Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
The Competition
FedEx Discussions
Questions regarding Express courier positions
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="vantexan" data-source="post: 812437" data-attributes="member: 24302"><p>If you are expecting rapid advancement in pay progression you'll be disappointed. FedEx may decide any given year to reduce or not give raises. They were a little more generous several years ago but with the new raise system starting this year raises are considerably smaller. If fuel prices rise as expected who knows if they'll give raises next year. </p><p></p><p>Our traditional pension plan was terminated in 2008. We now have a cash balance plan that might pay 25% to 35% of the traditional pension. That's what is being touted as our pension plan. We do have a 401k that offers up to a 2.5% match if you save up to 6%. After that it's just your own savings up to the maximum allowed. If the economy worsens they may take away the match which they did a couple of years ago but it's now restored.</p><p></p><p>Healthcare used to be 100% paid for the employee but now employee contributes a bit, depending on plan chosen. I pay for best plan offered, along with dental and vision costs me $84 a month. And unfortunately that doesn't cover 100% of costs like it used to. And many states have been switched over from Cigna to Anthem Blue Cross which increased out of pocket expenses for procedures. Annual out of pocket for Anthem is $1600. Had a stent put in an artery last month, got a bill for almost $1300 yesterday. Still better than no insurance but I think you may see by now that our experience with FedEx has been one of year over year eroding our benefits and pay, putting more costs on the employee. Bottom line with them is the bottom line. They are out to impress Wall Street with profits to get and maintain a high stock price. Everything they do is toward that end. </p><p></p><p>I've been a swing twice. If after you've fulfilled your time in position obligation you decide to become a regular courier they will take considerably more pay from you than the extra they gave to be a swing. Just trying to discourage people from giving up being a swing as they always have a need to cover vacations, sick calls, etc.</p><p></p><p>If you choose to go part-time keep in mind that you'll only get 20 hrs for vacation, 4 for holidays. Being part-time is a good way to supplement another job but as a stand alone job it depends how busy your station is as to whether you'll get enough hours. And keep in mind that while you aren't forced to work more than 30 hrs as a part-timer if you don't when asked you may find yourself getting minimal hours. PTer's are guaranteed 17.5 and yes some mgrs can be vindictive. </p><p></p><p>By the way, on the cash balance plan there are 4 levels for contributions to the plan based on your age plus years of service(a service year is 1000 hrs minimum). The levels are 3%, 5%, 7%, and 9%. To have the equivalent of 9% of your gross pay contributed you need 75 points. So it takes awhile to get there. If you grossed 35k your first year you'd have $1050 contributed the first year, plus every quarter they'd add interest of 1% of your account balance. So you can see you'll have to work many years to have anything substantial in your account. Used to be 25 years got you a pension equal to 50% of your highest average annual pay, based on 5 highest paid years averaged together. So really pension is a supplement to whatever you save in 401k and how well it performs. And there's no guarantee that they'll even offer the cash balance plan down the road although you should get whatever accrues in it.</p><p></p><p>Hope this helps!</p></blockquote><p></p>
[QUOTE="vantexan, post: 812437, member: 24302"] If you are expecting rapid advancement in pay progression you'll be disappointed. FedEx may decide any given year to reduce or not give raises. They were a little more generous several years ago but with the new raise system starting this year raises are considerably smaller. If fuel prices rise as expected who knows if they'll give raises next year. Our traditional pension plan was terminated in 2008. We now have a cash balance plan that might pay 25% to 35% of the traditional pension. That's what is being touted as our pension plan. We do have a 401k that offers up to a 2.5% match if you save up to 6%. After that it's just your own savings up to the maximum allowed. If the economy worsens they may take away the match which they did a couple of years ago but it's now restored. Healthcare used to be 100% paid for the employee but now employee contributes a bit, depending on plan chosen. I pay for best plan offered, along with dental and vision costs me $84 a month. And unfortunately that doesn't cover 100% of costs like it used to. And many states have been switched over from Cigna to Anthem Blue Cross which increased out of pocket expenses for procedures. Annual out of pocket for Anthem is $1600. Had a stent put in an artery last month, got a bill for almost $1300 yesterday. Still better than no insurance but I think you may see by now that our experience with FedEx has been one of year over year eroding our benefits and pay, putting more costs on the employee. Bottom line with them is the bottom line. They are out to impress Wall Street with profits to get and maintain a high stock price. Everything they do is toward that end. I've been a swing twice. If after you've fulfilled your time in position obligation you decide to become a regular courier they will take considerably more pay from you than the extra they gave to be a swing. Just trying to discourage people from giving up being a swing as they always have a need to cover vacations, sick calls, etc. If you choose to go part-time keep in mind that you'll only get 20 hrs for vacation, 4 for holidays. Being part-time is a good way to supplement another job but as a stand alone job it depends how busy your station is as to whether you'll get enough hours. And keep in mind that while you aren't forced to work more than 30 hrs as a part-timer if you don't when asked you may find yourself getting minimal hours. PTer's are guaranteed 17.5 and yes some mgrs can be vindictive. By the way, on the cash balance plan there are 4 levels for contributions to the plan based on your age plus years of service(a service year is 1000 hrs minimum). The levels are 3%, 5%, 7%, and 9%. To have the equivalent of 9% of your gross pay contributed you need 75 points. So it takes awhile to get there. If you grossed 35k your first year you'd have $1050 contributed the first year, plus every quarter they'd add interest of 1% of your account balance. So you can see you'll have to work many years to have anything substantial in your account. Used to be 25 years got you a pension equal to 50% of your highest average annual pay, based on 5 highest paid years averaged together. So really pension is a supplement to whatever you save in 401k and how well it performs. And there's no guarantee that they'll even offer the cash balance plan down the road although you should get whatever accrues in it. Hope this helps! [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
The Competition
FedEx Discussions
Questions regarding Express courier positions
Top