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Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Aramark informed managers that the company match on their 401(k) contributions will be cut in half, Philly.com reported Wednesday.

Why it matters: The strange part of the announcement to staff was that it came days after Aramark reported record sales and its highest profit margin ever. GAAP earnings per share rose 53% year over year, partly due to a $38 million benefit from the 2017 tax reform bill. (The record year did include layoffs of about 540 employees and $30-35 million in net severance charges.)

Details: They'll take the match to a maximum of 25% of 6% of pay. That's down from 50% last year and 65% in 2016. Aramark added that its bonuses would be paid two months late.

The big picture: Aramark has a long history of battles with this sort of issue. The company provides services that often replace government workers in schools, prisons and at healthcare facilities. That has put it in the middle of scandals over low pay and negligent practices.

  • In 2008, Aramark settled a complaint with union workers after a three-day strike in which the National Labor Relations Board filed an unfair labor practice complaint and alleged intimidation and unfair firings.
  • In 2012, an investigation found Aramark cut workers' pay and reduced their hours into unworkable split shifts, pushing them onto government assistance.
  • Nine incidents of maggots were reported in Ohio prisons, including two in one week at a women's prison, where Aramark had taken over food prep operations.
  • In 2015, Aramark reportedly was fined more than $270,000 for contract violations including not having enough workers to prepare and serve meals. A local news report found nearly 100 Aramark employees who were fired for inappropriate behavior.

Go deeper

Texas urges Supreme Court to leave abortion ban in place

Photo: Emily Elconin/Bloomberg via Getty Images

Texas on Thursday asked the Supreme Court to keep in place a law that bans abortions after an embryo's cardiac activity is detected, which can be as soon as six weeks and before many people know they are pregnant.

Driving the news: Texas Attorney General Ken Paxton is asking the high court to ignore the Justice Department's emergency request that they temporarily block the law while federal courts consider its constitutionality since it "lacks standing because it has not been injured by SB 8."

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Meme stonks lose their appeal to the world of crypto

Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.

Latinas who brew seek to shake craft beer industry

A server at Mujeres Brew House in San Diego rings up a customer in front of a selection of craft beers. Photo: Russell Contreras/Axios

Independent craft brewers are popping up in cities across the country, and a small but growing number of them are Latina-owned or run by a Latina head brewer.

The big picture: Latinas are opening up independent craft breweries from California to Colorado as Latina-owned small businesses continue to be one of the fastest-growing segments of the economy despite a lack of venture capital.