Originally Posted by
2cylinderdriver
FedEx is now implementing a number of additional cost reduction initiatives to mitigate the effects of deteriorating business conditions, including:
* Base salary decreases, effective January 1, 2009:
o 20% reduction for FedEx Corp. CEO Frederick W. Smith
o 7.5%-10.0% reduction for other senior FedEx executives
o 5.0% reduction for remaining U.S. salaried exempt personnel
* Elimination of calendar 2009 merit-based salary increases for U.S. salaried exempt personnel
* Suspension of 401(k) company matching contributions for a minimum of one year, effective February 1, 2009
There goes that $500/year!! Seriously though.....I may be naiive, but it's nice to see leadership partake of this bitter pill as well. Say what you will, but I'd rather take a significant BLG reduction than to see someone take a 100% BLG reduction!! It may be difficult to get by with less, but it's impossible to get by with nothing!!
Let's show some solidarity y'all!! Hopefully the union (i.e. we the pilots) will do what's possible to preserve jobs during these stressful times.