The benefits described here are for the 2025 plan year. This page will be updated when 2026 plan information is available later this fall.
wealth
Chevron’s wealth benefits include pay and benefit programs to help you prepare financially – for today and for the future.
watch the video
Watch our program overview for a quick look at Chevron’s retirement program.
Pay generally includes two types of compensation – base pay and
variable pay:
base pay
Base pay is your fixed annual salary or wage rate; it does not include bonus or benefits. More information about your pay, including how and when you are paid, will be shared here in the coming months.
variable pay
Variable pay recognizes your contributions to Chevron’s success and provides an opportunity for you to earn incentive compensation in addition to your base pay.
- The Chevron Incentive Plan (CIP) is the annual bonus program for all employees that provides a cash payout in recognition of performance year results.
Video: Chevron Incentive Plan (CIP)
- The Recognition and Awards (R&A) program allows employees to recognize individuals and teams for superb efforts and achievements. Most employees are eligible to receive awards, and all employees can give or nominate other eligible employees for awards using a standard online tool.
Video: Recognition and Awards
- The Long-Term Incentive Plan (LTIP) is a forward-looking plan designed to encourage performance that significantly increases stockholder return over time.
Video: Long-Term Incentive Plan (LTIP)
The Chevron Retirement Plan (CRP) is a defined benefit (pension) plan. This means you accrue a benefit simply by working for Chevron. It pays a benefit according to a formula and grows as your years of service, age and pay increase.
Depending on the pension formula you participate in at Hess, you may not begin participating in the CRP on January 1, 2026. More information will be provided later this year.
The Employee Savings Investment Plan (ESIP) is a defined contribution (401(k)) plan that allows you to set aside money to save for your future. You choose an amount to contribute from your paycheck each pay period and Chevron matches a portion of your contributions.
This communication provides only certain highlights about benefit provisions. It is not intended to be a complete explanation. If there are any discrepancies between this communication and the legal plan documents, the legal plan documents will prevail to the extent permitted by law. Oral statements about plan benefits are not binding on Chevron or the applicable plan. Chevron Corporation reserves all rights, for any reason and at any time, to amend, change or terminate these plans or to change or eliminate the company contribution toward the cost of such plans. Such amendments, changes, terminations or eliminations may be applicable without regard to whether someone previously terminated employment with Chevron or previously was subject to a grandfathering provision. Unless required by applicable law, there are no vested rights with respect to any Chevron health and welfare plan benefit or to any company contributions towards the cost of such health and welfare plan benefits. Some benefit plans and policies described in this document may be subject to collective bargaining and, therefore, may not apply to union-represented employees.