ExxonMobil will stop matching employees' 401(k) contributions in effort to cut costs
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.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Mardi Gras Krewes plan for 2021 festivities
Overnight shootings result in one death, multiple injuries
'Running with it': Spanish Town Mardi Gras moving forward with plans for...
Lake Charles evacuees worried they'll have to return home to nothing
Officials urge early voters not to be discouraged by long lines