Economy

FedEx Announces $3.2 Billion in Wage Increases, Bonuses Due to Tax Reform

FedEx Announces $3.2 Billion in Wage Increases, Bonuses Due to Tax Reform”

The company said it will also invest $1.5 billion to expand its FedEx Express facility in Indianapolis over the next seven years.

Fedex said it would spend more than $200m on increased pay and bonuses to its 400,000 staff, and contribute $1.5bn to the company's pension plan.

FedEx announced three major programs Friday, including a large investment into an Indianapolis plant.

The $3.2 billion in investments are possible because of the recent tax cuts and a predicted increase in economic growth, FedEx said in a press release.

The company noted that it has made no change to fiscal 2018 earnings or capital expenditure guidance as issued on December 19, 2017.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services.

As Indiana's unemployment rate falls, companies such as UPS, FedEx and Amazon, have had to offer higher wages and incentives to applicants.

FedEx says that it is planning to use $200 million to increase the wages of its employees.

The company also said it is speeding up raises and investing in the employee pension fund. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements.

The FedEx share price had fallen 1.9% to $266.15 by midday in NY following the announcement.



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