Can anyone comment on COP's severance package? I have heard they give 1 month salary per year of service? is that true... any one who has received severance from ConocoPhillips in recent layoffs...if you can let us know...
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We had a maximum of 60 weeks after 30 years in the GCBU. Unless you went to work for the company that bought your asset. If they did purchase and not pay 75% of your current salary, COP would give you severance, but you still could not work for the new owner. That means you are being sold to the new company as an asset. This is not speculation, that is fact.
This thread is old, but does have some useful information to those wondering what to expect from a severance check. That being said, there are some confusing posts that I would like to clarify. First, the basic payment is 4 weeks pay. NOT 4 weeks/year, 4 weeks total. People citing 4 weeks severance are talking about the basic benefit. The supplemental is the bribe not to sue. If you sign the waiver, you get 3 weeks PER YEAR of service, to a maximum of 60. I have heard that you can negotiate severance a bit, but not having been through the process, I don't know how that would work.
I wonder why some people got 3 weeks per year worked and others got 4 weeks per year. There are even people here who claimed to negotiate additional 4 weeks. I wonder what type of negotiation was done? Just like working at ConocoPhillips, there are always some people who are privy to additional benefits which others are not privy to. That is why there is so much nepitism. Eveyone has some relative working there, even if the relative is a dumnb ass.
in the handbook its 3 weeks for every year of service, or a minimum of 4 weeks if you don't sign a waiver
I heard COP was 3 weeks per year. BP was 4 weeks per year. Others were 2 weeks per year. Not sure Shell and now Chevron.
I secured 10 weeks pay and negotiated an additional 4 weeks. Yup - I had nothing to lose so I went in full steam and outtalked the ignorant director laying me off and discovered severance at cop was negotiable :)
I left with 1/3 salary mailed to me. 4 weeks later, I went across the street, landed more money and better benefits.
If you are retirement eligible age and you are laid off - which category do you fit into for invested RSUs? I believe the rules are different if retire and invested RSUs are 6 months old then they don't prorate.
The US Severence Policy states employees receive unvested RSUs as long as they have been held for 1 year. The employee receives nothing for RSUs held less than 6 months. For RSUs held between 6 and 12 months, an employee receives a pro-rata share (i.e., 50% for those held for 6 months, 75% for those held 9 months, etc).
Vested yes but future ones no. Any holidays that are earned and have not been used yet get paid out. VCIP gets prorated up to the date of severance, any future VCIP is lost. Don't hurt your head trying to figure it out because like I said they don't and will not give you a break down of the cheque you receive. It's an envelope with one cheque and a letter for you to sing off on the cheque received.
Wait a minute. I thought employees got to keep the unpaid restricted stock if they held it for more than six months as an RSU? Maybe there was some pro-ration but no stock isn't what we heard in our team meeting.
Anyone find that on the website? Maybe in the terms when they gave out the RSU's?
cheque - UK
The payouts may vary based on country. The noted holiday pay and VCIP are not associated with USA payouts.
I don't understand - the severance package includes vcip pay for next year?
Yes that is what I got. Keep in mind it is one big cheque.. Holiday pay, VCIP, 3 weeks base pay per year served. They don't give you the calculations they use just a lump sum and a letter to sign off on. They do not give you unpaid restricted stock units. What you have is what you get. Wait a few months before you settle up with your stocks because they will accumulate to the end of of severancce period. Anyone heard what percentage will be let go this fall?
http://hrcpdocctr.conocophillips.com/Documents/2013_Annual_Enrollment/EE_SPD/EE_Severance.pdf
The severance package is published. On the payroll until the end of the month for up to 21 days so ideally a layoff early in the month and not late in the month. Otherwise the severance package is the standard package.
Anonymous 123755
It is a rough calculation on base salary. If you take Base salary +VCIP, I would say 3 weeks for every year worked.
The people who got laid off before the VCIP award got some, if not all their VCIP for last year ( Note, this is hearsay, I didn't see the actual numbers)
Anonymous 123537 - Are you saying you received 4 weeks severance pay for every year of service?? If so, that is more than the standard 3 weeks for every year of service up to 60 weeks.
If people have un paid stock restricted units do they get those? That $20k could help a lot.
I got a base salary of one month per year of service. It is more generous than EPC companies, who get one week per year of service.
Yup that's what I got
3 weeks for every year up to 60 weeks total