Jpmorgan Chase & Co Delays Contributions To Certain 401(K) Plans
The news that outstanding throughout there that JPMorgan Chase & Co is delaying their plan, which mentioned about matching contributions to certain employee retirement, that would to start at May1 ahead. Of course, it will reduce the payment of saving investment for their worker.
This oldest bank delayed the 401(k) payment, which purposed for the retirement employees, after they decided delay it until the end of 2009. they have plan to postponed this payment about 50000-250000 dollars per year.
In the other hand, when this company asked about the delayed payment for their employees taxes, they were objecting answered it. The source said that JPMorgan decided that they could not announce it officially in front of the public. However, we have some news that mentioned this payment case would decide in the end of 2009.
The source explained the employees who includes with the lower level, it meant of tey have wage less than 50000 dollar per year, they absolutely will accept the payment as normally. Otherwise, if the employees earn money about more than 250000 dollars, this group is not qualify for this plan.
A month ago, JPMorgan, the second largest US bank that has a base on New York City, has meeting with the investor and mentioned that they will cut jobs and it reached up to 12000 jobs that mostly came from Washington Mutual Inc and they will announced on December ahead. That is not all. They also announced that this largest bank would cut jobs up to 2,000 investment banking jobs.
This decision unfortunately should be taken by them because based n thee new condition of this recession, the house pricing, bad debt, and the increasing mortgage.
