XOM

Exxon plans to suspend employer match to employee retirement plans in Oct -sources

Credit: REUTERS/CHINA STRINGER NETWORK

Exxon Mobil Corp told employees it would begin suspending the employer match to retirement savings plans beginning in early October, said sources who received a message from the company on Tuesday.

HOUSTON, Aug 4 (Reuters) - Exxon Mobil Corp XOM.N told employees it would begin suspending the employer match to retirement savings plans beginning in early October, said sources who received a message from the company on Tuesday.

"Given the current business environment, the corporation is taking steps to reduce costs," according to a copy of the message seen by Reuters. "The company intends to suspend the company match contribution to U.S. Exxon Mobil Savings Plan for all employees covered by the Savings Plan, effective around Oct. 1, 2020."

(Reporting by Erwin Seba; editing by Jonathan Oatis)

((erwin.seba@thomsonreuters.com; +1 713 210 8508; Reuters Messaging: erwin.seba.thomsonreuters.com@reuters.net))

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