If an employee has informed their supervisor that they would like to stay within their asset and interview with the new company that potentially buys the asset, are they less likely to be laid off? Reason being, the company might avoid paying severance if the new company offers that employee at least 80% of their COP base pay. Thoughts?
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And that's what's important - investors and grade level 22 and above making their money.
In the USA, the WARN Act requires employers with 100 or more employees to give employees 60 days advance notice of plant closings and mass layoffs. Severance is not a legal requirements of the employer. Severance in April is not a determining factor for Severance in September. Failure to give the 60 days notice will result in 60 days pay. The new severance package will be welcomed by the investors and the upper management. The severance package is not applicable to employees 22 and above.
And the young workers left behind will make a mass exodus because they will witness the lack of management loyalty and won't want to be doing the jobs of three people.
If that is correct and the new severance package then Conocophillips has cowardice management to screw loyal, ethical, long time employees.
The courts will remain open and the law unchanged. class action lawsuits will always be an option. It's very easy to prove how much severance per year worked was paid in the previous round of layoffs. Unless the company is managed by real maniacs, I suspect they would want the hassle of courtrooms and media noise.
Do they keep the basic severance package of 4 weeks?
When do they plan on announcing the new severance package? Won't be a very happy workforce.
One must distinguish between tax and tax withholding. Tax withholding for salary is the standard rate. Tax withholding for bonus is 25%. Tax is determined end of year via the IRS. The employer does not determine the tax rate. No difference in bonus and severance, both are treated as income.
The new severance package will be changed from 3 weeks paid per year worked, to 1 week paid for year worked, starting at the 3rd year. Also, additional weeks will be granted for higher-performing individuals. Finally, it will be taxed as a bonus instead of regular pay. Bonus are an additional tax write-off, putting COP in a better financial position. - Recently former L48 HRBP
Disposal of the assets in turn disposes of the employees intentionally. P66 and the associated employees is an example. Selling assets without the elimination of the employees associated with the asset is nuts.
Employees electing to work for a company that buys an asset from us (CPC), are traitors and not loyal to CPC. They should be fired, instead of laid off with severance :)
No, that isn't specific at all! Are they decreasing the weeks for years of service, are they doing away with it altogether, what are they doing? F***ing dickhole
The WARN Act requires employers with 100 or more employees to give employees 60 days advance notice of plant closings and mass layoffs. Expect notice September 1 for layoffs November 1. Expect notice September 1 of the new severance package, also.
The standard severance pack is about to change and it will favor the company and not in favor of the employee. Specific enough?
can we be anymore vague? how will it change or are you just trying to stir up more anxiety? I am pretty sure none of us want or need anymore anxiety, either be specific or don't say anything at all.
what is it going to change to?
The standard severance pack is about to change and it will favor the company.