FedEx plans to offer job buyouts

U.S. shipping giant FedEx said it would offer voluntary job buyout deals to certain employees to reduce costs. The deals will be offered to "mostly non-operational staff groups as part of a broader plan to improve efficiencies and reduce costs," the company said in a statement. FedEx said it was working on the details for the buyout deals, which would be announced "no later than the fourth quarter of the fiscal year 2013." "Analysis is under way to determine which work groups will be eligible for these incentives, as well as permitted participation levels by functional area," the company said. The deals will not affect the company's retirement benefits and will be structured so employees eligible to retire "may elect to accept the buyout and also retire," FedEx said. Additional information will be made available at the company's Investors and Lenders Meeting in Memphis, Tenn., Oct. 9-10, FedEx said.