FedEx says it’ll be giving wage increases, bonuses and make a voluntary $1.5 billion contribution to the company’s pension plan, citing recent tax reform legislation.
The package delivery company follows others doing the same, including Home Depot, Disney, Starbucks, and Walmart.
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. The rest of the money will fund increases in performance-based incentive plans for salaried personnel.
The company said it will also invest $1.5 billion to expand its FedEx Express facility in Indianapolis over the next seven years. Later this year it will announce plans to modernize its Memphis hub.