Is there a way to receive severance in multiple installments? A friend of mine, who was laid off a few years ago from Exxon, mentioned that severance payments often fall into a higher tax bracket and the final amount you actually receive ends up being much less than you anticipated.
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At some point someone who signed an NDA will spill the beans on severance, if any, likely a few days before it's made public lol.
Severance policy is posted on the HR site. Should be the standard 2 weeks for every year of service. Paid all at once.
The reason for the higher tax bracket isn’t the severance, it’s when you receive it. If you receive it before years end your taxable income increases by however much your severance is. They don’t allow differed payments at CVX unless you’re in an executive pay grade 26+. Best case scenario for taxes is it drags out until Q1 2025.
There will be no big severance payments this time around. Wouldn't worry about impact on tax
What severance are you talking about?
OMG the horror. Being in too high of a tax bracket. Some of actually need to pay bills and are struggling. Please spare us the faux concern.
You can control when you get the severance within a few months window, so if the cuts are late this year you can decide if you want the payment this year or early next. Be very careful if you are relocating to a state with income tax next year as they may be entitled to a cut and that may or may not be worse than the extra Fed tax owed if you take it this tax year.
It’s always been a hard no. They want you off the books. If the payout is in December, tough on you. If you’re lucky, they keep you on in first quarter. Either way, YOU have no say.
Highly likely they won't get it right the first time so rd1 next yr then rd2 in 26??
best option is to get the severance package and leave in Jan/Feb of the year
- Who is eligible for severance? If job moved from CA to TX and worker declines, thought that negated severance. If job moved to ENGINE, those folks may be eligible . . . someone that knows fact, please chime in!
- When will severance be announced? Ready to go now. . . Think MW does not want to pay out, that is why cutbacks are not enterprise wide, but rather function by function.