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Related: About this forumExxon halts contributions to employee retirement plan
Source: Reuters
BUSINESS NEWS AUGUST 5, 2020 / 1:32 AM / UPDATED AN HOUR AGO
Exxon halts contributions to employee retirement plan
Erwin Seba
3 MIN READ
HOUSTON (Reuters) - Exxon Mobil Corp (XOM.N) is suspending the companys contribution to the U.S. employee retirement savings plan beginning in October, the company confirmed on Wednesday.
Employees blasted the decision by the largest U.S. oil company, which last week vowed to deepen cost cuts after posting back-to-back quarterly losses for the first time in its history.
It has already cut outlays on big projects by 30% and operating expenses by at least $1 billion. A review of operations and staffing identified significant potential for additional savings, executives said last week.
Given the current business environment, the corporation is taking steps to reduce costs, the company said in a message to employees seen by Reuters on Tuesday.
The company intends to suspend the company match contribution to the U.S. Exxon Mobil Savings Plan for all employees covered by the Savings Plan, effective around Oct. 1, 2020.
-snip-
Exxon halts contributions to employee retirement plan
Erwin Seba
3 MIN READ
HOUSTON (Reuters) - Exxon Mobil Corp (XOM.N) is suspending the companys contribution to the U.S. employee retirement savings plan beginning in October, the company confirmed on Wednesday.
Employees blasted the decision by the largest U.S. oil company, which last week vowed to deepen cost cuts after posting back-to-back quarterly losses for the first time in its history.
It has already cut outlays on big projects by 30% and operating expenses by at least $1 billion. A review of operations and staffing identified significant potential for additional savings, executives said last week.
Given the current business environment, the corporation is taking steps to reduce costs, the company said in a message to employees seen by Reuters on Tuesday.
The company intends to suspend the company match contribution to the U.S. Exxon Mobil Savings Plan for all employees covered by the Savings Plan, effective around Oct. 1, 2020.
-snip-
Read more: https://www.reuters.com/article/us-exxon-mobil-retirement/exxon-halts-contributions-to-employee-retirement-plan-idUSKCN2510IG
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Exxon halts contributions to employee retirement plan (Original Post)
Eugene
Aug 2020
OP
sinkingfeeling
(51,279 posts)1. More people who won't be able to retire.
Sherman A1
(38,958 posts)2. I'm sure that the CEO
Will get a nice bonus.
CatLady78
(1,041 posts)3. charming.nt
live love laugh
(13,008 posts)4. But Republicans require the USPS to pay 75 years in advance
for retirement for 500,000 employees. Not a word for any other company. The USPS should sue.