If anyone would have told me that Exxonmobil was going to do this to their employees 6 months ago I would have laughed. But just shy of retirement and without a single statement of any kind of performance issues, missed expectations, nothing... they tried to put me on a pip due to “relative” performance problems. Manufactured to fit the needed numbers. Desperate times and bad actor management doesn’t mix well.
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There is no CUSHION this person LOST over $1M of their pension because they weren’t 55 yet, so they are pretty much screwed in their late years...
I read this as dropped 60 points in the ranking in a year and lost about $1M dollars of value in their pension forecast because the company screwed them a few years of service.
The most value of your pension is built in the last few years. If you have to leave before 55 it is significant and you lose your lump sum option. So you get a much reduced pension 50-70% less.
At least you have a cushion to fall on, that’s good because most don’t walk away with 1MM. Hang in there and go find something fun to do.
Take your $M and invest it. Live off the returns and quit complaining. You have it much better than most.
You still get an annuity so quit btching. Company can fire you if you smell funny.
What are performance points?
Sorry about this. This is from today/ now due to not passing PIP or from 3 months ago? Best of luck!
Anyone shocked by how XOM is doing everything possible to minimize real severance packages has not been paying attention since day 1. This is a company with a ranking system that encourages employees to do whatever’s necessary to get ahead.
Sorry to hear this. Oil patch has no code now awdays.