GE to freeze pension plans for about 20,000 U.S. employees in bid to cut debt By Reuters

© Reuters. FILE PHOTO: The logo of US conglomerate General Electric is pictured at the company’s site of its energy branch in Belfort

(Reuters) – General Electric Co (N:) said on Monday it was freezing the pension plan for about 20,000 U.S. employees with salaried benefits, as the industrial conglomerate looks to cut its huge debt pile.

The action also includes supplementary pension benefits for about 700 employees in the country.

The moves are expected to reduce GE’s pension deficit by about $5 billion to $8 billion and net debt between $4 billion and $6 billion.

Source link

Share with your friends!

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *

Get The Latest Investing Tips
Straight to your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.