Friday, December 19, 2008

FedEx Cuts Workers Retirement Compensation While CEO Rakes in Multi-Million Dollar Pension

More Drastic Cuts in Workforce Compensation Fuels Drive for Teamster Representation
December 18, 2008
(Washington, D.C.) – FedEx Corp. [NYSE: FDX] today announced drastic cuts in pay and deferred compensation for most of its U.S. workforce. Salaried U.S. FedEx employees will take permanent 5 percent to 10 percent base salary reductions while FedEx founder, Chief Executive and Chairman Fred Smith will take a permanent 20 percent reduction in base salary. According to company statements, hourly employees will not see base wages impacted in this round of cost controls.

“The FedEx workers that have made this company a household name and deliver the profits will now shoulder more insecurity for their futures,” said Teamster General President Jim Hoffa. “At the busiest time of their delivery season, the company is delivering nothing but coal for its workforce.”

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