FedEx Corp. (FDX) said it would speed up a planned pay increase as a result of the recently enacted U.S. Tax Cuts and Jobs Act.
The company said it would advance a 2018 annual pay increase for hourly workers by six months, moving the raise date to April from October. It will also increase performance-based pay for salaried workers.
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FedEx said it would also add $1.5 billion to its pension plan.
The company is investing an additional $1.5 billion to expand its FedEx Express Indianapolis hub over the next seven years.
FedEx said it thinks the tax cuts will likely increase GDP and investment in the U.S.
Shares in FedEx were inactive in premarket trading.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
January 26, 2018 09:36 ET (14:36 GMT)