What measure of protection do they have from layoff / PIP. Why ?
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Company has not added service to incentivize retirement in decades. Over 55 retirement eligible and low ranking will be PIP'd, over the next three years. Since XOM has cut the bottom quintile already, people who were in the 20 to 40 quintile are the new bottom rank.
Thank you for such a detailed response. OP
Near Retirement Eligible. Employee within 3 years of retirement eligibility. The Company has exempted such employees from PIP terminations and layoffs until they become eligible for retirement. This avoids lawsuits from employees who are denied retirement benefits so close to retirement eligibility.
The company could add service to bridge the employee to retirement status but usually doesn’t because it’s cheaper to simply separate the employee through the PIP process as soon as he becomes retirement eligible. This will be the fate later this year for many of the NREs who were protected from the recent layoff. This will also be the fate for many of the retirement eligible employees who didn’t accept the recent layoff offer.