FedEx Cuts Wages, Will Other Companies Follow?

FedEx Cuts Wages, Will Other Companies Follow?: "FedEx’s announcement today of a 20% pay reduction for CEO Frederick W. Smith, 7.5%-10% cuts for other senior FedEx executives and a 5% decrease for remaining U.S. salaried exempt personnel wasn’t in direct response to easing prices. The company cited weakened economic conditions as the reasons for the wage cuts, which were accompanied by the elimination of merit-based pay increases and a suspension of 401(k) matching."