If XOM decides to stop the pension - in addition to stopping 401k company matching, is there any reason to stay? Or should you might as well look for another job?
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@xpj - HAHAHA you sound really tough and scary on an anonymous board! I love how you wrote MAN UP as if you know what that means. Don’t cover face and take shots at people like antifa, or XOM hr, managers and supervisors.
BTW, I ain’t busy for the next couple months
“Those of you dissatisfied with XOM, management, compensation, pension, match, ranking, culture, the oil and gas industry, the stock price, the oil price, your boss, or any other reason should LEAVE NOW. JUST DO IT. MAN UP and QUIT. Prove to yourself that you are better off elsewhere. The company is better off without you and your complaining. You bad apples are spoiling the bunch. Please MOVE ON.”
XOM can’t take away your existing pension benefits. They could decide to cancel the program but would have to compensate you. Not very likely. The pension is key component of remuneration, plus offers the corporation tax advantages. The real issue at XOM is creating free cash flow. Stopping the pension does not help that in any significant way.
The real levers for free cash flow are: dividends, capex, headcount (salaries).
The company indicates that it will protect the dividend since it views the dividend yield as the major driver for stock price, so only levers left are cancelling projects (which lowers volumes) or reducing headcount.
Since dividends appear untouchable, look for asset sales, capex deferrals, and headcount reductions.
Will I lose the money I currently have if Exxon decides to Freeze the pension?!
https://techstaffer.blog/2020/08/19/exxonmobil-is-cutting-costs-will-a-pension-freeze-be-next/
The only reason to stay is if you are in so called leadership positions as you will be unemployable and useless in the outside practical, rational and talented world.
The top five levels are FULL of bad apples
LOL do you feel better now that you got that out? I’m sure it’s tough when you cannot silence the voices.
Those of you dissatisfied with XOM, management, compensation, pension, match, ranking, culture, the oil and gas industry, the stock price, the oil price, your boss, or any other reason should LEAVE NOW. JUST DO IT. MAN UP and QUIT. Prove to yourself that you are better off elsewhere. The company is better off without you and your complaining. You bad apples are spoiling the bunch. Please MOVE ON.
XOM only cares about 1 thing... PROFIT!
They’ve already proven how little they value the employees by publicly slandering the “non-performers”, then taking away the 401K contribution. So why would they hold on to the pension any longer than they feel necessary
? Stop acting like lab rats waiting around for another food pellet. Make YOUR own way in life and stop depending on these fat greedy corporations to take care of you. We treat people how to treat us. Go somewhere that appreciates and values you.
I never bet on pension or social security. Always save for your own retirement. That's why you start investing as much as you can into 401k and Roth IRA, not necessarily for the match, but for the tax advantages and then don't stop there. Save as much as you can into an individual brokerage account. Start early as possible and as much as possible, cut your living expenses, you can live on less for now. Let the power of compounding and time help you.
My EM's offer was worse than others'. The only reason I chose EM was because of the pension. If the pension is no longer available, there's no reason for me to stay.
Do your calculations on lifetime earnings to see what the pension is worth to you in terms of salary from another company with no pension and go negotiate that. 10-12% was mentioned, guessing for someone in their 30s; for late 40s, the salary you need to make up for it is (was) more like 20%.
Either way, I have to agree with previous posters, both 7% 401k match and pension were 'dead men walking', relics of the glorious past when oil was the world's lifeblood, funded by KSA and its cartel. That world is dying a very public and visible death, and anyone under 50 should not assume that 401k and pension should be there for them in its present form.
Take your lumps and get out, while you still can.
anyone under 35 is fooling themselves by staying for the pension. there's no way it exists at their retirement. get a job somewhere else, negotiate it in, manage your own money - don't rely on XOM.
The only thing keeping me here is the pension. When it goes, I go.
Is there tax benefits of the pension versus just getting a higher paid job and contributing to your own personal “pension”?
You're effectively taking a 10-12% pay cut by having the pension. That is factored into your 'total remuneration'. Go elsewhere and you should presumably make that up via increased base salary.
Quick question. Where would you go?? Most companies don't offer a pension anymore. MSFT, no pension. AMZN, no pension. AAPL, no pension. TSLA, no pension. Good luck finding one.
Nope; nada; zilch; niente. It would be adios for me.
Even if they’d if they keep it and by a miracle don’t raid it, I am out of here as soon as I can.
I’ve lost all confidence in management and I’m done with their half-a55 efforts at culture rebranding.
Definitely the only thing keeping many of us around!