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General Electric freezing pension benefits for 20,000 employees

In a move aimed at cutting billions in debt, General Electric is freezing pension benefits for about 20,000 U.S. employees.

It’s the latest cost-cutting move by CEO Larry Culp, who took over the company last year and is expected to trim $6-8 billion in debt.

A spokesperson called the move one of “several difficult decisions” aimed at “returning GE to a position of strength”. The news sent the company’s stock price up 2.6 percent.

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