Wells Fargo to get rid of Match for High-Paid Employees Sources

Wells Fargo to get rid of Match for High-Paid Employees Sources

(This tale ended up being updated on Oct. 22 with extra details in 5th and sixth paragraphs.)

With its assault that is latest on costs, Wells Fargo & Co. is eliminating the 401(k) your retirement account match it creates for workers making $250,000 or more, relating to business sources.

Wells Fargo spokeswoman Beth Richek stated the bank that is capital-pressed “evolving” its U.S. settlement and advantages system with a larger increased exposure of supporting lower-paid workers.

“While we have been changing the way the business plays a part in the 401(k) policy for some, the overwhelming most of workers will still be qualified to receive the 6% business matching share, and we’ll continue steadily to provide a thorough advantages system for several employees,” she penned within an email. Read More