Protected Exchange Rate - Global Payroll

I am sure some of the answers would be found in the T & C that came with your offer.

The protection covers all elements of net pay plus one-time payments and end-of-service benefits and there are only a few exclusions. I am yet to know what the exclusions are.
I believe net pay would be your base + overbase + DBS.

It is determined at the time of hire, which is the DAY you board the flight to Saudi.

Under the rate protection, all elements of net pay are converted at the COMPANY official rate of the Employee's protected rate, whichever is more advantageous to the employee.

There has been a lot of confusion about this so i asked my relocation advisor to ensure that i understand correctly how it works. So here is my understanding:

1) Aramco calculates a rolling 3-year avee FX rate between USD and the currency you choose (i.e. CAD in your case or EUR in mine). So if you join in 2015, they take the FX rate between 2012 and 2014. Once 2016 starts, they would take 2013-2015.

2) Every month they convert (assuming this is what you have chosen) your net salary (all inclusive) to your preferred currency at either the current rate or at the rolling 3-year avee rate, whichever is more favourable for you.

Note: I'm not really sure if there is also a discount applied on the rolling 3-year rate of 5% i.e. they worsen the rate by 5%.

I have heard before other versions i.e. that they convert to either the current rate or the 95% of the rate the day you joined (whichever is more preferable to you), but this version was not confirmed by my RA.

Thanks Omega and Teeboy12 for your reply.
So in conclusion (my understanding), although protected rate is set at time of hire, it is based on past three year's avee. There is quite a difference in current CAD:USD v/s past three years avee. That is reality. It is good to have clarity and understanding on this kind of matter.
I think the 5% above the protected rate is dead band (Candidate's risk). If the current rate drops/increases (which ever way you look at) by more than 5% of the protected rate, then only you get paid the difference by ARAMCO.
I am still not sure if there is any upper limit up to which ARAMCO will compensate for the difference.
Thanks again.

It makes sense to exclude educational and rental assistance since in any case they are locally paid in USD or SAR (with the exception of the unaccountable RAA, which I guess few people choose anyway).

Regarding any cap in the FX rate compensation, as I understand there is none. So Aramco covers the full difference (between the current/actual rate and the Fixed rate) however high this difference may be.

Reviving another old thread on the same subject of 'protected exchange rate'. I've accepted an offer and going through bi/medical. My T&Cs included the protected exchange rate but after the Brexit vote and announcement my RA contacted me to say Aramco have updated their policy and this ' projected exchange rate' clause no longer applies to me and I need to sign a new updated T&C.

There was no hiding the fact it was the Brexit behind it but how badly have I been affected (if all goes according to plan and I get my visa)? Should I be concerned? I know the £GBP has had a whacking thse days against the dollar.

I suppose I didn't really have much of a say, in Aramco up......... it's policy and I had not choice but to accept whilst in this limbo for contingencies to be completed.

Any food for thought?

Cheers
Yamaaan

Thanks  PCPC for your response. As I understand, even though my salary is worked out in $USD, I will have my salary paid into my UK bank account in £GBP. Therefore the exchange from $USD into GBP is not protected so it would appear I loose out.