Any rumors on what severance package may look like?
6 replies (most recent on top)
Summary
Basic Benefit – available at 1 year of eligible service
• 4 weeks of severance pay
Enhanced Benefits – available at 2+ years of eligible service with a signed general release of
liability
• 3 weeks of severance pay for each year of service, less the Basic Benefit
• $2,000 educational reimbursement
• Maximum 60 weeks of severance pay
Example:
An employee with 6 years of eligible service who is laid off is eligible for 4 weeks of severance
pay under the Basic Benefit. Upon the return of a signed general release of liability, the
employee is eligible for an additional 14 weeks of severance (18 weeks enhanced benefits – 4
weeks basic) and up to $2,000 in educational reimbursement.
*Your recognized service may include service with companies acquired by Concho Resources
Inc.
ConocoPhillips reserves the right to amend or terminate any of its Plans at its sole discretion at
any time, without notice. If there is any conflict between this summary and the official Plan
document, the official Plan document will govern. This document is not intended to modify our
"at-will" employment arrangement. Employees have no acquired rights in the company's plans
and programs, other than as set forth in the official documents.
I’m surprised you guys won’t do better than the typical COP severance as the COP leadership s—s at negotiating and your management probably negotiated circles around them. Good luck.
I wouldn't think so, that's only for vacation time. Be my guess.
if you moved from a different company to Concho do the years of service carry forward to concho? Reason I ask is they do this to determine vacation time.
It would help a little if this was the case for the severance package.
Damn
3 weeks of pay for every year of service. So if you have been with Concho 10 years, you get 30 weeks of severance. Not great. Welcome to the ConocoPhillips way of doing things.