So it will be well known after the dust settles in December that those near and retirement eligible folks still hanging around chose to squeeze a few more years of income out of the company, even at the cost of a younger persons job? Most of these people won’t be around long enough to see the company through a market recovery anyways.
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If he was PIP’d the wife will probably be gone soon.
Never underestimate the stupidity of people. In my 30+ years I witnessed people not even taking advantage of the 401k match, not saving anything. One guy 60 yrs old bought a house he could not afford(new wife wanted it). He will never be able to retire. He has not been at the company long enough to save much for retirement either. Also a reminder as one who had to deal with this. People get divorced. 25 yrs into my career at EM I had to give up half of my 401k and my pension when my spouse left me to finish raising our kids alone. Don't assume the old guy is doing good financially
This may be news to some, but the company actually doesn’t have many people over 52 and even less over 55 - I’m talking about people doing technical work, not management. Back then when most people posting here were probably in elementary school, for about a decade (1986-1996) the company has hired almost nobody. That demographic gap was always visible, but now the last people hired before ‘86 are retiring (or have been pushed out, to be exact), and you barely can find a few over 52 in each larger group.
@1wcs+17KnnBjc Even next year a 52-54 year old is protected as long as they have the 12-14+ years of service.
This would open an age discrimination law suit because the company won’t let you get to retirement age. Google about pensions and lawsuits and you’ll see some high profile company’s that did this is the past and class action suits followed.
If the company didn’t have a pension this wouldn’t be an issue.
They may not be eligible for this round of involuntary cuts, but the company has said nothing about the next round of PIP this summer!
Don't get to comfortable...
All fault lies with executives and decision makers. They are thrilled that we argue and fight amongst ourselves while they laugh all the way to the bank and take zero responsibility.
Waaaaaa ... old people had it so much harder! Waaaaa ... young people didn’t work as hard as me (based on my “feelings” and nothing else). Waaaaaa ...
OP - shows the new view in USA..... victim mentality......
I'm young and don't have opportunities..... it must be that old chaps fault.......
this same line of thinking will be put through the paces through our gov't officials......
instead of worrying out Mr. Gen X'r net worth.... why not get back to work and take Mr. Gen X guy to lunch and pick his brain on do's don't for success........ step up just like the old man had to do.
Sounds like OP is only thinking of themselves and hasn’t considered that they have no clue what anyone else’s situation is like. Let me guess.....you must be a millennial.
53yrs is NOT Retirement Eligible, those 52-54yrs can NOT volunteer and retire.
Volunteer in US is ONLY 55+yrs
52-54yrs HAVE to wait until 55yrs w/15yrs service....otherwise it's quitting with pension @65yrs
Laugh. The financial difference between voluntary separation at 53 and retirement at 55 is HUGE. It's so huge that the company realizes they can't touch those people for liability reasons. There is no other reason, that's enough. Just accept it, deserves got nothing to do with it. The idea that some random staff 53 year old volunteering as tribute is gonna save somebody else from the Games is ludicrous. That money isn't gonna go into a Save the Orphan fund. I'm 53. Been through 4 layoffs, layoffs s—. IF you see me running down the hallways screaming "I'm invincible, s—ers" then by all means, trip me and give me a blanket party. Otherwise, MDWM. I'm gonna pass the IQ test and stay until 55. Then run screaming.
Them the rules that EM set, and you can only expect that each individual will do what they see best for themselves right now.
Will there be a small number of 52+ employees that are already financially independent who will choose to keep working? Yep. Will some of those be smug about how they’re getting theirs. Yep. Will some of them be open (on boards like this) about the fact that they aren’t working hard anymore and just siphoning a paycheck because they’ve “earned it” and they’re sick of the company? Heck yeah, tons of posts like that on here.
With all that said, those people are a minority and it’s wasted energy to focus on them. The company has provided virtually no incentive for 52+ to leave, so we shouldn’t be surprised when they don’t.
Like all other employees, the older ones work for THEIR livelihood and supporting THEIR families, not their younger colleagues. I think you are confusing the decision about one's job with charity.
why are you so mean!!! I have many good colleagues in the US who are 55+ who have great knowledge and experience and they are contributing every day! I would hate for them to think they have to go to make way for people like me... they definitely contribute much more to xom than me... I'll happily go to save them their jobs, if my country offers voluntary soon
@wqr+17KnnBjc - I can understand 50+ sticking around to help elderly parents and if they have large health care costs, but your examples weren’t the best...paying for college isn’t a life requirement. Myself and many others graduated college with tens of thousands of dollars in debt, but studied a smart major to pay it off fast. A mortgage? How big of a house did they buy where they haven’t been able to pay off the majority on an EM salary.
In a strange way, the way the company created this program makes some sense. They have delayed projects due to Covid/Oil Price. Would you rather retain a portion of people with years of experience to help you bring these projects on-line in the next few years, or trust this to new hires. Additionally, they will get continued attrition over the next 10 years. So while they may not obtain the max benefit from salary decreases this/next year, they chose to offset this with improved startups, etc. (which will more than offset salary differential).
Such an id–tic post!
So are we going to be toxic about this and blame older folks for taking jobs from the younger people? Just because economy is sour doesn't mean you should start pointing fingers and blaming. That is a sign of a very weak person. At some point when you and those younger people become 50+ too - are you and those people going to step down for the next younger folks? Many of these 50-something people are still putting kids through college and still have mortgages. They also have paid their dues and waited in line for baby boomers to retire when they were younger.
Reason that company isn't adding age to get the 52+ on the voluntary program is because they are using the retirement from these people over the next few years to meet headcount reductions.
If I group has 10 people with 3 that are 52+. Layoff 2 younger employees and in 3 years the group is expected to be reduced to 5. Company needs more people gone to stay afloat.
Company is to blame. They could easily added 3 years of age to theIr pension formula and allowed them to get their full pension, but did not do so. It is a severe penalty to take it early.
More reduction of staff without publicity?