Yes? No? Any guesses for when it will even be mentioned again?
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Trend in recent years has been once a benefit is revoked it is not restored. Across the board benefits have gone down. This is not a new phenomenon.
- Education support reduced (used to be able to go anywhere) with a per semester and lifetime cap introduced. Now cut to zero
- Expat premiums cut (most by 50%) prior to the pandemic
- Per other posters cost of living adjustments eliminated
- Expat benefits such as reimbursement for home schooling costs significantly reduced
- savings plan match eliminated
Etc etc
The shop has been sinking for a while. Some just haven’t noticed. Unfortunately rate of sinking seems to have increased over time.
No.
I suspect they will reinstate it again when they resume recruiting in the US, with the new recruits no longer qualifying for the pension benefit. Those who are fortunate enough to stay will get both again.
It won’t come back until the Board and Management Committee feel that they HAVE to. While they’re looking to reduce staffing and move jobs to lower cost countries, there’s no need.
Only when attrition becomes unacceptably high AND they can’t recruit the necessary numbers of US and European applicants, will they even consider reinstating the match.
My guess - not for another 3-5 years.
Match will return in a couple years after the following: 1) completion of salary surveys to assess how much XOM personnel are overpaid relative to competition, 2) change in pension benefit 3) completion of field/asset sales and cutting the excess people once those operations have been sold off. My expectation is match returns at competitor levels, but pension is cut to competitor levels. Note Google, Facebook, Microsoft and Amazon do not have pensions.
This Corporation does not reinstate what it eliminates as a benefit. This would be akin to admitting they were wrong to begin with. The State is never wrong.
@phv+18Fei3k8 you should have put a quiz so people can go learn when the last time free cash flow was greater than dividend bill and no CAPEX was cut.
People may have to go back to 2019 before covid to find that. Greater three consecutive Qs? Maybe earlier....
Not untill the free cash flow for the quarter > dividend bill for two quarters at least.
I want to believe @ewo+18Fei3k8 but I don’t. If true why wouldn’t they share that this is the criteria? I think they will not pay for as long as they can possibly get away with it. Won’t be restored until we have to start hiring again and can’t attract applicants we want. Until then they won’t restore it. Remember the company doesn’t do what is right, moral, ethical, etc. it does what it is legally required to do and what it thinks will result in making the biggest profit for the shareholders. Company isn’t looking to help you or as one recently retired VP used to annoyingly say to “love you”
Not having it is k–ling morale. Everyone is talking about how the other majors have already restored temporary salary cuts etc and not eliminated match.
@ewo+18Fei3k8 Any projection of when we are profitable again? Will the COLA for Midland be reinstated?
I sure hope so. Looking at my spreadsheet right now and the impact of no match is huge when you account for compounding between now and retirement. The younger you are the worse it is. To those who would say just save more I am making about a third less than a year ago when add up savings plan match cancelled and cost of living adjustment for Midland cancelled so not really an option to save more.
@OP - It will return after 2 consecutive profitable quarters. Thanks for all your hardwork in 2020