shadowfine
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I hear we just lost 401k match today and our quarterly bonuses we were getting. anybody else hear? Haven't been to work to read the email yet.
FedEx Freight | lost 401k match, bonuses, paycuts
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fr8insider
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Correct.
All FedEx employees (not just Freight) will not recieve 401(k) matching funds as of Feb 1, 2009. Bonuses have also been suspended.
Salaried employees receive a 5% pay cut as of Jan 1, 2009, and it scales up to a 20% pay cut for Fred Smith.
As one of those salaried employees, I'm damn glad that we're taking a proactive stance on this, and getting out in front of it. It hurts a bit now, but its what we have to do to stay competitive.
All FedEx employees (not just Freight) will not recieve 401(k) matching funds as of Feb 1, 2009. Bonuses have also been suspended.
Salaried employees receive a 5% pay cut as of Jan 1, 2009, and it scales up to a 20% pay cut for Fred Smith.
As one of those salaried employees, I'm damn glad that we're taking a proactive stance on this, and getting out in front of it. It hurts a bit now, but its what we have to do to stay competitive.
Forgot to mention no pay increases for Salary for '09
Before I hear a bunch of BS from some of you about how management deserves this... remember, the majority of the red shirts that you see... make less than you do!
trucking62
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i am so glad that your glad.fred smith does not make his living off of his salary,its his bonus.we all knew the bonus was going to disappear well there it goes.well you can forget that raise now.yea another example of the fat cats getter fatter well hold on to your pants its just beginning cant wait till they start throwing the propaganda at us using yellow road as an example.
trucking62
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well for you to make a comment like that before anyone even says anything tells alot about you.but having said that ,we are all taking a hit and those of us that have been around know how to read into fedex b.s. i just want to know when your going to make your millions from the company knowing how long you have been around and helped the execs.make theres.
imported_Believer45
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Being one of those in the Nov 7 "reduction in salaried force" at National I wish I had the option to take a pay cut, lose bonus and lose 401K match. Unfortunately I do not - congrats to those of you who do.
imported_Believer45
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So Fred loses 20% on salary AND loses 100% of bonus - that means he is getting FATTER?
silent trucker
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B: you have our collective sympathy. There's lots going on here and many are suffering. Nobody wants this. We all want a booming economy where we all prosper; the old proverb about a rising tide lifting all boats!
My wife and I will pray for you and yours!
ST
trucker4cf
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so true. these things go in cycles. management has been loosing for 5 years now.
Slackdragon
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I knew that ...that is something I have never understood????
That comment does say alot about him...It says he's been here on TB long enough to reconize some of the things that will b said Long B-4 they are typed... What's funny is he's right
HouzBinPharteen
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You're absolutely entitled to say that. It's awful what happened to you.
I fully expected a wage freeze at the very least, if that and the loss of 401k match and bonus is the worse that happens I think I'm very fortunate.
As for management taking cuts, I do feel for them and I'm also impressed that at least they are cutting at the top, after all we are all in this together, right??
I really feel for lower level management that aren't paid what they're worth to begin with, not a job I would want.
FM
As for management taking cuts, I do feel for them and I'm also impressed that at least they are cutting at the top, after all we are all in this together, right??
I really feel for lower level management that aren't paid what they're worth to begin with, not a job I would want.
FM
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I know I'll take some flack for saying this but it would not be right for the drivers to get a raise when all these cut backs have taken place.
imported_Believer45
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Thanks all for your thoughts. It does help, even on an annonymous venue such as this.
As for supervision/management making less than the people they supervise I have been in that situation since 1984 when I moved from bargaining unit to management the first time. I also have never understood the logic, especially when the disparity is as high as 20-30% more for those I supervised, for less hours than me and with less time in with the company than me.
OK, I am done whining now - sorry, anyone have the cheese to go with it?
As for supervision/management making less than the people they supervise I have been in that situation since 1984 when I moved from bargaining unit to management the first time. I also have never understood the logic, especially when the disparity is as high as 20-30% more for those I supervised, for less hours than me and with less time in with the company than me.
OK, I am done whining now - sorry, anyone have the cheese to go with it?
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