Suppose you were offered another job at another company. You decided to take it. However, you worked at Chevron through the whole year and left at the beginning of December 2017. (So you worked the whole year from Jan-Dec) but didn't complete the last month of the year.
Would you still be eligible for the CIP award? Or would you forfeit that amount when you leave?
Just curious. Considering my options here.
8cax, The answer was quite clear and concise and answered many posts ago. You are the only one confused. No reason to get your panties in a wad, dear.
Confused list of answers to what would seem a simple enough question. I just looked it up (for USA payroll). To get the CIP you must work through the first quarter of a year and will get a prorated portion only if your employment ends for allowed reasons (includes death, layoff, retirement... but not leave for other employment or fired for cause). So if quitting worse case is to leave late February (as you will be forfeiting about 14 mo. of CIP) or retiring late March (as you will miss out in 3 mo. of CIP).
To get your CIP, you must be on the payroll through Feb 28 to get the CIP payout on the March 7 paycheck.
You will get a % of the CIP which will be calculated using the length of time you were employed in 2017.
I retired in Nov. 2016 and received 11/12 ( employed 11 out of the 12 months) of the CIP payout. I received the CIP payout in March 2017, same timeline payout of current employees.
Good for you -5riw. Congrats on your new job and my compliments for having made up for the lost CIP bonus money.
My signing bonus when I got on at my new company was big enough for me to blow off the CIP and not even bat an eye, so that previous post is correct, but maybe not in all cases. I am in IT.
YMMV.
4ufc, Thanks for those details, but I don't think that you "corrected" anyone, You simply explained the previous poster's comment with more detail. Nothing that you posted conflicted with what she/he posted.
-4svd, I’m correcting you on one thing, retiring and quitting are completely different things as it pertains to your benefits. The CIP bonus is one of those benefits. It too has “rules” to follow. Quit before December 31 and you lose 100% of it. On the other hand, submit your retirement papers with a leave date after December 31 and the CIP bonus is yours without discussion. Submitting your retirement papers takes more than a few days to process. I think retirement takes up to 90 days, maybe a little less, but normally stipulates you need to use up all of your remaining or accrued vacation days first. Once you submit your retirement papers, there’s usually no turning back. A question you need to know the answer to is if your next employer is willing to extend you all the time needed to jump through the hoops so you can collect your bonus money? How much money are you talking about and is the trade off worth it? You can always discuss this potential forfeit of bonus money with your next employer before accepting the offer. Negotiating a signing bonus is not unusual in hiring a new employee. Either ask for a hiring bonus now in place of compensation for a lost CIP performance bonus that will be paid in early March next year.
I think if you leave the job retirement and quitting are essentially the same, the only difference is the administration of your pension, etc. at that time and the formal announcement. Correct me if that's wrong but that's what I understand. i.e., retiring during November still yields the same CIP results.
He shouldn’t quit then he should retire instead. Then work at the other place.
3ws the guy is not retiring, he's quiting. Doesn't work like that
3uez, Yes, you are correct, however it is not earned in the normal sense like salary and is not "yours" until you complete the entire year and sometimes not even then and can be Zero. There are restraints, terms and conditions. I am not splitting hairs with you on this, the policy manual you quoted is basically the same as all bonuses at any company. If you don't get it, you never will (the principle). if you quit, you don't get it, because it's not the same as your salary, it's a gift. You can sue for salary. I'm not sure that would work for a bonus. That's no different than you not getting paid vacation when you quit during the first year of employment at many jobs, I'm not sure what CVX's policy on that is. That's why you have to "borrow" vaca during your first year. The OP doesn't get to rewrite company policy because he/she thinks they are special.
You are wrong -3kaw. You only need to complete the year through Dec 31 and you have earned the CIP bonus. You can retiree between Jan 1 and the end of Feb of the following year and Chevron will mail you the bonus check. You don’t need to be present to collect it. Troll.
Kill the thread it was answered long ago. If you aren't there to collect a paycheck you are not getting CIP.
@its
I am not sure I totally agree with your statement that it is not earned. A CIP is earned and part of your compensation! It is even taxed like your normal compensation. According to the CVX internet, "The Chevron Incentive Plan (CIP) was developed to recognize yearly performance with the emphasis that we are one team focused on safe, reliable and profitable operations that enhances value to our stockholders. CIP is a variable pay program, which means the amount of the award can vary. It can be higher in some years and lower in others depending on the performance of the company relative to industry peers, how your business unit performs relative to other Chevron units and, for PSG 21 and higher employees in most locations, your individual performance"
Assuming you are a PSG 21 or higher, which is the vast majority of people in the company, it is calculated based on both company and individual performance. Just sayin
So I have seen a couple different responses about this.
Do you have to work the whole 2017 calendar year to receive your CIP pay, or do you just have to be on the payroll in March 2018?
Which is it? I hope the earlier.....Not sure if I can handle waiting until March to make a move.
@bdj, The OP is being greedy. The CIP bonus is not "earned" in the normal way as you put it, and it's not part of your normal compensation. It's a gift. Part of the reason for it is an incentive to remain loyal and continue the year without quitting as well as to continue working hard and improving. If you fail on any of those requirements you lose it or the next one. It's completely discretionary. That's business and how it is at all companies. Nothing unique to CVX. Get over yourself.
Too funny -1qwb... “many Business Partners at Chevron have had their arse licked all the way to the top”.
Sorry meant to say you leave based on an eligible reason
You must be on active payroll at the time the CIP is paid I.e in March the following year. If not your ineligible to receive th CIP payment unless you leave based on an ineligible reason such as retirement, divestiture etc. your HR Business partner should know this answer if not it’s a worry if they don’t as many Business Partners at Chevron are there because they have arse licked their way to the top
You will not collect your CIP if you leave on your terms. You may also miss out on any type of severance. Good luck to you.
You will need to be on Chevron payroll at time CIP is paid to receive it.
Who is being greedy, yrr? Everyone’s time and compensation are earned by merit. If you are expecting a bonus, it’s because you earned it. If an opportunity is presented that a person judges to be a step up in their career, take it, but don’t leave behind what is yours. It’s not being greedy to let your prospective new employer know what you are giving up to work for them. An annual bonus has value. If you are to miss out on it, it’s fair to question the new employer how important is it to them that they can’t wait 1month until January to take you onboard. If it’s that urgent to them, it’s fair to negotiate the forfeited compensation of 11 months of bonus money. If you still think the employee is being greedy, then you are most likely an immature person who doesn’t give much credit to your own time and work. Think about it before responding.
Greedy aren't you!!!!!
@vre offers the best advise. If you willingly leave before the end of the year, you will forfeit all the CIP bonus. So, negotiate with your prospective employer to allow you to complete the last month of employment at Chevron or they can compensate you for the lost bonus amount.
You will not be able to collect CIP. Source: I just left the company and HR told me directly. Have your new company pickup the loss you incur from switching jobs.
You need to be employed by Chevron, retired or laid off to get the CIP. If you leave the company by your own choice, you get nothing. Go to the HR website and read about CIP - don't ask a bunch of trollers!
It is prorated for the partial year.