I know that none of us are happy with this, but I was wondering if there are more people in the same position, SInce this was announced I’ve been looking at the numbers and, with my mortgage, two kids in coleridge and with my wife’s medical bills I can’t see any way that this could be enough for me and my family to get by. Don’t get me wrong, I still think that the reduction is a better option then mass layoffs, but that doesn’t mean a lot right now. Even this “better” option puts me in a position where I could lose a lot.
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Anybody who was previously living on 70% and banking 30%, props to them. Let’s be honest. It’s a wonderful goal and something to be proud of if you were actually doing it. In the meantime the rest of us need to make difficult decisions about mortgages, child care, vehicles, etc. without having all the info we need i.e. how long this will last.
@1xal+14luTMnU How was that dumb? You don’t think when your cash flow situation changes you might need to re-examine current expenditures? I guess you work in OXY’s finance department.
Hopefully you’ll get some of that 30% back after August. Once the salary change of control passes for APC-legacy folks, then hopefully your salary will go up some, as Oxy-Legacy shouldn’t be the ones shouldering this burden.
Raise Oxy-Legacy back up some and cut APC-Legacy more so everyone shares in the pain.
Although I am very unhappy about the 30% reduction, to be fair, they did a month ago just pay out significantly above-target bonuses. That extra bonus money in the bank is helping me handle the month-to-month shortfall while this cut lasts.
I hear what you mean by you live fine with 30% reduction. In theory that’s true if you were budgeting all your major expenses around that. But if you’re committed to a mortgage, car and school at one salary, those are not easy things to change.
I’m sure you can live fine with the 30% reduction, but not at your current lifestyle. There is a difference between what you can do and what you are willing to do.
Honestly I wish I got laid off. Many of my coworkers did get laid off and they are making the same on unemployment as I am as a contractor.
@tku+14luTMnU Classic case of throwing out the baby with the bath water by cutting 30% across the board. Oxy is infested with do nothing a—kissers who haven't done anything in years and play politics. So many good people have been pushed out or got tired of it and left.
So I am against the shared pain idea. No reason to hurt good people to keep c-appy ones employed.
For the fat cats making mid high- six figures its just an annoyance. But for the worker bee’s, just imagine going from the band of 76,000-100,000 down to 53,200-70,000. That is suddenly a pathetically meager corporate salary.
To the last OP, well said and could t agree more. Now trying to find expenses to reduce, but I live a pretty simple life anyway. I don’t buy clothes every month, don’t eat out for $30-50, etc.
- Are student loans for your kids plausible? You could always help them later on when your income increases again.
- Consider a loan against your 401K or dip into another rainy day fund if you have one?
We still have jobs with 70% income and healthcare. This situation is not indefinite. I hate to say "be thankful" but millions of Americans that work low paying jobs that have little/no credit, savings, 401K, or healthcare are now unemployed. Those that are still employed in these low paying customer service type jobs arewithout healthcare are being put at risk physical and/or financial death if they get seriously sick.
Acknowledging we wouldn't be in this mess without the APC acquisition, I prefer to take a 30% "temporary" pay cut right now than 30% of my colleagues being laid off when there are 0 job opportunities right now in the world.
Me too. Wondering what kind of job I can do on the weekends.
I am looking for a part-time job over the weekend. I will deliver pizza if I have to.
We went through the same at HP in the 2000s. The goal (from a friend in HR) was to get people to leave on their own since they couldnt afford to stay. Its a good way to reduce the "layoff story" and expense of laying people off. Another would be to suddenly have "performance issues" with lots of people so they can be outright fired in a few months. Got to love the American way!
I cut my 401K back to 5% so I would get the 7% match. After that I calculated my taxes for year end by using what I have paid to date and forecasting the rest. Once that was done I saw how much I would have overpaid for the year, and went into my W4 under payroll and adjusted my withholding so I would pay less IRS per month. I won't get anything back at the end of the year, but I did close the gap between the net lose each paycheck. Nothing will make up the 30% difference, but I tried to limit the pain.
I'm in the same boat, currently looking at other options to supplement my income.
Sorry to hear this. 99% of the posts on here are BS but posts like yours are the reason I hope management reads these boards. Hope you can find a way to make it work.
I’m so sorry.