I the US very few other f the shops are union, that said, I do agree that fairness and not favoritism should be applied when offering OT.
That even goes for day shift versus night shift should get a fair balance of OT.
But, if you’re looking to make a good living and a good outlook for your future, NOV is not the place to be.
They like younger, lower paid workers, especially temps, to keep cost low and quality lower.
Same for staff engineers and such, and it shows!
The union should grow a pair off balls. And say enough is enough u cant take money off people . Then let people work overtime . Enough is enough
I agree 100% with you to stay because really if you are already Medicare eligible, what do you have to lose?
At 67 you max out social security!
And if you play your cards right and in good health you can earn a lot more than SS payment until A) you retire or B) they retire you.
They will probably offer a severance still and could be up to a year with 26+ years service.
Only downside, and depends on what type of relationships you have in your group are, some younger workers still trying to raise young families may have to be released, but chances are they’ll pick the older ones anyway since nobody is calling their hand.
Yes, each time the offer was presented to me, i was offered insurance until i turned 65.
Your statement is seemingly contradictory.
WERE YOU or WERE YOU NOT offered health insurance in the VERP until 65 or Medicare eligible?
Many of the older guys that i know that has turned down the VERP do not regret it, including myself. I've looked at the offer and contemplated on taking it but why? It's only a year's salary with all taxes taken out and no insurance, I don't need a lump sum payout. They only pay insurance until you turn 65. I'm over 65 and not going on Medicare when i can stay employed here and have better insurance and a paycheck. I've worked my whole life and have investments, savings and 401k, If i get laid off today i'll still have no regrets not taking the so called VERP.
The company will not offer the VERP again. Especially not now. The people that qualified and said....ahhhh this will pass, I've seen many downturns come and go....are SOL and they will be coming for you. Just look whats happened the last couple months. Many that had the opportunity to take such package in the past were escorted out like a newbie to the industry.
Consider this, if the company offers a VERP now, will they even be able to sustain that program into the future?
Nope, hanging in here and drawing every dime i can from them. Been here a little over 23 years and earned it. One day maybe you can say the same thing.
will be some smooth consolidation...all above 60 take your package and go home
Wow... 2.9% adjusted EBITDA for RigTech. Shows how vital aftermarket is to their results... the backlog is trickling and the margins on it are p00p. Need those jacked up field service and spare part prices to put lipstick on that pig!!
I can see a Q2 '20 loss of $1B (give or take) and more layoffs. And, management is still safe.
During the second quarter, the Company recognized $102 million in restructuring charges, primarily due to severance costs, facility closures and inventory reserves. See reconciliation of Adjusted EBITDA to Net Income.
As of June 30, 2020, the Company had total debt of $2.03 billion, with $2.00 billion available on its revolving credit facility, and $1.45 billion in cash and cash equivalents.