Thread regarding Chevron Corp. layoffs

@4xgk, Yes, that is the correct strategy. If you predict that your 2021 MAGI will be greater than what it is in 2020 (like us), you might as will pay the taxes now. In fact, depending on who is elected, taxes may be higher in 2021. I doubt that a change will be enacted so soon though.

@4ylsm, Speak for yourselves only, I have a job with a smaller independent lined up. Will suit me fine until retirement. Maybe spend less time on the layoffs boards?

That's true. Here are some of the recommended mappings for CVX>real world jobs:

Legal - bail bonds
HR - hair dressing and makeup
IT - phone store retail
Operations - septic service
Drilling - catering and events
Subsurface - landscaping
Management - janitorial services

Depends on whether one has something to offer outside of the O&G industry. Unfortunately for many Chevron specialization make them unmarketable outside of oil patch, when no one in the patch is hiring. For some It may be an opportunity to acquiring some transferable skills.

Oh yeah, I forgot about all those people who were sacked in Round 3 and were offered higher paying jobs the next day at another oil company. You are right, with their huge wage increase they should take the severance in 2020.

Those who have not gotten and outside gig while still working for Chevron will benefit , they may be telling fibs who knows. wink. But certainly they will be not signing the waiver until end of December to make sure they don't have to pay those increased taxes until a lot later. And it will be possible to do some tax planning and reduce it anyhow in 2021.

@1mnb

That is an ignorant comment.

I put in for EOI and then started applying elsewhere. Guess what? I already got an offer making more money somewhere else. Plus I get a severance as a parting gift.

You act like people outside of CVX are incapable.

No doubt, many people working in oil/gas do well, but it isn’t the only game in town. You need to get out more

@1mnb. 100% wrong. Many will. Maybe just not in the circles you associate. Ignorant comment.

Nobody leaving Chevron is going to have a higher income in 2021 than 2020.

@tim is correct and 100% on point. To begin with, everyone already knows the math, this topic has been discussed ad nauseam on this site. Is the OP even an employee? Hard to even believe that this envious all-caps simpleton attention seeker is. Secondly, as at least one person has stated, the tax delay to 2021 does not benefit everyone, only the people unfortunate enough to not have a considerable amount of income in 2021. That could include employment related or other (side gigs, new job, IRA conversions, capital gains, rentals., etc. etc.).

@1xpq+17u3ifmH

by-the-way, to continue:

Yes, there is also another 7 day wait (the revocation period) after you sign the waiver. Then HR processes your severance payment and it is delivered the first/next available payday after the end of this revocation period.

Last day on payroll is dec 14 so with the 7 day revocation period there’s no way to get paid in 2020 with the next payday being Jan 7th. Duh!

@fcv+17u3ifmH

No, actually you are wrong, unless something has changed. Is the Chevron wording about this on its intranet involve a poor choice of words (ambiguous), or maybe the process has changed?

I left in 2017. Step-by-step this is how it works:

1) Received my notice of termination and then got to hang out at home for 6 weeks while continuing to get paid.
2) At the end of the 6 weeks my pay stopped (off the payroll).
3) A week after #2 I received my waiver via e-mail, courtesy Docu-Sign. In my case it took HR a week to make this magic happen. Might be different with different local HR representatives and departments. Maybe if you prompt or nag it might happen faster? Upon receiving the waiver, via e-mail, the 60 day clock starts.

I checked my e-mail. I know when I received the waiver e-mail. I was no longer getting paid.
People, please remember that 6 weeks (the notice period) is 42 days, not to be confused with the 60 days (maximum length of the waiver period, depending on when you sign). Six and sixty are NOT the same.

Yes it assumes you won't have job next year, which for many will indeed be the case esp the ones who are intending to retire. In any event if you are earning 100K a year and are getting another 75K in severance that will indeed lift you into the next tax bracket vs only paying tax of 75K in 2021

60 day period is from notice of Termination NOT the last day on payroll. Why are so many employees so ignorant? Ah yes no wonder their work is so shoddy!

OP, your blatant resentments aside, you are displaying the extent of your stupidity when you recklessly said: “They are counting on R4 employees left standing/EOI to NOT wait the 60 day waiver period.”

For your education, the company has already recorded all severance related expenses in its books in 2020, irrespective when the severed employees receive the payments. Other than the immaterial time value of money it would get because interest rates are low, the company does not have anything to benefit from if employees receive the payments sooner or later. Timing of when the payment is made benefits the employee who would account and pay the taxes in the year in which the severance payment was received; but this has no bearing whatsoever on the company. Nevertheless and as somebody said earlier, this is a completely moot point because all of us that are left standing in Round 4 will receive our severance payment in 2021.

@cuu

What do you mean? If your last day on payroll is December 14 and you sign your release the same day, their going to pay you during the next pay period. (December 22, 2020)

If you wait until after then and sign December 23, you will be paid the next pay period (January 7, 2021)

Just wait until Late December to sign it, or if you want to be extra safe, wait until January 1, 2021 to sign.

If you are in R4, there’s no way to get paid out in 2020. This is a moot point.

That is only valid if you do not land a job anytime soon ( say within the next 6 mo ths after you are let go) or the job you get pays you significantly less ( 25% or more cut compared to your current pay). Uncle sam tax you regardless, the severance tax is always 25%, the additional adjustment is based on your total yearly income, so if your income next year is zero aside from the sevrence, yes you would be on lower tax bracket and it is wise to delay it, otherwise if you are in the higher tax bracket, it does not really change the outcome, so check on what bracket you stand this year vs next to determine what would the best course of action.

YES! Don’t sign early!!!