BEAUMONT, Texas — ExxonMobil employees were notified in a message on Tuesday that the company was suspending the company match to employee’s savings plans beginning in October.
Citing the “current business environment” the company told U.S. employees their 6% company match would be suspended after October 1, 2020 according to a copy of the message shown to 12News.
Employees will still be able to contribute up to 20% of their pay to the savings plan the message said.
12News reached out to an ExxonMobil spokesperson who responded with a statement confirming the cut to the savings plan match.
The statement added "ExxonMobil’s total remuneration remains competitive despite the suspension."
Exxon lost $1.1 billion in the second quarter as the pandemic kept households on lockdown and the need for oil diminished around the world.
The quarter was one of the worst on record for the oil industry. Exxon executive Neil Chapman says demand fell to levels unseen in nearly 20 years and the company has never seen a decline of this magnitude and pace.
The company currently matches a 6% contribution by employees with a contribution up to 7% of the employee’s pay.