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Post by iamjack on Feb 14, 2020 0:09:47 GMT
Dear community members,
Wondering if someone can shed light on three topics:
- How does Aramco handle education for kids when they are school going age and when they are ready to attend college/ universities? Especially when kids would like to go back to US to attend a certain insute
- How does the pension system works? What is the role of years of service in that? Are there monthly contributions? If so, what's employer matching etc?
- Does Aramco offers shares/ RSU as part of compensation?
I'm based out of US and in process of transitioning over to Aramco soon.
Regards, Jack
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arcticengineer
Senior Member
Posts: 180
Job Status: Accepted Aramco Job
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Post by arcticengineer on Feb 14, 2020 7:28:09 GMT
If you have children in college, you qualify for two travel vouchers per school year for up to four years of undergraduate studies before age 25. You need to be on married status and your wife needs to be in the kingdom before you can apply for that benefit. I'm still in the process of signing up, it takes some effort.
US payroll has a 401k where the company matches 100% up to 9% of your pay. It's a bit more complex to calculate as you have base pay, uplift, and some other factors that go into your paycheck.
There is also a defined benefit plan. You vest after 5 years, are fully vested after 10 years. Payout is a calculation based on years of service, final pay and your age. It's best to talk to a benefits advisor to understand how it works. There are also medical benefits after 10 years of service and age 55.
Stocks aren't currently part of compensation, there are rumors of a future employee stock purchase plan but nothing has been announced by Aramco.
You also need to consider the medical benefits and tax breaks when working as an expat when comparing the offer to your current compensation. It's not apples to apples and don't expect to have figured out the first few times you try and figure out exactly what your offer entails.
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