I've heard mixed messages on this with some saying the age + years point calculation applies to others saying that the 75 points do not apply in this special event. Which one is it?
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I am being terminated on october 23 as part of the 2020 special severance program.
If a 2020 CIP program occurs (payout in 2021) will employees severed during the current transformation selection events qualify for a prorated CIP award?
Your nuts if you think CIP is going anywhere, as those rising above 25 get an increasingly higher percent of their income from CIP and options. Pension add cuts or 401k matches might be on the table next year but not this year, and that would be better than another ROM.
I think there’s a very good chance CIP and Company 401k match will disappear next year, couched as the evolving (shrinking) Chevron adjusts to the times. This isn’t your Daddy’s oil industry anymore.
Rule of 75 , (for people leaving company)
Take your age add number of yrs of service
so if you are 55 and have 20 yrs -> 75 service you get CIP, otherwise no
(pro rated of course) , if the company CIP factor is .25 that affect how much the CIP will be at your PSG
You’ll get a prorated CIP for the first 3 quarters. You won’t get it on the last because you’ll be off payroll in December (the last quarter)
oel+17aVxyXa Is you have worked past 1 st qtr 2020 you get prorated 2020 CIP in 2021.
If you work past 1st qtr 2021 you get prorated 2021 CIP in 2022.
Seen this play out in another industry, leaders will be reward handsomely for achieving transformation targets, while everyone else will get next to nothing. Most of us, will be lucky to get a Chevron Gas Card, good enough for 2 hot dogs and soda,
if they do have a CIP, it will be prorated assumming you worked past first quarter....
You get a pro rated CIP. If there is a CIP.
There will be no CIP for anyone this year. With the billions in losses, the only debt incurred is to pay the dividend. So it’s a moot point for 2020.
Don't hold your breath for CIP next year.
With so much movement within and out of the company, how are ever going to fairly quantify awards. Especially, in those that stay but have had number of leaders exit.
I took the early accelerated EOI in May and was advised the years of service + age calculation was not applicable. I came to Chevron as experience hire and had 10 years of service.
Points do not apply.
However, I suggest going directly to HR for questions like this. The layoffs is an awful place for getting reliable information.
I wouldn’t hold my breath for CIP next year.