SAN ANTONIO – Editor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT.
Dallas-based Tenet Healthcare Corp., which owns San Antonio’s Baptist Health System, is furloughing more than 2% of the company’s workforce across the U.S. to trim costs as it diverts more critical resources to COVID-19 care and other urgent medical procedures.
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Matt Stone, Group CEO for Baptist Health System, which operates several hospitals in greater San Antonio, said the “flexing down” of costs through furloughs is in part “due to limited activity in the current environment.”
Baptist officials said furloughed employees will receive a match to their 401K accounts for contributions they made in 2019 so that they have access to those resources sooner. They will also receive medical benefits support at no cost. Meanwhile, employee and employer contributions of premiums for medical, employee/spouse critical illness and supplemental life will also be covered during the furlough.
In addition, Tenet is making available a special fund to assist employees facing challenges posed by COVID-19. Tenet Executive Chairman and CEO Ronald A. Rittenmeyer is donating 50% of his salary from April through June to the fund. Other executive leadership will donate 20% of their pay to the fund.
Employees unaffected by the furloughs will not see a company match to their 401k for now.
Read the more on this story at the San Antonio Business Journal.