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ExxonMobil will stop matching employees' 401(k) contributions in effort to cut costs

1 month 2 weeks 5 days ago Wednesday, August 05 2020 Aug 5, 2020 August 05, 2020 12:45 PM August 05, 2020 in News
Source: The Advocate
Photo: Google Earth

BATON ROUGE - ExxonMobil will halt company contributions to thousands of employees' retirement plans in October as it tries to counter the effects of the coronavirus outbreak.

The Advocate reports the company will stop its policy of matching six-percent minimum employee contributions with seven percent of that person's pay. Those matching contributions will be suspended starting Oct. 1.

The change will impact thousands who work locally at the company's Baton Rouge refinery.

ExxonMobil has been hit hard as the pandemic has had led to a record-low demand for oil globally. The company has reportedly lost $1.1 billion in its second financial quarter. Its revenue is also down to less than half of what it was this same time last year. 

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