Any info out there on when last day of employment will be if EOI agreed to. I'm hearing there will be a great deal of flexibility, varying from BU to BU.
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Depending on the size of your bonus and stock awards, you may be better off working until April 1 to get all that plus the pension bump from extra service and higher average salary. It could be worth the extra six months of work vs EOI and severance. EOI makes more sense if you are over 60 and under PSG26.
Good point @nsr. What’s the severance check worth to many of us now that our 401k values have plummeted. My retirement account had a value of a little over $1 million. As of the end of the day today February 27, I’m down $102,000. Maybe by tomorrow it will be down even more. That will almost match what my severance check would be if I end up being laid off. I’m not but 53 and not ready for retirement with 2 girls finishing up in college and my mortgage almost paid. If that’s not enough to worry about, the coronavirus is slowing down employment opportunities in competing companies to where many of us will be out of work for an extended time. I fear the impending layoffs at Chevron are going to be much tougher than thought of only 10 days ago. Just today’s CVX stock price is an indicator of the greater sh!t to hit the fan.
With current stock market and outlook of more Corona virus spreading across the globe, most people will stay put and not take the package, most folks retirement savings is already in big trouble.
Some will win. Some will lose. Some of us will sing the blues. :p
It’s moot point, then. Why would anyone want to know the last date of employment if they intend to put in their EOI? If you are granted your wish, great, you’ll get your severance pay soon enough. If you’re not granted your wish, you have two choices.... to stay working or quit without a severance. My opinion is to put in the EOI if you want to retire, but tell nobody except your supervisor. The way I’ve seen these things go down over my 30 year career is the more you show enthusiasm to retiree and announce your desire for the severance package as an extra parting gift from the company, the higher the risk of the company keeping you employed and disappointing your expectations. Most people in this position end up retiring within a year anyway. If you put in your EOI and the company says they want you to stay, you should consider giving them the same shaft they just gave you. Go ahead and stay for an extra year to make up for the maximum severance payout you missed, but only put in the minimum work effort required to keep your job. Come in to work on time and leave on time, put in no overtime, don’t answer phone calls or emails after hours, take your full lunch break time, take all the stretch breaks you require during the day, use up all your allotted sick time, vacation, family leave time, doctor visit time, etc. Don’t attend unnecessary meetings, take your time to complete assignments and never get the work done sooner than expected. Just bare minimum. And one last thing.... always wear smile on your face for the 365 days or more you decide to stay. The cheer you display on your face is the knowledge you have of paying them back with their own coin.
Just because you put in your EOI does not mean you will be let go. The company may deem your position to critical and hang onto you.
If you put in your EOI, why would you be interested to know when your last date on the job would be? Does it matter? Once you put in your EOI, you are assured a severance package and any extra time the company wants to keep you waiting is only extra pay for the keeping.
I’ve been watching my inbox every day, wondering how they will handle it. I suspect it will be held in conjunction with the individual PDCs but haven’t seen anything official yet.