Due to the pandemic. I'm not sh–ting you.
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The cap at 52 weeks tells us that management expects to see most of the job lossses in the early and mid career group.
LT says this was done because of the weak economy, but it’s really because of the low number of EOIs early on. Yesterday in the DS&C Townhall, Mark mentioned that LT expected the EOIs would cover 10% and fell far short and he had this worried look as downstream only participates in one round of EOIs and sets up low expectations. Yet it was weird bc he made the case on why people would not EOI due to low interest rates and economy. The LT now hopes 3 weeks will push people to EOI on the 2nd round of EOIs
Thanks, OP. Really appreciate the early updates.
@8yir+151ArxxK Where did you see three weeks? (Email or workplace)
Looks like OP was correct. 3 weeks per year of service and max of 52 weeks of pay.
You are in for a very rude awakening if you imagine severance is not treated as normal wages. Or you are the popcorn troll again.
Is this just a sweetener for the 2 EOIs or also for involuntarily layoffs later this year?
Even if IRS allows company to use a withholding rate of 22%, when taxes are filed it appears that it will be added to wages and taxed per the higher tax bracket
If true that would be great! In another thread there was discussions about trying to delay getting your severance until after the new year to avoid being pushed into a higher tax bracket. Reading on the IRS site just now I do not think this is ready an issue because the severance is taxed as supplement income at a flat rate of 22% (up to 1 million) and thus it does no impact your income tax bracket paid on your regular income.
OP is an insider. Turns out this is true. More to come.
The max is the question. It is probably still a year, they probably just figured out how many mid term employees they need to lay-off. 20 years and below that is.
So 3 weeks per year maxing at what? Does this apply to everyone or just Upstream
Thought this was bs but it is true. More to come next week.
Sorry, email will come 5/26
Anxiously waiting for MW email 😂
email coming Wednesday from Mr. Wirth
Fake news! Your training is complete young apprentice! Now you can write for a host of fake news sites.
It’s 4, you get a gold Rolex, and MW will dance at your daughter’s wedding next year. Total Package.
To the Troll OP - AWESOME!!!!! Look at all the people who you got to bite on your FAKE BS!!! Very good job trolling. I can't usually get near as many people fooled with my troll posts. You have done well. They keep responding to your made up story as I post this, like they think it's actually REAL - LMAO!!!!
BRAVO!!!!
All sounds like nonsense to me. What would be the bottom line advantage to investors?
Yes @wes. Half years do count, but in an opposite sense. Half years take away from your severance. You better somehow stay on long enough to get whole years under your belt, or else you will lose money. They’ll be robbing Peter to pay Paul.
If it’s 3 instead of 2 it will definitely convince many of those on the fence to raise their hand for EOI
Whoever posted this is an id–t!
It’s not true....they are not going to change it after having people for the EOI.
That would defeat the purpose and something like that would definitely sway someone’s decision.
@gpt, hopefully it's NOT true. 3 weeks total is what I heard too. That would be a nightmare to make ends meet.
Do half years count?
You are right. Our skills are suitable for oil companies and all of them are shedding jobs. It will be a kind move on part of Chevron who always cares for their employees.
Hopefully this is true. It is hard to find a job in this difficult time and an increased severance will alleviate sufferings. The medical insurance alone costs $1500 or more for a month. We all can be in this situation and must show empathy to those loosing jobs.
What! Are you serious. Where did you get this information? It goes against the transformation to win instructions.
I don’t think this is right.
3 weeks per year of service. Don't know if it maxes out at 52 or78 weeks. We may get official notice tomorrow.
If this is true, what a kick in the pants that will be! Harsh.
Are you serious. Total or 2 weeks per year worked.
What have you been smoking recently?
Yes that is correct. The bad part is Instead of 2 weeks per year of service everyone only gets 3 weeks pay total. That's it. Because of the struggling oil industry and the burdens of complying with pandemic issues, plus everyone will get federal aid to help. C'est la vie!