FedEx Corp. Will Offer Voluntary Buyouts to Eligible Staff Employees
MEMPHIS, Tenn., August 13, 2012—FedEx Corporation (NYSE: FDX) announced today that it will offer voluntary buyout incentives to certain U.S.-based employees in mostly non-operational staff groups as part of a broader plan to improve efficiencies and reduce costs. It is anticipated that the vast majority of employees eligible for these incentives will be staff employees at FedEx Express and FedEx Services. FedEx is making this announcement now to assist team members in their planning.
Analysis is underway to determine which workgroups will be eligible for these incentives, as well as permitted participation levels by functional area. These incentives will not include any changes to retirement eligibility or payments. However, employees who are eligible for this program and are also eligible to retire may elect to accept the buyout and also retire. Details will be announced no later than the fourth quarter of fiscal year 2013.
FedEx will release additional information about these measures and future plans at its Investors and Lenders Meeting in Memphis on October 9 and 10.