OP From EM.
Can someone from here confirm the voluntary package terms offered to retirement eligible folks?
Have previously read that:
2+2+ (2 months p/year max 1 year) is our industry average.
However, shocked to learn that our current EM "voluntary" package was actually, 0+0+ (4 months only).
CTX? Idk what acronym that is or stock ticker but it is not Chevron. Clearly an EM troll who is probably jealous that his company went from #1 to #2. DW is a cancer.
Under all legal definitions severance is not necessarily part of your employment contract and is not often guaranteed, which describes Chevron's generous Severance Package given to both EOI and laid off employees. I was happy to be on the receiving end of this severance. Cheers!
Under most definitions severance is part of your employment contract and is guarantee. No such thing in our case. It is a liability payoff.
Yes, Chevron offered a relatively generous severance package. I wish it would have been more but it was substantial . Also they extended more to those with less time , which was nice of them.
Not sure that some understand cash vs severance. The severance was issued as a check, direct deposit. How else is money transferred from employer to employee. I think some people like to play word games. A severance payment is a severance, and any compensation of any sort is required to be reported to the IRS, any Benefits application such as Unemployment office, etc. It really doesn't matter what you choose to call it. Any form of compensation, payment, etc., needs to be reported and disclosed to all government agencies, for any type of benefits, ie. the ACA, or else you are committing fraud. If you play stupid in 2021, if that is the severance tax year, and try to get ACA subsidies on no income you are committing fraud too.
Carry on.
Folks who says CTX don't work for Chevron. They are just trolls from other boards making vitriol to spew.
OP - EM makes distinction between "retirement eligible" voluntary program and involuntary severance package. The "retirement eligible" voluntary program is simply an extra 4 months. The involuntary severance package is a bit more generous than that, but anyone near retirement eligible or retirement eligible is excluded from scope of the involuntary program.
What did CTX offer to employees who are considered retirement eligible to depart?
Chevron provided a generous Severance Package to those who were laid off this year.
OP thanks and If CTX offered "cash" in lieu of severance to retirement eligible, how was the cash component calculated? I would assume it would be a multiple of monthly salary. As in the case of EM, that multiple is fixed at 4 months.
Chevron does not offer severance. Because of the high risk of discrimination in how this layoff is being handled, they offered cash to sign indemnity forms.
Here the Salary Range
https://www.thelayoff.com/t/Z3QDr6e
one week for every year you have been with CVX, capped at one year.
Canadians get a better detail - some got three weeks for every year.
For most companies in oil and gas, the standard is Zero, unless local laws require more or if union contracts require more. Plus many oil and gas companies do not have pensions, so there is no pension lump sum. Ask someone who works on a rig how much they got. ZERO
Go troll somewhere else please. There is no standard. What you get is what you get.
There is no industry standard.
I got a car, and a airplane.
OP, you’re wrong. Everyone in O&G gets a Brand New Car... you get a car... and you get a car .... and you get a car...
EM do your research.