Now that 7000 are to be cut, that is about one in 8 chance of getting laid off.
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The Severance calculation is based on your most recent hire date.
Thanks, Anonymous188366. How long did it take?
"The" board or "This" board? Which one approved the 2016 severance plan?
The board has approved a severance program thru 2016.
2 week for every year, max is 1 year of pension.
Anonymous188109, don't worry. You will be approved by TWC for unemployment benefits. Being terminated for lack of work is the correct choice to disclose in your application for benefits. Since Chevron's severance program is a lump sum, this will not disqualify you either. Go ahead and file. I did after being laid off earlier this year. I was granted my benefits without opposition from TWC or Chevron.
Number is in addition to the ppl already laid off
Two weeks per years of service. Got laid off Aug 12.
This number includes people that have already been laid off, I think?
The severance program is approved on an annual basis. The board has not yet approved a severance program for 2016 so, although it's possible and even perhaps likely that the program is renewed at current levels, it's not a guarantee. That sort of severance package for 6-7000 people will be a lot more expensive so there may be some changes.
2 weeks per year of service minimum 8 weeks. This is all published as the Surplus Employee Severance Plan. Look it up SESP in the shitty search engine. Only applicable to us employee. Also regarding unemployment. Your state makes the determination. You should still get it as its involuntary or a layoff but if you take all the money as a lump instead of supplement over time the state might consider that a severance payment. Get clarity from hr should you get laid off but make sure you look up how your state handles those payments.
I have been approved by the TWC but unemployment compensation is not guaranteed in spite of what I was told by my HR rep. My paperwork says that "involuntary terminated for "Lack of Work" is generally acceptable to qualify for unemployment benefits." I called the TWC and was told THEY make that decision, NOT the employer and that since I received severance pay, I may not be eligible. Do not count on getting those benefits. I was told the determination would take 4 weeks.
They are primarily tied to capex cuts, so project-relates positions will get the brunt of the cuts. PRC is going to be hit hard. That organization has grown tremendously since 2007/8 so I bet it will go back to the 2008 headcount.
While it might be one in 8 overall, I'd guess its about 1 in 20 if you work in something critical that makes cash. Its about 1 in 4 if you work in anything else.