My Manager verbally offered a voluntary severance today to 3 of us in my department. Indicated not enough people took the early retirement option. I am conflicted cause though I am in my 50s I am no where near immediate retirement. I have only been with OXY 5 years. The other 2 qualified for the early retirement. I feel I don't have an option (voluntold) to leave or stay. It's unfortunate I love OXY. Anyone else confronted with this? What do these packages look like 3months 6 months? Healthcare? Any input would help me understand the inevitable to take this or just wait for involuntary/riff. If packages are no different I will just wait it out then. If more lucrative I'll voluntarily walk.
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while HR and some managers can see your age I am pretty sure walking down the halls and asking employees how old they are violates several company and equal opportunity rules/laws.
I was pretty much strongly advised to take the package--that they had to go with a younger, "their buddies and friends in other words", and that he did not have much choice. When the package first came out, one boss was going down the hall asking certain of us "how old we were". Not a pleasant experience at this company for sure.
VSP packets were sent to everyone over age 60 BUT for some unexplained reason hourly employees were excluded from consideration!!!
If laid off, 5 yrs exp gets 2 months notice & 2 months severance, so standard pay for 4 months. Insurance and all that continues until end of severance. If 4 yrs, 2 + 1.5, if 6 yrs, 2 + 2.5. If you started on Jan 1 of 2011 and laid off on Jan 2 of 2016, that counts as 6 yrs seniority since they always round up...
Voluntary packages will be better than forced layoffs at a later date. I think the forced layoffs will be 3 months....and voluntary packages will be based on years of service so you'll get an extra 2+ months (not sure exactly for your position). It all depends on if you think there is a chance you stay. If so, it might be worth the risk. I wouldn't make any decisions until you get direct info from HR.
I did ask and also HR. No direct answers.
Ask your manager these questions!