General Electric said on Monday that it would freeze pension plans for about 20,000 United States employees with salaried benefits, as the industrial conglomerate makes another big move to cut debt and reduce its pension deficit by up to $8 billion. Since taking over a year ago as chief executive, Larry Culp has carved out a number of measures to streamline the company and raise cash to pare debt. and its finance arm had total borrowings of about $105.8 billion as of June 30, with industrial net debt at $54.4 billion. The company said it would also freeze supplementary pension benefits for about 700 employees in the United States who became executives before 2011. G.E.’s pension plan has been closed to new entrants since 2012.

Source: New York Times October 07, 2019 13:29 UTC