This morning, FedEx announced that it will spend $3.2 billion in new investments and employee benefits following enactment of the Tax Cuts and Jobs Act.
Read below from the company’s release:
“FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:
“1) 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.
“2) 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.
“3) 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.”
FedEx joins a wave of companies awarding bonuses and higher wages to their employees, and increasing investment in the United States, in the wake of historic tax reform, including Starbucks, Disney, Verizon, and JP Morgan Chase just this week.
Despite what Democrats may tell you, tax reform is working. Economic confidence is on the rise, and millions of Americans across the country are already experiencing the benefits of the new law. And next month, 9 out of 10 Americans will see bigger paychecks thanks to tax reform.
Let’s keep it going.