I’m in my mid 40’s, so still got a ways to go. From those that have experienced it, what age do they start asking you when you’re going? Is it 55 or so?
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usually around 22
It’s illegal for them to make any recommendations and show age discrimination! But pension stagnates after 59/60! You will note that pension doesn’t increase much and now that segment rates are rising, anyone who was going to retire is doing it since lump sum and annuity are being drastically reduced by the feds!
There is no specified age, but as one advances and gets promoted to higher levels some find they can no longer find a position in which they can contribute at their higher grade level exceptions: They are the ones who should worry. Those who plateau in grade, but continue to do exceptional work at their level, can probably stay as long as they wish. Purely a cost-benefit analysis. Common for a mediocre petrotech to move up in grade by entering mid-management, only to get the boot during some reorg.
Last year was the perfect storm to retire between 55 and 60. The low interest segment rates created the highest possible pension for those that took the lump sum. Stock market was at an all time high for the 401K. To top it off, most received a year of severance pay and subsidized health care. On top of all that, Chevron called it a layoff even for EOI volunteers, so they were able to qualify for unemployment benefits.
@1zue+1fVBmLPj True.
@3gco, and to think, they let you get a GED without even being able to properly use English.
And to think we allow you to manage company money. Your 60 and don’t have enough to retire. You can’t manage your own money but we let you lees people and manage company money.
In good times, they won't bother you as long as you keep quiet and don't complain. In bad times, anywhere starting at 50-55. Chevron figures if you're 55 and have 20 years with the company, your retirement benefits will be ample. The truth is more like 60 and 30...
Chevron made concerted efforts in 2015/16 and 2020 to 'encourage' people to retire. Anything official would be illegal, they just had your lowest level manager ask their 55+ employees about how much 'runway' you see yourself having. Few voluntarily retired in 2015, so many were laid off. In 2020, JG (the elder, RIP) offered a package you couldn't refuse, so the floodgates opened. Trouble was, because of Covid, nobody bothered asking them how they did their job.
Ridiculous - I'm 60 and have been given top ratings for most of the past 5-6 years. 1's and 2+ until we went to the new system and now 2-3 exceeds. Depends on the performer and and results. if you remain in the same PSG for many years, raises will usually be low no matter how you perform. Work to promote is my suggestion if you wish to get raises.
You will not be getting many 2+'s after 55. Chevron is showing you the door to make way for more deserving people. If you ever sat in a pay grade review, youalready know this.
About every 3-5yrs when the company goes through a reorg.
Never….most (salaried) will just get the minimal raises and such but you can work till you die if you want. The only exception if they identify you as a poor performer bit that will take some time also. I know a person who is in his late 70’s still chugging away!!!