We’ve heard a lot of rumors about a new package coming out in June this year. Any truth to this rumor?
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New package coming in September
New package coming in August
The title of this post should be “New package coming in July”.
Another rumor that did not happen. Management is not going to float rumors like this and if it happens it will just come about one day.
The package will not come out until the Crownrock deal is allowed to happen.
Still waiting OP.
So OP what did you hear?
Unless you are an executive with a contract, employees have their retirement savings accounts, and if you’re in a union, you may have a pension. Then based on your age and years of service, you may get retiree medical. All these things are clearly laid out in company policies. When you quit/retire, that’s what you get, and maybe a party with cake and ice cream. Occasionally there’s a severance program for “qualifying” employees which provides something more, and you can discuss with your manager and HR whether or not you can take part in it and when your retirement becomes effective. It is more of a discussion than a negotiation, but there may be a little wiggle room. I have known a few employees that did not technically qualify for a specific severance program, but were provided severance anyway for reasons specific to their situation. That being said, the company does not have an unwritten bonus program only available if you ask HR about it. But feel free to check it out.
You cannot negotiate retirement benefits like you can initial salary and benefits. The only thing HR may bend on is letting you retire with an enhanced package and whether previous time with the company counts.
Just check with HR. It is for your own good if you are considering retiring. All I know is what I was told. Some of the long time employees have told me the same on the timing. It is worth you checking. It is not in the written policy.
@9xor+1ssnHURM, I think you are confusing the criteria for bonuses with the age and service requirements for retiree medical. Both are clearly laid out in the company policies.
@9xor+1ssnHURM, Nope. You can negotiate whatever you can get in retirement, but the standard practice is you have to be there when bonuses are paid in order to get a bonus.
Look at it like this. Say you “retire” at 55 with 10 years, but you really just quit for a new job at a new company. You really think you’re going to get 1/2 of a bonus the next year while you sit in your new office? Companies don’t have to pay bonuses, and surely don’t pay bonuses because they like you. They are paid in order to retain employees. if you’re already gone, what’s the purpose? You think they owe you?
You are wrong on that. Check with HR and they will fill you in on it. You have to meet the retirement criteria of 55 and 10 years. If so you should qualify for 1/2 the bonus for the half of the year you worked.
@2qpu+1ssnHURM, employees only qualify for bonuses if they are working/employed when the bonuses are PAID. You don’t get to retire one year and then get paid a bonus the next year. Employees typically retire immediately after the bonuses are paid.
@2hjk+1ssnHURM Agree, and the ones that are retiring have most likely turned in their retirement and will work through June, so they will qualify for 1/2 the bonus in 2025. Maybe the OP is really talking about a new sale package for properties to sale to get the cash to apply to the Crownrock deal. Oxy has so many jobs posted on the career site they could move people in some of those positions before layoffs, early retirement, and so on.
Why would the company do a retirement package? They need all the experienced talent they can get.
Sale package or retirement packages?