With the dramatic increase in prices across the board and intractable inflation, have the Shell Retirement Benefits committee members given any consideration to Cost of Living increases for pensioners?
Benefit payments have remained unchanged for over a decade. COL increases are allowable under the Pension Plan rules.
So, how about it, Shell? Huge profits rolling in. If not now, when?
Getting your hands on a lump sum buyout sounds good - until you’re the one having to navigate the vagaries of unpredictable, volatile markets and national/international events.
A guaranteed deposit arriving once a month until you fall off the perch is rather attractive. Not to mention the guaranteed medical coverage.
At some point, Shell will be out of the defined benefits business so if you’re lucky enough to have hired in under that option, enjoy!
They are unloading pensions with buyouts. How do I know that? 2 years after being severed a package came in the mail loaded with a big lump sum of cash. I could take lump sum then or wait 10 years to get the first check for the rest of my life which is shrinking with every passing year of high inflation. Plus it would have taken 7 years of pension payments to equal the lump sum. So I could either wait until I am 72 to get the same amount I can get all at once today. A no-brainer and a win-win. They get me off of their balance sheet and I get my money 17 years in advance. That my friend is how they are ridding themselves of legacy pensions.
Why would they raise pension payments? What do they get out of it? They’re probably looking at options for getting rid of pensions.
“Just wait” for what? High earnings periods are always followed by lower earnings periods, and then the reverse again - it’s called the industry economic cycle.
Funding what might be considered discretionary spending during up times is perfectly logical.
A decade-plus without a pension benefit adjustment? We who are currently employed wouldn’t tolerate zero salary increases for that long.
Lol earnings might be good now but just you wait
A typically unhelpful result.
Responders to this post are unable to stay on topic.
Alas, expected behavior that only makes the dreaded office meetings drift longer.
I'm going to call shenanigans on @3lud+1k0ckfhQ.
He cherrypicks what aid to count in his ranking. A more honest accounting would rank the US much higher (for example, all the military aid to Ukraine just this year is excluded from his tabulation).
Downvotes to this post will just be a count of people who feel this post is an inconvenient truth.
Development aid by country (total, per capita and as percent of gross national income)
Netherlands is 6th or 7th ..... per capita and as percent of GNI. US is .....17th and 21st ....
Who you calling stingy .....
Luxembourg $470 million $609.48 1.05
Norway $4.29 billion $812.58 1.02
Sweden $5.40 billion $701.10 0.99
Denmark $2.55 billion $447.05 0.71
Germany $23.81 billion $214.73 0.60
Netherlands $5.29 billion $338.38 0.59
United Kingdom $19.37 billion $284.85 0.50
Switzerland $3.09 billion $421.37 0.44
France $12.18 billion $137.35 0.44
Finland $1.13 billion $234.13 0.42
Belgium $2.18 billion $167.20 0.42
Ireland $940 million $151.2 0.31
Japan $15.51 billion[7] $73.58 0.29
New Zealand $560 million $90.75 0.28
Canada $6.4 billion[5] $170.25 0.27
Austria $1.21 billion $137.59 0.27
Iceland $70 million $120.29 0.27
Italy $4.9 billion $63.38 0.24
Australia $2.95 billion $129.92 0.22
Spain $2.90 billion $34.52 0.21
United States $34.62 billion $95.52 0.16
No chance!
Dutch people are very stingy