FedEx to offer buyouts with up to 2 years' pay
From China with Love - iPhone 5 Day Tour by Patrick Hoesly
License (according to Flickr): Attribution License
License (according to Flickr): Attribution License
NEW YORK – FedEx said Tuesday that it will be offering some employees up to two years' pay to leave the company starting next year. The voluntary program is part of an effort by the world's second-biggest package delivery company to cut annual costs by $1. 7 billion within three years. The restructuring is a response to a shift by customers away from premium package-delivery services and toward slower, less expensive modes as the global economy struggles to grow. Employees who volunteer for the program will receive four weeks of pay for every year of service, capped at two full years of base pay. FedEx has said previously that the buyouts should reduce "fixed head count by several thousand people." Those eligible will be notified in February, and have until April to apply. They'll find out in May if they are accepted.
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FedEx employees buyouts should reduce fixed head count global economy FedEx Office FedEx Services second-biggest package delivery premium package-delivery services slower delivery methods company CEO Fred Smith global economic conditions rival United Parcel behind-the-scenes logistics division pay annual costs final tranche NEW YORK expensive modes base pay voluntary program roughly two-thirds U.S underused assets Express unit afternoon trading technology products ocean shipping ground delivery slow growth generation model Apple Inc. UPS shares smallest units Service Inc. cents Tuesday wave customers shift Kinko restructuring world response majority cuts percent people iPhone packagesPeople:
CEO Fred Smith
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Kinko
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Company: FedEx
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FedEx to offer buyouts with up to 2 years' pay
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FedEx said Tuesday that it will be offering some employees up to two years' pay to leave the company starting next year.
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