Special Program of Severance Allowances (“SPOSA”). The SPOSA is an ERISA benefit plan established by Exxon that permits it to pay special severance benefits to employees if and when it decides to offer special inducements to retire as a means of reducing its workforce. ERISA is a government program established specifically to protect retirement security from employer abuses (Employee Retirement Income Security Act)
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What does “SPOSA” stand for?
I attended a forum today and they said there is no truth to rumors of no packages in US. Matter of fact, it was as recent as 2018 when sposa was offered.
Looks like every state except Montana is at will, so I'd say no packages in the US. Cuts are focused on PMT / execs, not wage.
The PIP was a voluntary release.
You could leave with 3 month pay (or retire) or work a game for 3 months (or less).
Alot of volunteers took it, but it was voluntary release, not an enema for the company.
It is a texas company and words might have different meanings.
Expect more of the same non-layoffs.
Texas isn't the only state in USA with exxonmobil employees. Seems like no severance for people in Texas though. Other states may be different.
@uwe+17i3ugxu, you’re right, they have said that for years.
At a forum this morning the response that EM preferred to make selections based on a combination of performance and job skills. Where legally required to include other criteria or utilize other means, the company would do so but only to the legal requirement. Given that TX is an "at will" state, I read that as no packages will be offered in US. (Other countries may be different.)
@uwe I’ve never heard Exxonmobil say that. I’ve only heard it in this forum where anyone can post any opinion they want.
No one knows either way until it is announced.
Exxon has said over and over they will not pay people to leave, standard severance is all people will get.
Yes. The package will include a box, instructions on how to sign up for cobra, and a pack of tissues. You can opt out the box, in which case they will give you a candy 🍭.