Exxonmobil is unlikely to eliminate it after they just highlighted it in a company wide email.
But then again...
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Just like the no layoff speech before they enacted the full bore pip program. Likely calling it something else but full steam ahead.
Cutting edge technology? We have spent multi millions on projects that never had a prayer of being commercialized, research is over …..has been 08801
In the interest of stock holders and to ensure that the right talents motivated by working on cutting edge technologies as opposed to drags working for pension are hired,
it makes sense to get rid of pension.
@3boc, Makes sense.
According to todays news, looks like one more rate hike will occur by YE23
EM waiting on interest rate to peak so NPV lowest possible when the get rid of pension.
I got my EM pension several years ago so what ever you all decide is fine with me
"Currently no plan for layoffs"
(D.W., Spring 2020)
Haha!
@2ovk
Well said! 😂
Dont worry about them folks, they will be well taken care of.
Kind of d-mb to think the execs will lose their pension. They will get paid what they're owed and also get some kind of new additional compensation to make up for the pension.
They will send emails. They will prepare beautiful PowerPoints and web pages. They are 100% absolutely keeping the pension in place … right up until the second they don’t, which will come with no warning, except maybe here.
What is going to happen to the employees at The Baytown Chemical Plants? Will they lose their jobs?
No just Layoff, a career with company as well.
Will be revisited by company in 2026
It is coming. If you are young, do not fool yourself.
Just because you cannot get job elsewhere, it does not mean that one has to unnecessarily keep on justifying that EM is a decent company.
Went to get an oil change but all Mobil 1 Lube Express has been replaced by others competitors. Looks like downstream business is already on its way out just like Annandale🙁😫. Sad XOM is going the wrong way. It breaks my heart.
I didn't get that email?
That was a phishing email. I hope you didn't click it!
The pension is not chump change to the executive class. If they eliminate it, they get hit in a significant way. Our industry peers still have a pension.
Remember when DW said no layoffs?