FedEx is providing a 2% pay increase for most employees, the company said Monday.
"FedEx team members continue to go above and beyond during these unprecedented times,” the Memphis-based logistics giant said in a statement. “FedEx is funding this year's salary budget pool at two percent. We would like to thank our team members for delivering the Purple Promise every day during these difficult and challenging times."
The pay bump applies globally for most FedEx employees and across different FedEx operating companies. It will go into effect in October.
FedEx has implemented company-wide pay raises before. In 2019, the company implemented a 2% cost-of-living salary increase for most U.S. employees.
This year's raise comes during a period of belt-tightening for FedEx as it looks to mitigate the effects of the COVID-19 pandemic on its business. It eliminated its plans for its annual incentive bonus for executives for the current fiscal year and has also restricted hiring and furloughed some employees.
Some other executive perks remain active, and Chief Financial Officer Alan Graf Jr. received a $575,000 bonus for “outstanding leadership” during the pandemic.
The coronavirus has also led to additional costs related to employee safety, with the company recording a $125 million charge for personal protective equipment and additional cleaning at its facilities. There have also been COVID-19 cases and deaths among FedEx’s workforce.
FedEx employs more than 500,000 people worldwide. The company recorded $25 billion in salaries and employee benefits expenses for the year ending May 31, 1% more than the company recorded the year before.
Asked in July if the company has provided additional pay for employees performing front-line work amid the pandemic, FedEx said in a statement that it evaluates “our pay policies to ensure we remain competitive with others in our industry under all circumstances, including those we are facing now.”
Max Garland covers FedEx, logistics and health care for The Commercial Appeal. Reach him at max.garland@commercialappeal.com or 901-529-2651 and on Twitter @MaxGarlandTypes.
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August 11, 2020 at 02:16AM
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FedEx employees to receive 2% pay bump amid 'difficult and challenging times' - Commercial Appeal
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