So as much gripping there is on this site, is no one going to acknowledge that the VSP is very generous and the calculations for the bonus and PTO are beyond fair?
I for one am really glad to get the package and move on. For all the fear that Oxy was out to get one over on us, they have really impressed me by honoring the COC with an exact VSP package. That was not required and is really impressive.
@10Gqtk7r-6dgb - "It seems like what is being offered to eligible former APC employees by OXY is more generous than was ever offered to employees of companies acquired by APC. "
I guess you do not understand how Change of Control works. The acquired company has a document to protect it's own employees in the event that the company is bought. APC set up a good CoC a LONG time ago. APC was acquired by Oxy which triggered APCs Change of Control package.
Of course, APC would not pay a company they acquired APCs CoC. They would pay the acquired company their CoC plan (if they had one).
Do you get it now?
It seems like what is being offered to eligible former APC employees by OXY is more generous than was ever offered to employees of companies acquired by APC. APC’s executive group sold the rest of the company down the river for their own million dollar packages.
Who is the journalist? i think the OP ( who sounds really smart ) was saying that we should be grateful for the full COC in the VSP.
Nice try, journalist. Who are you writing for?
Which business units already have vsp numbers?
You want to know details of the VSP. Google Anadarko Change of Control and read the document. It's dated January 2011
Can someone explain de details on the VSP?
What is the exit date after one's request is approved? Are we talking 2 weeks, 2 months?
@10Gqtk7r-1hli - Once you turn in your election, "management" will approve or deny. If approved, you'll have your exit date. On your last day, you will be given the final severance package with the final numbers. You will have 45 days to review, sign and return to HR. You have 7 days to revoke it once turned in. You will be paid on the 8th day or so.
You do not have to take 45 days to sign it if you are happy with it. However, READ the fine print and make sure you agree to the terms.
VSP is offered at their discretion. COC is available on change of conditions. They know the numbers they want for headcount.
When will it be paid out after approved? I’ve heard anything from 8 days to 70 days.
Can someone expand on the "technicality" that allows me to file for unemployment benefit after I pocket several $100K on my VSP way out. I count on these $200-$300 per week for my starbucks and car washes.
For it to be fair, it should have been offered to all age groups. It is sugar coated age discrimination of the 40+ workforce, dangling a wad of cash to squeeze out as many older employees as possible with a smile. Also, only offering it to 40+ employees will allow those taking the VSP to file and receive unemployment on that (legal) technicality.
There was a lot of speculation going on that Oxy was not going to come through. I think a lot of the blame can be put on the APC EC. In the end Oxy gave us information within two weeks of closing. When Vicki had the welcome meeting she stated it would take a few weeks to get a handle on things. I am sure not everyone over 40 wants the VSP, so Oxy is trying to see who those employees are that want to stay, so give those co-workers a chance to get a job at Oxy. Oxy needs more than two weeks to sort through employees and who wants to stay. These are tough times, but we are being taken care of a lot better than most industries. I know people who have lost jobs with just two weeks notice and insurance stops the day they walk out the door. We are all blessed because in the end we are really only owed for work we do in the state of Texas.
I’m not counting my chickens before they hatch.
@10Gqtk7r-xsw - You need to be happy that 55+ got the offer at Oxy. When APC bought companies over the years, the APC employees were not offered anything. It's the company that is bought that get the sweet offers. You'll find that out if/when Oxy is bought.
I guess you didn't read the post from last night that said 'Thank you'. I'm happy that the VSP is like the CoC - everyone is that I know of. The last obstacle will be management approval. Some think it will take time. I think they want us out as soon as possible to meet the shareholders promise of reduction in G&A costs.
OXY didn't have to offer a VSP to anyone at either company. I have worked at companies in the past that just cut people and all you received was standard severance. This is unusual.
Agree with op that I’m happy with the VSP. However, I disagree with the comment that this wasn’t required. Oxy needs to cut a ton, which is why they dropped the age to 40, compared to 55 on their side. In order for them to get enough APC folks to take the package, they had to make it equivalent to COC. I knew a lot of people who likely wouldn’t have taken it if it wasn’t equivalent. So this wasn’t done out of the kindness of their hearts. It was purely a business calculation. One which I do agree with op that I’m very pleased about.
Yes. APC folks should be very grateful. It’s unfair that APC 40+ gets the package and OXY 40 to 55 gets short end of the stick.
When you get it (and hopefully you will) count all obstacles along the way (age, years in company, location specific and last but not least, "management approval") and we can then discuss about being grateful.
It is fair reward towards efforts building the company rated best in Houston 5 years on the row.
Peace out............