FedEx makes major announcement in response to tax reform (video)
Another large corporation is using the GOP tax reform legislation to reward their employees. The FedEx Corporation announced Friday that they plan to invest over $3.2 billion in employee wage increases, bonuses, pension funding.
Part of the $3.2 million investment will also be used to increase FedEx’s investment in the U.S., according to their announcement:
FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:
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.
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.
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.
“FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States,” the company said in their statement, released Friday morning.
FedEx joins companies like The Home Depot, Walmart and Disney in using the new law, which lowered the corporate tax rate from 35 percent to 21 percent in late December, to expand their businesses, invest in their employees or offer savings to their customers. In addition, 9 in 10 Americans can expect to pay lower federal taxes starting Feb. 1, and see an increase to their paychecks, according to the GOP.
— FOX Business (@FoxBusiness) January 26, 2018
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