00:00T-Tech, a global technology consulting firm, has paused its 401k matches for US staff
00:06through the end of 2026, according to an internal memo seen by Business Insider.
00:11The move comes as T-Tech seeks to invest in AI and deal with its own financial difficulties.
00:16The company's share price has dropped from more than $110 in late 2021
00:20to just over $3 at Thursday's close. Pulling back on benefits is common in a tough economy
00:26and is often a means for employees to trim costs before resorting to layoffs.
00:30But T-Tech explicitly linked the cut to AI, telling us its suspended 401k matches
00:36partly to fund AI tools automation and workforce training and certifications.
00:41Popular benefits are increasingly fair game.
00:44Earlier this year, Zoom reduced the number of paid parental weeks at office,
00:49and the big four firm Deloitte is also planning to reduce or cut benefits,
00:53including parental, youth, PTO, a pension plan and IVF funding
00:57for a select group of workers starting in January.
01:00Experts say companies are reacting to economic instability
01:02and a job market that has shifted power back to employers.
01:06If your company has made changes to its core benefits, we'd like to hear from you.
01:10You can find contact details and read the full story at Business Insider.
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