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GE to freeze pension plans for about 20,000 US employees in a bid to cut debt

“GE and its finance arm had total borrowings of about $105.8 billion as of June 30, with industrial net debt at $54.4 billion” writes Fred Imbert for cnbc.com. The company said it will also freeze supplementary pension benefits for about 700 U.S. employees who became executives before 2011.GE said the freeze is effective Jan. 1, 2021, and both moves are expected to help lower net debt between $4 billion and $6 billion.General Electric said on Monday it was freezing pension plans for about 20,000 U.S. employees with salaried benefits, as the industrial conglomerate makes another drastic move to cut debt and reduce its pension deficit by up to $8 billion.
 
Source: cnbc.com



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