5 billion would go toward expanding the company's hub in Indianapolis. The rest of the money will go to increases in performance-based incentives for salaried staff.

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. The company said it is also planning an expansion of its largest, its Memphis hub, though details will not be released until later this year.

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"FedEx believes the Tax Cuts and Jobs Act will likely increase [gross domestic product] and investment in the United States", the company said on its website.

The announcement marked the most recent news of corporate investment in jobs and workers since the passage of the GOP's tax reform legilsation, which President Trump signed into law last month.

FedEx CEO Fred Smith alluded to the changes over the past month, sharing snippets of his plan and the benefit to his company and employees.

On Thursday, Home Depot revealed it would be giving all its USA hourly associates a $1,000 cash bonus.

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