Exxon suspends employee retirement contributions


Exxon Mobil Corp is suspending the company’s contribution to the U.S. employee retirement savings plan beginning in October, Reuters reports.

Exxon spokeswoman Ashley Alemayehu tells Reuters the move, which comes on the heels of cutting outlays on big projects by 30% and operating expenses by at least $1 billion, is part of the company’s effort to reduce costs in response to the impact of the pandemic.

The company will 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. Under the savings plan, the company matches a 6% contribution by an employee with a contribution equal to 7% of the employee’s pay.

Reuters has the full story.