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MIAMI - DECEMBER 02: FedEx workers sort through packages as they are placed on trucks to be delivered December 2, 2008 in Miami, Florida. As online retailers offered promotions on free shipping during Cyber Monday, shipping companies such as FedEx may see more volume as the orders are processed and mailed.
MIAMI - DECEMBER 02: FedEx workers sort through packages as they are placed on trucks to be delivered December 2, 2008 in Miami, Florida. As online retailers offered promotions on free shipping during Cyber Monday, shipping companies such as FedEx may see more volume as the orders are processed and mailed.
MIAMI - DECEMBER 02: FedEx workers unload packages from shipping containers as they are sorted and placed on trucks to be delivered December 2, 2008 in Miami, Florida. As online retailers offered promotions on free shipping during Cyber Monday, shipping companies such as FedEx may see more volume as the orders are processed and mailed.
FedEx workers sort hundreds of boxes a minute inside the FedEx Memphis, Tennessee, Headquarters and World Hub in this October 9, 2008 file photo. US delivery giant FedEx said on December 18, 2008 it was slashing salaries for many employees in a further belt-tightening to cope with the global economic downturn. "Our financial performance is increasingly being challenged by some of the worst economic conditions in the company's 35-year operating history," said Frederick Smith, who is chairman, president and chief executive. Smith will take a 20 percent cut in base pay while other senior executives will see a reduction of 7.5 to 10 percent and other salaried personnel will get a 5.0 percent cut.