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Eugene

(61,595 posts)
Wed Aug 5, 2020, 09:38 PM Aug 2020

Exxon 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 company’s 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.”

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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
More people who won't be able to retire. sinkingfeeling Aug 2020 #1
I'm sure that the CEO Sherman A1 Aug 2020 #2
charming.nt CatLady78 Aug 2020 #3
But Republicans require the USPS to pay 75 years in advance live love laugh Aug 2020 #4

live love laugh

(13,008 posts)
4. But Republicans require the USPS to pay 75 years in advance
Thu Aug 6, 2020, 05:42 AM
Aug 2020

for retirement for 500,000 employees. Not a word for any other company. The USPS should sue.

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