Please…I know a lot of coworkers who would take it easily!
19 replies (most recent on top)
Looking at all three documents, the 2025 VSP is a good middle ground between the two.
Standard Severance < 2025 VSP < COC
For reference, here is the Oxy CoC Plan
https://oxylink.oxy.com/siteassets/documents/benefits-spd/oxy_change_in_control_severance_plan_spd_final.pdf
Found the Oxy severance document. Age plus experience has to equal 65 to trigger subsidised medical. You need to find legacy Oxy employees that are 55 with 10 years or 60 with 5 years to be eligible for subsidised medical. 10 years of experience gets you 140 days of severance. Hope you've been saving as this will be gone before you blink. I'd hang tough and wait for the COC that's coming next year... Have fun.
https://oxylink.oxy.com/siteassets/Documents/Benefits-SPD/Notice-and-Severance-Pay-Plan.pdf
@eb You mustn’t be one of Oxys acceptable targets for bullying and bigotry.
@e6+1k9dme1vj - I am over 55 and have 10 years of service, and confirmed. Otherwise, I would not take it and keep working for the insurance. The severance is nice, but the retiree insurance is what convinced me to show interest in the VSP. Oxy is really taking care of us during this time, but we are also walking away from a great job that could easily last a few more years. So there is some give and take and that is okay as well. As well, I hope by me taking it I am helping someone down the line from losing their job. All I can say is thank you Oxy, and best wishes to all my co-workers.
You sure you are not getting the COC document which is on the internet and a VSP confused?
The COC document confirms much of what is mentioned on this site. You are not being bought out and a VSP will not be as generous as a buyout.
@d3+1k9dme1vj - @dd is right and anyone with 10 years and 55 can retire if they want and be on the medical insurance. there are different cost based on your years of service added to your age. I have put in for the VSP and qualify for the medical and dental. This is a great offer for the 60 and above, but you need the 10 years of Oxy service to qualify for the retiree insurance. There is the retiree insurance 55-65, and the retiree insurance that supplements Medicare for 65 and older. There is a cost just like if you went and bought it from a copnay to suplement your Medicare.
@d3 so you are outside the ecosystem and unaware but still feel confident to speak on the topic. Lololol. The VSP is payed out over 12 payments in 2026. All recipients get their 2025 bonus plus LTI. Medical is the same as it always was. The package is good and most should take it. Especially the GWP crowd that has a ton of older employees. The PDF is public now. You can Google it and see it.
Yep ...258 employees out of around 4000 at APC were eligible for retiree medical. You have no idea what you are talking about. If you are one who takes the VSP and do not get the subsidised medical, you are in for a rude awakening ( Do you get retiree medical if you voluntarily sever?). Also, the smart ones on this site who think the timing of the cash payout isn't important... If it pays out this tax year, the IRS is going to have its way with you and there will be a large part of your severance going to Uncle Sam. Say bye bye to your LTI's too...It's easy to say you want something, another to know what it actually looks like in reality.
@a2+1k9dme1vj - Some 55 with 10 years will qualify for the retiree insurance, so that will not be an issue for them.
VH rolls out the VSP to the employees age 55+.
We’ll take a deep breath and feel that weight finally lift.
VH becomes the cape-wearing hero offering the the golden ticket.
And we will remember: THIS is how you take care of your people and make room for the next round of legends to take the lead.
Try raising kids at more than 1 million each and then taking care of aging parents. That’s why people who are 55 need a job even if they have managed their money responsibility. You sniffling little brat.
Anyone who is 55 in this industry who still needs a job has a spending problem. We are way overpaid compared to most industries.
Most people who are 55 to 60 still need a job. Please be grateful of the fact that you still might have a job after the VSP. A VSP for you would not do you an good.
@ak I'm just glad all the stress, worry and speculation has been around for years eating away at people there. Nobody at Oxy who is let go these days is getting near ANY professional job at all in this market. Truly wonderful that karma keeps paying dividends to those who earned it at that company. Great times.
How much chance to have a big layoff in the coming year?
Get a fake ID. Make it 62.5+
OK, will do
HR
Just remember that you walk away from your medical benefits... Paying 10 years of Obama Care adds up. Your severance may not be as big as you think.