https://www.upstreamonline.com/finance/bps-looney-halves-top-management-roles-in-energy-transition-plan-report/2-1-813694
21 replies (most recent on top)
Chevron is currently in better financial shape than BP so not a lot of risk. However, if prices don’t recover in the next couple years they may well terminate the retirement plan and distribute any funds remaining in it in to the retirees as a lump sum. This is how the plan is written, to protect the company in hard times. Sorry. It won’t be pretty.
I aint lived within my means thats why I need the bail-out. I posted below, post @2ewa. they ant cutting my benifits I am not good at math but who cares. people make fun of me and call me popcorn this and that. They wont tell me that to my face though. least not in from of my double-wide after it's paid for with my severence and lump sum. that an i need to pay off my 4wheeler. can offer you a cold one too. hope you like bud lite. i will be drinkin plenty
Maybe if you lived within your means you wouldn't have too much debt.
@2fto, Correct, for those who have not started the plan yet. Not for current retirees. I wish that I could afford to receive a monthly pension. Very valuable these days. I have too many bills to pay and too much debt so I would have to take the single payment and hope I break even. That's almost everyone that I talk to at my pay grade or close to it.
We learned from Accelerate Downstream that leadership at Chevron will save high paid executives while squeezing lower PSGs.
“chevron has the right to change or terminate the retirement plan at any time and for any reason”
Why are your worried about cutting Benifits to retired employees unless you took the yearly benifits at 50cent to the dollar instead of the lump sum. Come on do the math for once. If you can change over take the lump sum.
@1sae, Chevron cannot and will not cut accrued benefits to working employees or retirees. Read the Chevron Retirement Plan, and for those who already retired, read your retirement agreement papers. It’s a contract and won’t change. Chevron can make changes or even end its pension plan if it wants, but everything already earned is a commitment written in stone and will be honored. Guaranteed.
Chevron is a great company, but it definitely is not a leader. Our management spins this as us being "fast followers" - as if this is a good thing. If another major is pursuing this, we may expect it to happen to us.
"Working" team leads and mangers, who what¿¿? ???all those titles are good sound effects, they are leeches working off 10% cut from the minion PSG 22_24 tech service staff in the tech center for a 10 minute review and made up codes for work tracking? Sorry don't need any bulge in 25 or above PSG .... need the doers with vision.....Major flattening of all layers 25 and above....higher the PSG heavier the roller..milk it while you can.
interesting to imagine CVX thinning our senior ranks (NOT going to happen but nice hypothetical). Broadening "scope of control" for lower level managers would be delegation of authority that we haven't seen in years.
"Working" managers instead of reporting managers is a thing of the past.
A "bulge" at the PSG 25 and 26 level would be far better than the current top heavy senior ranks. How many "deputy chiefs" does our Company truly need?
If the shareholders voted to cut then it has to be done to look after their self-interest
If chevron cuts benefits for those already retired there will be a LOT of complaining from those seeing the reduction, I garantee it.
True transformation should start from top, reduce PSG 28+ headcount 75%, PSG 25 _ 28 by at least 50% and you will see efficiency and productivity go up significantly...bunch of brown nosers, politicians, email forwarders adding no true value to success of CVX. ALL about self preservation..
Chevron typically doesn’t follow BP. They couldn’t even promise on cutting net emissions to 0%.
Who cares?
There are also rumors of BP cutting pensions benefits for employees and retirees. A dangerous precedent.
Chevron is essentially doing the same thing. You will see leaders, sometimes in new higher positions, with direct reports at lower pSg than before. A lot of PSG 29 jobs will get the axe.
Does anyone know where the CHEVRON layoff's section is? I have accidentally stumbled upon the BP one, evidently.
Most of them are incompetent as well.
Chevron should cut 70% of PSG 26 and above. Useless bunch and they only exchange emails.