Thread regarding ExxonMobil Corp. layoffs

I've worked at 2 companies who converted from defined benefit to defined contribution during my employment. Outside of a few dinosaurs, very few companies reman with defined benefit plans (pensions). The process is generally a buyout and assignment or conversion to an investment plan, within government rules. Moving forward, many companies offer 2-3% defined contribution in lieu of pension. It's up to each individual to calculate the value of future money in either case. But, just to be clear about my opinion, I don't think the pension is going away anytime soon.

The pension is already gone, for all practical purposes. Formally, the benefit is still there and obviously the upper management will still get it. The only strategy for change that the company has is to get rid of “high cost” employees, and that means over 50, by all means available - occasionally lay-offs, yearly oversized PIP-offs. If you have about 15 years with the company, which is about as “old” as you can be these days, you’d be a fool to believe that after everything that happened since last year, the company will change course again and respect its promises

Don’t forget they are exercising even more evil tactics. Taking older folks and moving them to different positions often times with no training then continuing to dump wok on them that’s belonged to others that quit. Oh mr. Lawyer we are innocent…. He/she quit. We didn’t pop them or forced them out…. BS! There’s a bunch of evil folks out there looking out for them selves at least in the gulf coast manufacturing site

Nothing is “guaranteed” when you get a job at EM, or anywhere else, first and foremost your job itself. However, the pension and the 401K are part of the deal that we made when we started working, and when you break a deal there are consequences. Of course, the upper management sees regular employees as overpaid worms who can be mistreated, lied to and cheated as they please, but the company will pay the price.

The pension and retiree health care are going away when the 401k match returns.

There is no agreed upon package when we hired on, none. The fine print says it was not guaranteed. If by now, you have not figured out that ExxonMobil lies, cheats, and is corrupt, please wake up and see this company for what it is. This company only protects its Executives and VPs and above, you know, the ones who receive RSUs equal to their annual salaries, the ones who do not answer questions at forums, the ones who PIP you, the ones who lie to you on a daily basis, the ones that hired a consultant to run this company because they had no idea how to run it themselves. The ones who are offshore your jobs, freezing your salaries, no COLA, no promotions, and you act aghast that they would take away the pension? It is the next step.

The company did exactly same in 1980s and kept saying they wont male same mistake and did the same last year in name of layoff. Why would and should people believe them. After all BTC bengaluru is hiring software engineers to work on companys cutting edge tech which will solve all probs.

See this.

https://www.linkedin.com/posts/nancy-johnson-bsn-phn-6588891_will-exxonmobil-stop-offering-a-pension-lump-sum-activity-6811448389608333312-naQC

The pension is already gone, for all practical purposes. Formally, the benefit is still there and obviously the upper management will still get it. The only strategy for change that the company has is to get rid of “high cost” employees, and that means over 50, by all means available - occasionally lay-offs, yearly oversized PIP-offs. If you have about 15 years with the company, which is about as “old” as you can be these days, you’d be a fool to believe that after everything that happened since last year, the company will change course again and respect its promises.

Pension & 401k match are not hand outs. They are part of the agreed compensation when we hired on.

Exxon told us they wanted us to spend our whole career here. They changed their mind.

@piy+1brABxYF Mgmt doesnt care if people quit. BK, the EMIT VP already told Emit employees in forum that those who want to leave to work for flashy hotshot companies are welcome to leave and that will are Oil and Gas and we dont have any incentive and desire to change and compete better.

And pension is merely 10% of your salary. The company contributes 10% of your yearly salary to your pension fund. So in reality, if you find another job that pays 10% in bonus or base salary you can invest that money on your own.

The mgmt. said "Dont think what the company can do for you but think what you can do for the company". The same mgmt. can then said thank you for giving up pension.

What will happen you ask? People will quit and go to other companies.

Just the thing Engine 1 will be pushing for.

How about a new round of 20% layoff and double the dividend amt?

How about NONE? Really greedy employees and the Benjamins should be use to fuel the dividends program.

This is exactly what they are going to do, less than 8% of private companies have pension amd retiree health.

I worked at another energy company that did this same thing about 15 years ago.

They can do it a couple ways.

The cut off new pension members. Everyone hired after a certain date is not eligible for the pension. This leads to some nice animosity between New hires and people that were hired a few days before the deadline.

They say they're canceling the pension and pay everyone out. So if you gave 10-15 years to the company you get 10-15 years of pension but in the end you probably lost out because you could have changed companies a couple times in that period and increased your base salary dramatically. Now you've got this little lump sum payment and you missed out on opportunities to increase your earning power over your entire career.

Pension is a pie in the sky dream and I do t trust the company anyways so I don't count on it.