FedEx to offer buyouts with up to 2 years' pay as part of plan to cut $1.7B in annual costs - Fox News 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. Those eligible will be notified in February, and have until April to apply. They'll find out in May if they are accepted. The first wave of employees will leave on May 31, the last day of FedEx's fiscal year. The next wave will leave six months later and the final tranche will depart on May 31, 2014.