General Electric To Freeze Pension Plan Of 20,000 US Employees 

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Yemisi Izuora

Cash strapped General Electric, GE, on Monday disclosed plans to freeze pension plan for about 20,000 US 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.

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