2015 Bonus Awards - HR REply - post regarding Chevron Corp. layoffs

2015 Bonus Awards - HR REply

CIP is not a part of the Severance Package. IPF rating can be generally expected to be defaulted to a “1” for those receiving severance pay. Per ROM FAQ:

Per the CIP award guidelines, employees who have been involuntarily terminated due to reasons other than poor work performance or cause will receive a pro-rated CIP. This includes those who have been deemed “Left Standing” through the ROM process. Please refer to the guidelines for more information: http://hr.chevron.com/northamerica/us/payprograms/cip/receiving.asp

Since you do not have access to the HR website with CIP summary, I have copied & pasted for your convenience General Payroll Eligibility Requirements:

You will be eligible for consideration for a CIP award if you meet the following criteria:

· If you terminate prior to this time, you may still be considered for a CIP award if you meet both of the following criteria:

o You terminate for an eligible reason (as described in eligible termination reasons section below).

Note: Nothing in any of the above precludes management, in its sole discretion, to set IPFs to determine awards deemed appropriate.

Eligible termination reasons and eligibility for consideration for a prorated CIP award

You will still be considered for an award (based on your eligible earnings for the portion of the year worked) if you have terminated employment after the end of the first quarter of 2015 due to one of the following eligible termination reasons. (If the eligible termination is effective during the performance year, then the award will be prorated):

· Receipt of severance pay or a voluntary or involuntary termination pension enhancement.

For any of these eligible termination reasons, your prorated award will be based on your regular earnings paid during the performance year.

How Payouts are Paid

U.S.-CIP awards for the 2015 performance year will be paid as part of the regular payroll as soon as practicable in March 2016 after the corporate rating, Award Unit ratings and Individual Performance Factors for IPF-eligible employees have been determined. U.S.-CIP awards are determined on the basis of your Award Unit and Pay Scale Group (PSG) on December 31 of the performance year.

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Excellent post, @1ari. Thanks. Just to be accurate on the formula, though, the PSG Target % is the second to last factor. The Individual Rating is last.

Thanks for posting this, for those of us that can no longer view the HR website. Hopefully this info is helpful also, for those who may have forgotten how to calculate their CIP Award.

CIP Award = (Eligible Base Salary) x (PSG Target %) x (Corp Rating) x (Business Unit Rating) x (Individual Rating)

Corp Rating for 2015 = 0.80

Business Unit Rating = (unknown)

Individual Rating (assuming 1 is the default rating) should = 0.80

Employee Group Target%

(PSG 30)60%

(PSG 29)50%

(PSG 28)40%

(PSG 27)35%

(PSG 26)30%

(PSG 25)25%

(PSG 24)20%

(PSG 23)16%

(PSG 22)14%

(PSG 21)12%

(PSG 20)11%

(PSG 19)10%

(PSG 18)9%

(PSG 17)8%

(PSG 16)7%

(PSG 15)7%

(PSG 14)7%

(PSG 13)6%

(PSG 12)6%

(PSG 11)6%

(PSG 10)6%

If someone could copy/paste the 2015 Business Unit factors, that would be nice. Thanks

Does the prorated CIP also apply in other countries like Canada and Australia?

I will tell you one thing, it seems they let all the people that understood how this stuff worked leave Chevron. These supervisors do not know a damm thing. Most are inexpereinced and do not even know how to setup a WBS code is SAP. I can not time write becasue no one seems to know how to set it up. Gee, what a mess these ITC GM's have made. they ran off the people that knew how to run the place. The favortism they still show to their clones. I hope in the next round I get a severance package and can get out of this screwed up ITC. I have no faith in the current ITC Leadership. Does anyone really trust the GM's? They have all taken care of each other for the last 10 years moving around jobs and making sure they keep a tight circle. Come on Joe, this is the best IT leadership you can find, NO. Replace them all, Go outside and get a real CIO.

Interesting part is.... we all know there are so many 1s, 2's (+/-) and 3s.. Since those laid off before PMP closure, it will be interesting how the ratings are assigned. If those severed get 2- or 3.. I see some class actions because CVX will not be able to defend those being laid off getting the lowest rankings .. There are already several known cases where CVX paid off because they were threatened with lawsuits over rankings..

My 2 Cents.

OP, thanks for posting the text from the HR website. The bottom line for all laid off employees who were part of the 2015 SESP (severance program), YES, you will be getting a prorated share of the CIP bonus recently announced. You will receive a 1/12th share for every month you were on the Chevron payroll (also counting the 2 month WARN period you sat at home on the payroll). You CIP bonus check will be cut on March 7 and placed in the US Mail.

Thread regarding Chevron Corp. layoffs

2015 Bonus Awards - HR REply

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