MEMPHIS, Tenn. — FedEx is setting aside billions of dollars that will directly benefit their employees, the company announced on Friday.
The Memphis-based corporation announced it will be investing $1.5 billion to expand their hub in Indianapolis. But that's not the only one getting some TLC. Plans to modernize and enlarge the hub here in Memphis are in the works with final details being announced later in the spring.
In addition, more than $200 million will go towards increasing pay. About two-thirds will go 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.
An additional $1.5 billion is being contributed to the FedEx pension plan.
The three new programs are in direct response to the U.S. Tax Cuts and Jobs Act.
Other companies have also announced similar changes, including Home Depot, Disney, Starbucks and Walmart.