Post by Confused123 on Dec 28, 2013 22:12:56 GMT
Dear All,
I have few questions on Deferred Benefits Supplement on Global Payroll. What I can understand that employee has to contribute 8% to Benefits supplement fund each month. I am not sure how much employer will contribute to it. Offer says it is based on ' No. of years in service & your Final Monthly Basic ". Are we vested immediately after joining Aramco ? Is there any minimum number of years you have to work before you vest with this fund? Nothing is clear in the offer letter. Does Aramco issue a yearly statement for this fund. As per my Accountant , I may be liable for Tax on this deferred Benefit supplement on yearly basis . ( I will be working on rotational schedule - Non Resident). As, I will be paying tax each year, I will not have to larger lump sum tax at the time of retirement.
I have few questions on Deferred Benefits Supplement on Global Payroll. What I can understand that employee has to contribute 8% to Benefits supplement fund each month. I am not sure how much employer will contribute to it. Offer says it is based on ' No. of years in service & your Final Monthly Basic ". Are we vested immediately after joining Aramco ? Is there any minimum number of years you have to work before you vest with this fund? Nothing is clear in the offer letter. Does Aramco issue a yearly statement for this fund. As per my Accountant , I may be liable for Tax on this deferred Benefit supplement on yearly basis . ( I will be working on rotational schedule - Non Resident). As, I will be paying tax each year, I will not have to larger lump sum tax at the time of retirement.