I don't think anyone expected Xerox to reinstate the 401K match for this year, no matter what the results were expected to be. The corporate defense to eliminate the match is that "...the company would have had lay more people off" if they had kept the match. Well, guess what, I think myself and others would have taken that chance to at least have a chance at a match. Shame on the U.S. Federal government and States for providing all sorts of free relief money to companies like Xerox who then stripped employee benefits. I hope that future "walking around money" helps companies but also comes with conditions that protect employee benefits and encourages reinstatement of these types of benefits.
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They put this in the union contract in 2018 to do away with the match in 2021.
There's the 2021 profit sharing plan, don't hold your breath
My current employer after being with XRX for many years pays $.75 on a dollar invested up to 6% AND contributes 2% of my salary to 401K plan. Some companies care about employee satisfaction.
yes, only a few companies pulled back on their match in 2020 and those that did, many paid for the first half of 2020 and reinstated the benefit in 2021. Once again, government gives MILLIONS of tax incentives without any conditions on employee benefits
My company has a 6% match and it pays out every pay period. One example of how the grass IS greener on the other side
But it’s a dying company with no profits, what do you expect? This company sucks, that translates to your life working there.