Thread regarding ExxonMobil Corp. layoffs

When is the pension and pay cut coming?

Are you also waiting for them to take away our pension contributions? The finances aren't going to get any better even with the PIPed layoff and not matching 401k schemes. I hope someone can shed educated light on these:

An exact timeline of when to expect pension contribution to be cut by the corporation?
Timeline of possible significant paycheck cuts?
When will VPs, managers and supervisors will start to get laid off?

Over years, I have established an extremely comfortable and fat lifestyle that shard to give up.

by NumberCruncher
| 3728 views | | 13 replies (last August 29, 2020) | Reply
Post ID: @OP+16CMdBfK
Comment! It's anonymous!

13 replies (most recent on top)

Removal of employees to keep salary for remaining intact.

by Anonymous
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Post ID: @4gwo+16CMdBfK

OXY did a 30% base salary cut plus elimination of bonuses. Not sure what will happen here.

by Anonymous
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Post ID: @4itu+16CMdBfK

@1bxm, I hope you're kidding.

by Anonymous
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Post ID: @1rnr+16CMdBfK

Gosh.. does not hurt to keep silent right.. why post it here? They may really cut the LTSA allowance now..

by Anonymous
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Post ID: @1bxm+16CMdBfK

Singapore give the 401k in the form of cash at 5% of your basic

by Soumynona
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Post ID: @1vtr+16CMdBfK

@1jko+16CMdBfK Given in the form of cash allowance.. Hopefully EM doesn’t remove it

by Anonymous
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Post ID: @1ygq+16CMdBfK

AP is PIP’d too

by Anonymous
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Post ID: @1gpf+16CMdBfK

I mean, does Singapore have a great 401k package?

by Anonymous
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Post ID: @1jko+16CMdBfK

November is when they'll spit it out. Pension under reconsideration.
Same time - another lump of non-Mgt personnel in US.
Some low-performing ('ethical thoughts expressed') management - spat out in January.
Timing is everything.

by Anonymous
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Post ID: @1wgk+16CMdBfK

Cuts in package 401K match equivalent is only for US. All is well in AP. So do not generalised! We are fine!

Sorry to those affected over there.

by Anonymous
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Post ID: @hfy+16CMdBfK

Remove pension and increase 401k to make up. That only happens on good years

by Anonymous
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Post ID: @dlu+16CMdBfK

The pension fund contributions are required by law and any accrued pension is safe. Going forward they can change the plan in any way they want. Historically anyone that was vested would be grandfathered under the existing terms. New employees would either get a reduced pension plan or no pension plan. However when you remove a pension you usually increase the 401k Benefits - so really have not clue what the strategy is for our total compensation going forward.

by Anonymous
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Post ID: @scf+16CMdBfK

November

by Anonymous
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Post ID: @pxw+16CMdBfK

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