Maybe know tomorrow?
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I could see the PRA (retirement account and not 401K) going away for a temporary cut, but coming back later. They may cut the 401K to 3% or something. When times get better they will need to bring it back to keep and attract new employees. Oxy needs to stop all remodeling for the future and send people to campuses that have space. My job is at Greenway, but I could do it in The Woodlands or from home just as easy.
What is PRA?
Rumor mill has it that one of the many levers they will pull is eliminate the PRA
VSP is not ERISA
It is either the COC or VSP that specifically says it doesn’t fall under the ERISA umbrella.
Any word on any more lay offs?
@pwr, what did your Permian friends do?
Rights under CoC also protected by ERISA
12 of my friends just got laid off in Permian basin. They were pretty fired up that none of the contractors got laid off. Maybe it would have been smarter to be a contract employee :/
The VSP would be according the terms of the COC? I’ll do that for sure.
The CoC is a contractual agreement Oxy Mgmt accepted when they purchased APC. It has limitations and a shelf life, but is in full glorious effect until Aug 10th. After Aug 10, it is merely layoff protection. Still nice. I would expect management to offer a VSP to try and smoke some of the APC folks out.
Think OXY will renege on the CoC? That would be awful.
COC is distracting
That COC may be a noose around your neck for the next few years. Hopefully those cut will get a decent severance and you can wait on you COC and stay in this declining industry.
I think most of you are right. There is going to be some very hard things come down, and I would not be surprised if no severance is offered, or you just get sixty days notice and maybe your vacation. Notice the vacation rebalance was pushed off until further notice. If you keep your insurance at a reduced salary you are still ahead in some ways. There will be no jobs for a long time, and I predict we will loose more talent and just credit that talent gap again.
HSE person you should have the HSE skills to go across industries. Try the refining business because with cheap oil they will be booming.
Furlough = Good Reason under COC
Remember that a furlough is not the same as a layoff. Some will not be asked to come back, so they are not letting a crisis go to waste... doing what they can because of the crisis, which they normally would not be able to do... and justify it.
Word on the street is something big is coming this week - maybe even today. I'm always optimistic, but I think we're about to see the ax fall and the chopping begin.
Wow. I’m an HSE manager at Oxy and not in something directly tied to oil like a geologist. Do you think there will be jobs for us in health and safety since our skills are more transferable to other industries. Or are we f—ed too?
Yes. That will happen mid def.
Heard there should be some sort of announcement today.