Fed Ex reinstates 401k match...

[Lue C Fur]

Starting Jan 1st Fed Ex will reinstate some 401k matches and merit pay:

http://www.commercialappeal.com/news/2009/nov/25/fedex-resume-retirement-matches-lift-merit-pay-fre/

Its nice to see that a company that loses money still cares about its employees, unlike another company we all know that lays off, cuts pay and 401k, raises health insurance, and the fat cats up top give themselves a huge pay increase.

 

[Catatonic]

Starting Jan 1st Fed Ex will reinstate some 401k matches and merit pay:

http://www.commercialappeal.com/news/2009/nov/25/fedex-resume-retirement-matches-lift-merit-pay-fre/

Its nice to see that a company that loses money still cares about its employees, unlike another company we all know that lays off, cuts pay and 401k, raises health insurance, and the fat cats up top give themselves a huge pay increase.

Still rather work at UPS than FedEx. JMO

 

[Fedex Driver]

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

 

[beentheredonethat]

Starting Jan 1st Fed Ex will reinstate some 401k matches and merit pay:

http://www.commercialappeal.com/news/2009/nov/25/fedex-resume-retirement-matches-lift-merit-pay-fre/

Its nice to see that a company that loses money still cares about its employees, unlike another company we all know that lays off, cuts pay and 401k, raises health insurance, and the fat cats up top give themselves a huge pay increase.

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...

 

[MrFedEx]

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

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.

 

[Lue C Fur]

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...

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.

 

[bluehdmc]

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.

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?

 

[airbusfxr]

Our 401k match has not been taken away. I dont think anyone should give up this small showing of graditude from "the company".

 

[pretzel_man]

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.

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?

P-Man

 

[bbsam]

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?

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.

 

[beentheredonethat]

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.

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.

 

[29th Christmas]

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

 

[SmithBarney]

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.

 

[TheDick]

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

 

[satellitedriver]

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

 

[bbsam]

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

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

 

[MrFedEx]

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

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?

 

[randomUPSISer]

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

 

[Catatonic]

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

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

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

 

[satellitedriver]

Someone at UPS must have thought it was relevant,because a UPSer posted this.Relevant in the FedEx Forum, maybe. Perhaps you've heard of FedEx.Duh, yeah. They are your biggest competitor, and what -affects then usually also affects-( I highlighted this to see if you "got" what you wrote.) UPS. Get it?I got the gist of your slant.