A class action suit is on the way; file now you know in August they will drop your pay by 30%. PTO reduction, pay, 401k, bonus, and PWA will all be impacted by a lowers remuneration vase pay.
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But if it drops in August it’s after 12 mo, won’t affect your bonus or 401k match until after 12 months.
Effective April 1, 2020, all employees will see a 30% salary cut. An email was sent out to that effect to all Oxy employees earlier today.
Lest we forget about the substantial loss in our LTI share value from APC to OXY stock
A properly documented COC application is all you need from the lawyer. It wont make it to court as the review process includes Oxy Employment lawyers that have already warned of this scenario. That's why they were waiting till Aug to adjust pay. Guess they think that by listing that in the email, that people wont submit. Foolish... see ya later GoM.
The COC “administrator” whoever that is... must have told OXY that 5% would be considered a material cut in pay and would trigger the COC. So OXY settled on 4.9%.
And shut up about lawyers. By the time you pay lawyers and bring anything to court Oxy will be broke. Unless you have cash in your hand right now you are screwed like the rest of us.
At least from what I have seen on this Web Site Anadarko only gets a 5% cut. Being legacy Oxy with a 30% cut it looks like you boys need to pick up 25% extra work while I give my 70%. Welcome to Oxy. I will never believe another CEO in my life.