Any chance in near future
11 replies (most recent on top)
@iz6, nope. Working through June 30 is sufficient. Eligibility is 60 months worked in the plan year. Doesn’t have anything to do with the first pay period in July.
@1rr - actually, you need to retire after the start of the first full pay period in July. Example: if a
Pay Period starts on June 30, you will need to retire AFTER July 14, to be eligible for the 1/2 bonus. I originally thought it was simply 1 July until I investigated this before retiring.
BTW - I actually took the severance package offered at the end of 2025 instead of retiring this past July, but I had configured my Countdown Clock to reflect something like an 8 July date to count for this quirk.
@18k, if the employee is age 55 or greater and has 10 years of service with the company, then the employee is a retiree when he resigns/retires, even if the employee doesn’t say s/he’s retiring. I’m not wrong. Under age 55, not a retiree. Age 55 or greater but doesn’t have at least 10 years of service, not a retiree. Gotta have both age and service. And, yes, if the employee is age 55 or more and has 10 years of service and leaves on 7/1 then the employee is eligible for a pro-rated bonus for the year.
@149 so if an employee is, let’s say, 56, and gives notice to the company that he is “retiring” on 7/1, is he a retiree? He might just have another job lined up. What if he is 51? 47? What if he doesn’t you the word “retire”, but is 59? I think you are wrong.
@ad despite what others are saying on here, “retirees” are eligible for a pro-rated bonus if they retire after June 30th during the year. The bonus is paid in the first quarter of the following year. Retirees do not have to be actively employed on the payout date. Non-retirees who resign are not eligible for the bonus.
Soon you will see retention bonuses for certain levels and job functions.
Are most boomers packaged out or retired now.
What a d-mb post, oil is hovering at $100 and things have never been busier at oxy.
A VSP for 50 and over would be very much welcomed
I think you need to be there when the bonus is distributed, but there are special circumstances at the discretion of Oxy. If a person is laid off or there is another VSP the company could still pay the bonus if one is not still employed at the bonus payout time. That will usually be in the layoff or VSP paperwork.
@ad Contrary to what some people believe and will argue to their death, you must be employed at the time any payment, including a bonus, is paid in order to receive it. Even if you quit or retire on January 1, you won’t receive a bonus for the previous year because “you earned it”. Unlike stock awards, bonuses don’t vest.
Do not know.
Question to retirees: if you retire at end of year do you get that year bonus or do you have to wait until march to retire?