If you are 58-60 or above, would it be better to EOI than getting fired without a package later in year when that role moves to Engine ?
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I am not going to EOI. I enjoy my job and being productive. But do what's best for you.
The Accelerated EOI was just sent out. Getting the package is pretty much assured. In the second round of musical chairs later this year, is the package intended to still offer the severance package to those that wait for the EOI even if their job is relatively secure? It’s a matter of when do you hit the button when within a year or two of planned retirement?
MW has already done a “culture reset”…….and not in a good way.
“. I lived the culture for 36 yrs and CVX does not like controversy.”
MW has said explicitly he is looking for a culture reset. Who knows what it involves?
Chevron downgrades PIP rankings as employees get past a certain age. It is a well thought out process for easing you out the door.
They will never lay you off without a package (unless fired for cause like g-ns or dr-gs or stealing). If you want to stay then stay. If you get let go you will get a package. I lived the culture for 36 yrs and CVX does not like controversy.
EOI is the way to go for that age tbh
EOI….EOI….pretty pretty pretty little EOI! My EO….my EOI!
EOIs and severance packages are designed to placate older employees from filing age discrimination lawsuits. When you accept the EOI, you sign a form saying you weren't coerced into leaving, and you're not going to file a lawsuit (2020 grad - I remember signing those papers.) While past experience says that you will get a package either way, remember that Chevron makes the rules, there is no guarantee. "Your position has been eliminated" (i.e., ENGINE) may mean you get nothing. You're only talking about a few extra months of salary, don't gamble that Chevron is going to play nice. If you have this choice, take the EOI and run.
You will not get let go without a package. EOI or not, if not selected, same outcome (package either way).
Chevron could go full Exxon and start PIP/firing people close to retirement as an alternative to laying them off. No severance in that case.
I would not discount that possibility.
If you're within a couple of years of retirement, the severance package is free money or your ticket to leave a little early. Let's say you're a year from your planned retirement. If you stay, you're basically working for free. They would have paid you a years salary to leave (assuming a standard package of 2 wks/yr and you have 26 or more years).
If you are terminated due to lack of work (either after an EOI or because your job was outsourced), you will get the same package, so the answer to your question depends on when you wish to leave.