My last date in CHEVRON was 30th June 2016. will I be paid bonus next year in March for six months I am eligible for if Chevron pays bonus to all employees? i need to use this money to pay off additional tax that i have been hit with for owning CVX shares that got released on 30th June as well.
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No you wont get paid. You should be employed at the time bonus is paid out i.e March 2017.
You are correct, 1fte. You must have been employed through March 31, 2016 (end of 1st quarter) to get a prorated share of the CVX CIP bonus. Likewise, if you had worked more than 3 months, you will receive a prorated share for each month employed. I don't know what @1uca was saying about Dec 31, 2016. He or she must be confused or had something else in mind.
1uca. I understand employment up to end of 1Q16 entitles you to a prorated share of CIP.
To qualify you will have to be employed on 12/31/2016.
That's correct, zns. Thanks for pointing out the pension vesting as well. As bad as it is to get laid off, one cannot be too upset about Chevron's generosity throughout the entire process. Very few businesses would have treated its former employees this way.
Its prorated - and anyone with less then 5 years with CVX will automatically be vested in the pension, whatever amount they have accumulated.
I would assume the IPF factor would be neutral, thus not influencing the overall bonus formula result to the plus or minus column.
How's the IPF work? Does it just assume that those laid off people are a 2 and give a 1.0 IPF multiplier?
OP, if Chevron pays a bonus, and very likely it will, you will be entitled to your prorated share of it. In your case, it will be 6 months.