Fed Ex reinstates 401k match...

Discussion in 'FedEx Discussions' started by Lue C Fur, Dec 15, 2009.

  1. Lue C Fur

    Lue C Fur Evil member

  2. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

  3. Fedex Driver

    Fedex Driver Banned

    I'm awaiting a post from MrFedex talking about how fedex sucks
  4. beentheredonethat

    beentheredonethat Well-Known Member

    You are getting your facts mixed up. Last year FDX cut the pay to their mgmt people, UPS gave no raises. I know UPS gave raises to their drivers (unsure about FDX drivers). UPS pays their air mechanics more then FDX pays their air mechanics. So on the pay side, your wrong.

    On the upper mgmt getting large pay increases, although true, our mgmt makes less still then the top mgmt at FDX. It's funny, our drivers make more then FDX drivers, our mechanics make more then their FDX counterpart. But we get our sr mgmt closer to FDX sr mgmt and people say it's not right. Hmm...
  5. MrFedEx

    MrFedEx Engorged Member

    Here it is, and here's why they suck. In 2008, FedEx ended the traditional retirement plan, a defacto 15% pay cut. Bringing back the 401k and (pathetic) match is fine, but you're still about 7% behind if you figure-in the loss of your pension and replacement by the PPP. Fred wins...again, and you lose...again.

    Go ahead and criticize me, but if you think FedEx gives a sheet about you, you're delusional.
  6. Lue C Fur

    Lue C Fur Evil member

    Facts mixed up??? The fact is that UPS has MADE MONEY each quarter and Fed Ex has lost money each quarter. Fed ex did not lay off and UPS LAYED OFF. Fed Ex is reinstating their 401k even though they LOST MONEY the last quarter. This has nothing to do with who is paid more or not...your missing the point!!!! If you want to debate why we are paid more than Fed ex then start another thread.
  7. bluehdmc

    bluehdmc Well-Known Member

    Maybe fedex didn't layoff any air workers, but how have the IC's been doing?
    UPS can cut routes, lay off drivers, and loadup on the remaining drivers but how does that work for IC's?
  8. airbusfxr

    airbusfxr New Member

    Our 401k match has not been taken away. I dont think anyone should give up this small showing of graditude from "the company".
    Last edited: Dec 16, 2009
  9. pretzel_man

    pretzel_man Well-Known Member

    First, didn't loss in the quarter(s) have to do with the writeoff for Kinko's vs. an operating loss?

    Second, FedEx DID announce layoffs in April (1000 salaried employees I think)

    Third, their ground drivers are treated like contractors so who knows how many less are working or how much less they make.

    Fourth, didn't FedEx move away from a traditional pension plan to a 401k match in 2007? If so, the match was a replacement for their pension instead of an addition like the UPS plan was.

    Finally, what is your conclusion? That employees can be treated better without a union?

  10. bbsam

    bbsam Moderator Staff Member

    Actually we contractors have done fairly well. In fact we've remained profitable throughout the recession. The projected growth figures haven't been met, but I believe we've grown between 4 and 5%. Not bad for a recession.
  11. beentheredonethat

    beentheredonethat Well-Known Member

    Here's a link to FDX Quarterly statements http://finance.yahoo.com/q/is?s=fdx Only 1 qtr out of 4 did they lose money. That loss was due to a one time writeoff. Not due to loss on their operations. Even if you count the writeoff. That's only 1 loss, in the last 4 quarters. That's facts.
  12. 29th Christmas

    29th Christmas New Member

    Many Express drivers had their hours cut many months ago. They aren't unemployed, but they are underemployed.
  13. SmithBarney

    SmithBarney Well-Known Member

    Well hours have been up where I am(pre peak I average 2.5hrs OT daily). And today they announced Bonuses will be paid in Jan as well, its something.. I still say they are very worried about the FAA reauth. act
    they better put up or shut up.. 401k Match is back at 50% of what it was, Raises are back albeit too low to be reasonable(but I think they are leaving themselves room to sweeten up the masses in case the FAA act gets passed)
    They went from a Traditional pension to a Portable Pension a couple years ago...
    BBSAM ground is up much more then 4-5%(according to frontline) but maybe for your routes are smaller.
  14. TheDick

    TheDick Member

    The express drivers have to take 2hr unpaid lunches at mid-day. Thanks god i have a union.
  15. satellitedriver

    satellitedriver Moderator Staff Member

    OOP'S, sorry.
    I thought I was in UPS Discussions. I must have hit the wrong button and ended up in the FedEx Forum.
  16. bbsam

    bbsam Moderator Staff Member

    You are welcome to stay if you'd like. Only fitting being we are all in the BC...:happy2:.
  17. MrFedEx

    MrFedEx Engorged Member

    Someone at UPS must have thought it was relevant,because a UPSer posted this. Perhaps you've heard of FedEx. They are your biggest competitor, and what affects then usually also affects UPS. Get it?
  18. randomUPSISer

    randomUPSISer New Member

    Maybe since FedEx gave back some 401k match and a measely 2% average "token" raise UPS will follow suite since we seem to mimick everything FedEx does these days?

    Or maybe FedEx realized lowering employee wages means good employees leave and you end up with a low paid, low performing workforce
  19. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    That's OK ... a few FedExers made the same mistake.

    And I hope that, "as usual", UPS follows suit.
  20. satellitedriver

    satellitedriver Moderator Staff Member