Elimination of Pension Security

This week’s announcement has serious implications and indicates the company is moving towards elimination of the pension. You could have worked for decades and be days away from receiving your pension at 55 and lose it all under the new system. If you are staying for the pension and it is what is keeping you here I recommend you think hard and critically on what the chances are that you actually receive a pension. Clearly Darren wants it gone. Executives have their huge pile of RSUs and the pension means very little to them. They would like to eliminate the pension so the stock pops higher.

OLD SYSTEM
If are NRE and placed in NSI:

you are put on a DPC. You cannot fail the DPC. Basically you couldn’t be fired for “low performance” if NRE

If you were not NRE and placed in NSI:

if 3 times in last 5 years you have been NSI you were mandatory to be fired (PIL)
else if you are NSI you could choose between PIP and PIL
if you failed the PIP you were fired

NEW SYSTEM after 2026
NRE and DPC eliminated from policy. You can be fired for “low performance” even if you have worked successfully at the company for decades and are just a few months or days from reaching 55 when you would be eligible for retirement. You can lose it all.
If you are placed in NSI:

if 2 times in last 5 years you have been NSI you are mandatory to be fired (PIL)
else you can choose between PIP and PIL
if you fail the PIP you are fired

NEW SYSTEM IN 2026 ONLY
NRE and DPC eliminated from policy but if you are NRE and NSI then PIP will be offered and if you don’t pass you will be fired. You can also just take the PIL.
If you are placed in NSI:

if NOT NRE, NSI at any time in last 4 years, and NSI in 2026 you are mandatory to be fired (PIL)
else if NSI you can choose between PIP and PIL
if you fail the PIP you are fired

#ChangeManagement #Company #EmployeeRights #Layoff #Pension

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Does anyone know how much the approx. value of retiree/ annuitant medical benefit per year in Canada or US? Also considering medical benefit will be cr-ppier stating in 2027,is it like $3000-5000//per person/per year?

If you don’t retire at 55+ you don’t get the retiree benefits like medical. Huge value loss. Read the policy. Yes it matters for those who are close. If you are young you should be applying for a new job. Clearly benefits will continue to be eroded.

Same getting piped at 54 is significantly less than retiring at 55. The company just wakes up after 32 years and decides you are a low performer ?? It has nothing to do with performance and is all about greed. Every full pensions and mostly medical the MC does not pay means more for them. And with a pension system still in place, they pay less everyone else. Younger folks … you should really all look for better opportunities elsewhere … the long term benefits are now officially a total farce !!

You get what you have earned. But if you get pipped at say 45, it is significantly less than what you would get at 55

@bz you clearly do not understand the difference between being a retiree and not. Yes you do lose a whole lot of benefits if you do not make it to 55.

You wouldn't lose it it. Your earning would stopped and you would get sh-t you've earned under the program. New employees after a certain date would be ineligible.

The change would impact some more or less depending on what phase of their career they're in.

Thread regarding ExxonMobil Corp. layoffs

Elimination of Pension Security

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