Anyone else catch that little bit of news from the forum? Do the math and then figure compounding impact to your 401k - particularly if you are a younger employee. Slipped it in there and didn’t see anyone mention.
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@oamp+17yzsxsW I'd say the long term trend is more concerning that just the 401k cut. Name a single benefit which has been improved over the past 20 years. I can name many which are gone or significantly reduced. The only improvement I can think of is paternity leave which only a small number of the total workforce benefit from. Even that we were very late to the party on.
Many companies, including some in the tech sector, also cut 401k. This is the state of covid world.
Doesn't look good. Long term trend is all benefits to employees are down. This is across the board. Expat uplifts cut significantly. Education reimbursement cut. Matching for donations to alma matter cut. Your own office now a cubicle. Savings plan match gone. Raises gone. Cost of living adjustments gone. Training gone. Participation in conferences gone. Mileage reimbursement gone. AMEX rewards gone. etc. etc. etc. You can argue if past was too generous but my point is the trajectory is clear and it is down. Dying company in a dying industry.
Yes, caught that as well. Not looking good and paints a bleak picture for the next several years. Expect annual PIPs en mass as jobs are moved to India.
Who do you think built the refinery, produces, buys, sells, does taxes, protects refinery from lawsuits, etc, etc, etc but go ahead keep telling yourself you can do it all yourself bird brain
So dividends remain and the employees basically take a huge pay cut
I retired in May fron XOM. I think it was the right thing to do. I knew it was bad when they refused to give me my retirement dinner due to cost. I earned it after 30 years
You're an id–t. A refinery won't run on its own for very long. There are people that work in an office to keep the supply chain going and getting oil into/out of the refinery.
You can keep it pumping for a while, but when anything changes, or it needs to go down for maintenance, or something happens downstream, your SOL and can barely figure out what to do on your own.
Salaries are more than 7% above competitors. Eliminating match is quickest and easiest way to get salaries competitive. GOOD DECISION. But I was ok with 20% cut to base pay for all Exec and MPT and allowing wage people to keep the 7% match. No one in the office PRODUCES or REFINES OIL. YOU PUSH PAPER. All refinery and field workers are ESSENTIAL or Production Stops. When OFFICE PEOPLE LEAVE...We will be still producing and refining without the overhead costs
Her ready for an indefinite evaluation of how best to bring back benefits!
Here is a question for you analytical minds:
If everything will soon be fine as the genius said, why the match is not coming back? Is it because things will just not be fine?
Hey Dumbo. He didn't slip 3 years in there. He said until further notice.
If you don't like it. Jump ship and go elsewhere. The grass is always greener on the other side.
Yeah it’s gonna be a while. Balance sheet currently has 69 billion in debt. They are gonna struggle to be able to fund dividend, capex, and debt payments for a long time. And as darren said, one of the few levers they have for short term cash is operating expenses. Aka salary and benefits.
Let's be real, once benefits are reduced, they almost never come back.
Oh wow. That’s long...0
Definitely said "a few years" not "three years" could be worse than three...
Not worth staying! Making exit strategy now.
He said a few years. Not 3 specifically.
I mentioned Darren saying it on a few threads here and put the time stamp from the video. I believe he mentions between 51:35-53:00 of the video.
Did the math yesterday. About $105k for me over 30 yrs at a 6% real return. Probably decent bit more for MBAs or engineers as I’m probably not paid as much them.
Did he actually say 3 years?
Yes, it is significant.