How protected is the VSP for those who volunteered? My exit day has already been pushed back twice. The notification said August 31st was the latest your exit day could be but I don’t know how ironclad that is.
If OXY goes bankrupt between now and then, where in the pecking order are the VSPers? We have emails confirming that we were approved and our exit date but not much else.
'didnt have the money to sue' is just a lame excuse when there is more to the story or someone just won't take the initiative. If you have a decent case there are so many lawyers out there would love to take the case... for a nice cut.
COP did this to some also...then in the background they had lawyers figuring out how to screw these people over. I read of a guy reinstated because he was close to retirement and was a legacy employee for about 30 years. About two weeks before he retired they fired him and he got nothing - and I know several who retired under this program and it pays them for life, and also has a very good medical plan. He was 57 and didn't get sh1t like they had promised him. They basically said sue us if you don't like it, and he didn't because he couldn't afford it. Many people vouched for the guy and they even had a few retirement lunches. Anyway, beware. These company lawyers, HR and management don't give a squirt of pizz about doing the ethical thing, only if it is legal. If they can screw you to save themselves a dime, they will....ALL DAY LONG.
I definitely don’t think they’re keeping me around for me winning personality or because I’m irreplaceable. It definitely sounds like a cash flow issue. It’s just pretty scary to think the margins are so tight, delaying the payiut if VSP wiuld make a difference.
There would definitely be a class action of some sort. Or at least an attempt.
I’m L-Oxy VSPER and VSP paid out in “Substantially equal bi-weekly payments over a year from Aug 31, 2019 to August 31, 2020. VSP is a contract and current law means that Oxy cannot change terms once the contract terms are set, even after bankruptcy.
Hopefully, for a later VSP start date, you have a valid contract. Oxy delaying your VSP start, is a sign that they are running out of cash.
Given the state of VH and the EC (including Buffett, Icahn, Chazen,...) I’d think they’d try to screw over VSPER’s at the drop of hat. Can anyone say “ class action suit”? Ha ha ha... after years of litigation , even if you win , lawyers get all the cash, employees screwed again.
I’d insist upon immediate start of VSP terms ASAP!
You really have to asked yourself why are they keeping me. Am I the only one that knows my job? If so, did you train someone else? I hope all of the VSP people get what they signed on for, because they deserve it for stepping up and taking the VSP to help save the rest of us our jobs. I know a few that keep getting extended out, and other than saving money it makes no sense why you were not able to leave when your first date was put out there. If I had the VSP and was kept on it would drive me nuts. All I can say is good luck and I hope you get the VSP based on your salary before April 1. You all deserve it.
It Oxy goes bankrupt you will be in the same boat as L-Oxy. Maybe they are purposely doing this so that they dont have to pay as much.