@1gd AI could NOT do what I do! No way...
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Who needs consultants anymore when you’ve got AI at your fingertips! Ha!
Consulting is not easy. You want money, stay.
Retire if you can. It is a much better lifestyle than working for the man. And if you are so inclined consulting is an option and you can make more money on an hourly basis.
Headcount...It won't be enough to save you unfortunately. Looks like McDonalds is hiring ;-)
If you like your job, you can keep your job.
@1as it was an email. Yesterday about noon.
@1as check your junk, unfocused and promotions and spam folders.
Was it just an email? My hopes are fading...
Wonder what the total head count will be?
Wonder if anyone got declined?
I just got mine.
I have not heard anything as of 11/25 12:10pm.
Has anyone got their letter yet saying their VSP election was approved?
@10f, at 55 you had 20 years of good health ahead of you. At 67 you have about 8 years left to really do things. That’s why you leave at soon as you can if you’ve got the money saved.
LOL. Company medical is the same as the retiree medical. Minor premium difference but that’s all.
Because people in that snack bracket are making north of $500k a year. I put up with a lot of BS knowing every two weeks my bank account was a little fatter. When I was rewarded stock grants and long term incentives, it helped ease the pain. Company medical is so much better than what retirees have. It's a no brainer to stay. I also believe there is a COC in your near future. Bank the bucks and wait for the payout.
Let’s just say if you can’t stand reorganizations and the constant requirement of bringing new executives “up to speed” and you can consult for a very nice 1500 dollars a day or more, why wouldn’t you take the package at 60.
This is why I wouldn't expect many 60 plus professionals to leave. The largest earning years are from 55 to 65. Unless you are 63 and ready, why would you leave. Salary and benefits are at their maximum for you.
@x3+1kae8zp0k - A while back I got a package at 55 with insurance and thought I had it made in retirement with my retirement savings and investments. I went to a financial advisor and he said go back to work because the next 10 years would be my highest earning years. I took his advice and came to Oxy and went a little past 10 years. I am 67 and those last 12 years put me in a much better place to retire at 67 than I ever would of had at 55. We were able to payoff the house and all bills and now is the time to go. For me working to 67 has helped financially, but I have reached a point that I need to retire and leave it to the younger ones. The package at my age is just to good to pass up. If I were 60 I would probably keep working a little longer. Thnak you Vicki and Oxy is all I can say.
When costs continue to climb, how much money is enough. Stay working and collect the cash, retire and find out that the nest egg isn't what you thought. Having retired pre covid I was confident I had enough money to enjoy the remaining years...Now not so sure. Yep, have your health in mind but know the winds of fortune can and will change.
@rj I was going to retire in March after bonus time. So this is pure gravy for me. Thank you Vicki!
@rj Money is not a everything. Health is important.
@rj obviously! The VSP is for people who are ready to leave. Duh 🙄
Exactly!
If you were not going to retire in the next 1-2 years these packages are not positive payouts from a pure financial point of view. If you like your job and do it well why call it quits.
Sad thing about that, experience is priceless. You have a high opinion of yourself... Did you go to OU or Texas A&M?. Know lots that think they know everything and do not need any parental supervision. History shows that when the executives are looking to spend the big bucks, eyes alway drift towards the experienced professionals. You may be able to buy two or three of you on my salary, but I win on experience....
We all know the most likely to get laid off are the high income earners unless you are just exceptional at what you do. Let’s face it most of us are average and are replaceable by someone cheaper. You cost more to do a job a person who is 10-15 years younger and half the price could do. Retire and ride off into the sunset before you need to go to the retirement village.
Bloated salaries? Sound a little jealous. Sure you won't complain if you make it that far. Sound like a Social Democrat to me.
@gf of course taxes are due…. Taxes are due if you stay also. No escaping taxes! If you retire next year you get nothing! No VSP, no LTI… no nothing. Yes it’s a no brainer!
With how bloated salaries are for 60+ year olds either retire or get laid off due to your high salary and you won’t get half as good of a deal.
Yep, no guarantees in life. If you are ready to retire it's a no brainer. Problem with the package is that the tax man cometh... No more company benefits and adios to your bonuses and LTI's. Honeymoon ends quickly after you leave...
@ft there is no guarantee that there will be either a COC or another VSP. So, that is total speculation. The last time OXY offered a VSP (other than that ridiculous Covid thing) was back in 2014. So, if you're ready to retire now is the time... or wait another 10 years. Or retire with no VSP.
I'd put another year of salary and benefits in the bank an bet on another round of severance or a COC in the next year. Make money while the sun shines!
@f2 the current VSP being offered is very competitive to the Anadarko COC. Not quite as generous…. But close.
Because at that age I was making a high six figure pay package (salary, stock grants,LTI,benefits). Company medical is always a plus. Hard to get off that gravy train if people aren't asking. The only reason got off the was for the APC COC. Waaay too much money to ignore. So children, that's why the older employees might want to pass on a VSP.
@b6 1
Anyone over 65 who isn’t taking the VSP? Is so please tell me why?
What are vsp counts looking like in your dept? I can’t imagine they’ll get enough volunteers.
Hopefully, then you'll have to knock on the door of the poor and low performing operators with terrible track records, mountains of debt and sordid reputations for hiring the rejects from other operators ........oh, wait. :)