THE LEX COLUMN: General Electric puts the freeze on pension benefits amid scorching debt
New CEO is taking bold and unpopular steps to stabilise the company
More bad news for General Electric’s (GE’s) long-suffering rank and file employees. The industrial conglomerate is freezing the pension plans of more than 20,000 US workers.
The pension overhaul is the latest in a series of actions taken aimed at stabilising GE’s shaky finances. It is a tough but much-needed move. Unfortunately it will not move the needle much.