Hearing some older workers in MCBU are being informally polled on whether they would take an early retirement package. Anyone else hearing this.
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Previous Comment: “ Many of the Pittsburgh staff are stronger and more experienced than Houston/Midland.” - Wow. Showing our biases aren’t we? Have you worked in all 3 places? Then how can you make that comment? For being so inexperienced and weak, they sure are carrying a huge weight for the company right now.
Interest rates are near historic lows and falling lower. Lifetime opportunity to cash out!
crv- $2mm ain’t what it used to be!
i'm a late career employee >60 in mcbu and i've heard nothing
Capped at 52 unless you are not a US employee.
The last poster is clueless. Severance packages are capped at 52 weeks max.
Its one of the perks being a long term Chevron employee. Build up your pension, investments, savings, add in a few years overseas premium, get to 55+, next industry downturn or re-org tick the EOI box. Two years salary as a payoff, nice pension and a change of career...
The package is pretty generous to entice older folks take it and open up space for moving people up. It will be sweet deal for who ever lucky enough eligible.
Packages are coming, EOI requests approach, be patient and it will be here soon enough.
There's nothing "roll'em under the bus" about it, that's where you're wrong. If anyone else's package which in your own words is, "exactly the same as an involuntary" then, your swell package, exactly the same, is also "roll'em under the bus".
- anu, a voluntary severance package would be exactly the same as an involuntary-roll’em-under-the-bus type of severance. No more, no less. What’s swell is when you’re really ready and willing to retire and you also get the severance package too. That happened to me in 2016.
The former Atlas employees will go first
In many of the last reductions/reorgs that I've been through the mid level and younger are more likely to be left standing. The older folks, not only being more experienced, are also more in tune to the current legal atmosphere working in their favor.
What would a voluntary severance package look like. I know a non vol package would be 2 weeks pay for every year of service.
Seems like MCBU and AMBU will be combined in a ROM and the best employee for each position selected. Makes a lot of sense. Many of the Pittsburgh staff are stronger and more experienced than Houston/Midland.
Just because someone is a younger employee at Chevron, they shouldn’t draw any conclusions that if an older employee volunteers to retire, that they have less to worry about. Not all personnel have the experience or knowledge to fill the job requirements of the open position. If the company cannot find the adequate talent to fill a vacated position, it should hire from the outside before moving an unprepared employee already on the payroll into the job. Remember this— during reorgs, the 55+ age group are vulnerable, but that doesn’t mean the younger personnel are safe either. It helps to be be younger, but don’t rest on your laurels. You better have what it takes to remain with the new organization.
Why is MCBU laying people off now?
Well let’s hope they offer packages to the drilling dinosaurs who got to go. If a $1-$2 million dollar pension isn’t enough for these guys to retire then they’ll never go. They’ll be wheeled out after keeling over at their desk.
Yes, I heard directly from an late career person in MCBU who said, he was contacted this past week via a phone call and asked if he would accept a package if/when offered. He replied, absolutely. As all can understand, Leadership is gauging what the numbers will be like when the voluntary separation offer is extended and how many positions will open up after their departure. Appears they are trying to estimate the openings for the must moves, and minimize those left standing.
If true this is heartening to hear and we should applaud the BU management. Why not work to understand what space could open up for other employees in MCBU and other BU’S e.g. AMBU. Similar discussions should be going on in all BU’s.