I've been hearing a lot of talk about more layoffs coming next month. At first I dismissed it, but the rumors keep getting louder. Does anyone have any actual information? Are these just rumors or is something really happening?
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Does anyone remember the severance formula from the 2021 layoff program?
I can't remember the details, but I seem to recall it being less generous than the 2004 program. I'm curious if anyone remembers how many weeks or months of pay were provided per year of service.
Also, for someone who is 54 years old and receives, say, one year of severance, does that effectively bridge them to retirement eligibility if they reach retirement age during the severance period? In other words, could someone leave under severance at 54 and still qualify for retirement benefits once they hit the required age during that severance year?
Plenty of NSI fodder in here..
“somebody somewhere said something, please confirm.”
using a 24 year old severance distribution as if it has any relevance to the company today. They are the same in name only.
formal layoff program ?
@fn
This is the payout schedule for a 2004 involuntary separation program for EMIT (might have still been called GIS back then).
Years
service Weeks pay
<=2 4
3 4.5
4 6
5 7.5
6 9.5
7 11.5
8 13.5
9 15.5
10 17.5
11 19.5
12 21.5
13 23.5
14 25.5
15 27.5
16 29.5
17 31.5
18 33.5
19 35.5
20 37.5
21 40
22 42.5
23 45
24 47.5
25 50
26 52.5
27 55
28 57.5
29 60
30 62.5
31+ 65
What was the layoff severance offered for someone with 25+ years service? Does anyone remember?
AEST…..the new and improved TMTS
Finance holding back performance assessment communications until after quarter close so anyone unhappy with their result doesn't checkout or quit before the books get closed. This is peak disingenuous management. Pretending to care about people while making it obvious the only thing they actually care about is protecting themselves and in this case not jeopardizing quarter reporting before pushing more of their most valued assets out the door.
Hahahah layoffs and last year. They’ve been doing this for a long time but small % and even smaller enforcement. Since 2020 that shocked them and decided to protect the animal even more for the long haul.
@OP XOM PIPs are done in July
No layoffs, ExxonMobil values their employees, in fact they are their most important asset. Employees can have a long and diversified career, it's a really great time to be starting a career at ExxonMobil... well unless you get PIPd. So glad I am nearly done, I can't stand EM, feel sorry for the younger employees.
9% PIP. Does that qualify?
layoffs in the US you mean? fyi the company has been laying off people continually since last year, the latest to be hit seemed to be Indonesia