Thread regarding Cenovus Energy layoffs

Wow...

This is really hard to read. I'm not sure if this is real or just to make others feel bad. Reading others posts about bonus & payouts & how great they are is really hard to swallow.

I know we are all Oil and Gas, & for the most part we should be thankful for the opportunities that we have been given & don't get me wrong I am.

There were some great years for many of us, both with compensation but also in the satisfaction of a great job, team & for some of us we actually used to be proud of where we worked. Those years are long gone for me & most of those I have worked with.

The smart ones have been frugal with their money, but there is a major disconnect between the different levels of people at both CVE & I assume Husky. For those that are not the upper levels of teams, or management life is not as rosy.

If your a lowly support staff person there is a major discrepancy between the way you are treated.

Right from the opportunities for job advancement, to education & training opportunities even the BS of where you can have your desk & how big your space can be. But most especially for your compensation.

For those that are complaining about the $20, 000 bonus discrepancy vs the six figure discrepancy. I agree, but why don't you look at those below you? Try watching others do the same work you do but you get a great bonus of $ 5000.00 or your LTI"s are capped at 900 ( total grant) & your severance package?

Oh yeah.. I really do hope they treated you well because everyone should get the best they can. I don't wish ill upon anyone.

Please remember when you have that golden parachute that those on the bottom are barely getting 2 weeks per year severance (base salary not total comp) & that's if they are lucky. (with over 15 years with the company) With your benefits cut off immediately. These support people that I'm speaking of work hard, have little opportunity for advancement & get screwed over time & again.
The final kick out the door is no different. If I'm lucky my payout will cover 2.5 months on what I''m betting is a very different lifestyle than yours.

There is nobody left to fight for them.

There should be a consistent and fair severance for all. It shouldn't be like haggling for a c-appy used car.

I really do hope that you did well. For those of you still standing, look after each other & remember not every one gets treated as well as you do.

Good luck everyone.

IO got roughly 5 weeks of salary per year of service, was there 16, so I'm quite happy about it. I was able to send it all to rrsp, so tax diverted for now

I'm not sure about Husky but Cenovus employees receive an annual compensation summary that estimates what everything is worth all-in (salary, bonus, pension, savings, LTI, benefits, etc.). Take your package total and divide it by the all-in amount/12 and that is how many months you received. Most people probably received between 2 and 3 weeks per year.
Just looking at salary does not account for the fact that you will now have to purchase benefits, prop up your savings/RSPs, etc. to stay whole.

Contractors don’t get severance because they are extremely overpaid and it’s all built into their rates...benefits, vacation, cost of severance...it’s all built in.

They dumped it all in one sum, and its hard to figure out how many months of severance you got. Find that sneaky, wish I knew rhe reason

It really doesn't matter what the initial offer is for your severance. Remember, you will never find a comparable job or a salary that high EVER again. That is why it is important NOT to sign anything and to NEVER accept the first offer. After Tax you will be left with much less. You will not be able to claim EI.

https://duttonlaw.ca/heres-how-severance-pay-affects-unemployment-benefits/

Good friend of mine got cut yesterday, he was a full time employee for 12 years. Got roughly 4 weeks of salary per year (his position was not high pay at all).
And that is before tax

Just be honest with your package. It’s the companies that have made these discussions taboos it’s in everyone’s benefit for transparency.

I got what I think is 1.2 months per year plus bonus and benefits

Post from TheLayoff.com

What?!?! You're lucky, most got the boot before xmas. Typically Contractors get nothing.

Me too. What a sh–ty time to be a contractor. My department tried to hire me several times and never could get the box.

Contractor here, I got two whole weeks pay! (the required minimum)

Thanks management, I really appreciate your “fairness and respect”.

We’re packages consistent across Cenovus and Husky? Was there a common formula by level?

How were bonuses factored in if they didn’t provide a rating for the year?

I grot a c-appy package. I am definitely talking to a lawyer.

The biggest factors when getting a package is the age of the laid off employee and seniority. Over the age of 50 greatly increases the number of weeks offered. There is no one arbitrary number of weeks per year worked.

3 weeks per year....not 3 months per year!
Seriously, there are some clueless people on here!

Keep in mind my salary is 2 bucks an hour.

Hahaha. Yah ok Happy......

It used to be the minimum severance was 3 months total & maximum 2 yrs total. Depending on length of service, position/title could be anywhere from 3 wks - 6 wks per year of service. 3 months per year sound pretty high. Unless this person is very very senior & hadn't been there very long? If only there a year then 3 months for the year is the minimum.

I am the most senior worker in the organization. Hence 3.

It's not three months per year, as the person below me mentioned. It's either 1.5 or 2 months per year, based on seniority.

Suuuuure you did “Happy the Husky”. You are so full of sh-t I bet your eyes are brown!

I got 3

Here is some information on severance packages and how they work for Cenovus employees: https://stlawyers.ca/blog-news/cenovus-energy-laying-off-2100-employees/