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Post by obidient on Sept 5, 2022 5:30:42 GMT
Is this still applicable?
Expatriates receive either a company-funded retirement plan, a company-matched savings plan with a range of insurance options, or an annual cash payment of 17 to 19 percent of annual base salary for employees who opt to make their own insurance and savings decisions.
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mavs9
Member
Accepted offer with downstream finance
Posts: 11
Job Status: Accepted Aramco Job
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Post by mavs9 on Sept 5, 2022 11:14:13 GMT
Don't think this is applicable anymore, yes for Saudi's but no for expats. There is generally bonus associated as a lumpsum amount based on performance and a set a percentage ~20% or so...make your own savings decisions I suppose!
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arcticengineer
Senior Member
Posts: 180
Job Status: Accepted Aramco Job
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Post by arcticengineer on Sept 5, 2022 13:28:37 GMT
Those plans are gone except for employees who were grandfathered in.
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Post by obidient on Sept 5, 2022 15:34:53 GMT
Those plans are gone except for employees who were grandfathered in. Thanks |
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Post by obidient on Sept 5, 2022 15:35:08 GMT
Those plans are gone except for employees who were grandfathered in. Thanks |
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Post by newmember on Feb 14, 2023 23:50:23 GMT
Could you please explain how the End of Service Benefit is calculated for Global payroll? Is it a fixed percentage of the base salary?
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on Feb 15, 2023 6:56:56 GMT
First 2 years is nothing, then it starts as a % of base - in my case about $800p/m. If you chose to leave you will forfeit most of it. There are jumps at 5 and 10 years. It's not a good deal IMO, certainly not enough to retain good staff (unlike the older package). You shouldn't factor it into your offer.
The annual bonus is an entirely separate thing, and is not a subsute for the severance which are more akin to a pension payment.
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Post by rangerman on Feb 15, 2023 7:39:49 GMT
If you chose to leave you will forfeit most of it. Is this true? The wording on the severance pay part of my commercial offer states “severance calculations assume voluntary separation”. On that wording, I assume that this gets paid unless you are fired? |
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on Feb 15, 2023 10:43:37 GMT
Nope you’ll lose most of it if you resign. They won’t tell you that in the hiring phase as it doesn’t make the offer look as good. Yes, If you are laid off it should be “voluntary”, but you can’t bank on anything at Aramco tbh.
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Post by newmember on Feb 15, 2023 21:59:57 GMT
If you chose to leave you will forfeit most of it. Is this true? The wording on the severance pay part of my commercial offer states “severance calculations assume voluntary separation”. On that wording, I assume that this gets paid unless you are fired? Thank you |
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