New to Conocophillips here. Can someone explain how VCIP is prorated for people who are being laid off in August or September? Is the amount calculated by annual salary, quarterly salary, time on the job or job function? Trying to calculate if its worth staying on and wanting to see if I can get a percentage or dollar range.
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Prorated VCIP is not guaranteed by policy. It is subject to CEO approval. But historically, approval has been granted. It’s not prorated based on months worked but rather the compensation received in a year or partial year that is subject to the VCIP.
If you are layed off, your VCIP will be prorated based on months worked (9/12), times your annual salary, with an assumed “3” rating and based on your unit.