|
Post by Burningtree on Feb 20, 2015 15:30:47 GMT
This forum has so much good information. I wanted to understand how the base salary works? This is all hypothetical just for me to understand how it works.
Typically Aramco will match the base salary that I am making here in Canada. Now lets assume that I make $100,000 a year. So basically Aramco will offer me $100,000 as base salary. Then on top of this base I will be given the 40% standard over base, plus 18% benefit supplement . A mathematical representation would be easier for me to understand.
$100,000+ 40% of 100,000 + 18% of 100,000 = My monthly salary with Aramco *12 = Yearly salary.
or is it this how the base is paid : X + 40% of X + 18% of X = $100,000( my base in Canada)
Then on top of this yearly salary I will get the bonus(8%), housing rent allowance, repat +(cash) + 25% loss of pension + relocation and shipping ( cash in lieu) +free schooling
Is there anything else that I might be missing?
|
|
|
Post by bamaster on Feb 21, 2015 14:38:02 GMT
It's the first formula... although yours is wrong. Your base wouldn't be 100,000 / month. Unless you make 1.2 million per year.
If you're given an offer, it will likely be based on monthly amounts. I'm not familiar with Canadian overbase, but it isn't 40% for US. There isn't an allowance for housing if you live on camp. You will pay a very small amount for housing. There is an option for living off-camp and that has an allowance of something like 3 month's base pay. Not sure... it's not available for US employees.
The bonus isn't 8% if you're thinking of SAIP (Saudi Aramco Incentive Plan). SAIP is a formula based, which includes variables of personal performance, company performance, and grade code.
You won't get relocation and cash in lieu. Only one or the other. You may be thinking of settling-in allowance.
|
|
|
Post by Burningtree on Feb 21, 2015 17:14:03 GMT
Ok Gotcha. Base monthly would be 100000/12. Thanks for helping!
|
|
|
Post by Biggingerafro on Feb 23, 2015 13:02:56 GMT
I have a question...(from the UK)
You mention the settling in allowance (1 months base salary)
Lets say that I have been informed my salary (and I will use imaginary numbers...) will be as follows:
Base = $75k Overbase 1 = $25k
Total = $100k/Yr
My question is simply this. Is the settling in allowance based on the 'Base' or the total of the two? Or the third option, as it would often be in the UK, one month of the total salary package value? I.e. the base + value of benefits?
|
|
|
Post by bamaster on Feb 23, 2015 19:00:44 GMT
It's base only. Singles get 60% of one month base. Unless UK is special case.
|
|