That's just an excuse, I remember years ago senior management used the excuse that the "airline industry" was on hard times and since we were an "airline" that is why our raises were low....a few years latter the "airline industry" is doing good, and another excuse is invented. Nice try to deflect, but the fact is FedEx lies about money, remember how they said the pension was FULLY funded. That was a lie as FedEx is still putting money into the traditional pension to fund it 11 years after the big freeze.
The tax holiday for corporations has not changed from last 18 months ago when they did the LAST pay action. I agree with what others have said, the corporation is miss managed, primarily in order to avoid the threat of union action, UPS has no worries about that and that is one reason they are more profitable, plus fewer "family" promotions.