What was offered to employees in a retirement package at the start of the down turn in oil prices in late 2015.
12 replies (most recent on top)
Was there anything in documents stating no rehire if you took package
is another one coming?
the last comment here is incorrect. or at least in calif. its wrong. I took the retirement package from orange.
No package!! It's a Severance pay in time of service. I got my last year & paid for 40yrs. A company pension retirement comes with cover insurance until the age of 65, and time of service. NOV only has retirement package for those under management :(
one other thing. both had the same age req. of 55
the one I took was 5 years or age 65 which ever was first. many years before it was the same except it was 10 years or 65. that's the only change. also your age had to be 55 at the time of offer.
To my knowledge there were two rounds offered. The first required a higher years employed + age than the second one. They lowered it by 10 years for the second round. I believe the "payout" was the same for both.
If you are ever offered one, take it. I knew people who refused, and were laid off in the next round of layoffs.
Was that the only layoff early retirement package ever offered by National Oilwell Varco. Was there ever a better package offered at any time.
Thanks... forgot about the spouse.
agree with last statement, but also included spouse till age 65
One year salary plus benefits until 65 (if you were not yet 65 years old).
The first package was offered in early 2015. The second package was offered in late 2015.
Do you think NOV will be offering another retirement package soon?