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Post by lasam on Mar 28, 2012 2:48:33 GMT
Couple of questions regarding the offer:
(1) In the offer, it is mentioned
Days Off Residence: Abqaiq.
Does it mean during days off or weekend, the employee needs permission to go outside Abqaiq.
Work Schedule: N11, Regular 5/2
What does N11 mean?
What is the regular office hour in Abqaiq Plants Operation Department?
(2) I never receive the job description. I applied for a position online but interviewed for a different position. The only information I have regarding the job responsibility is from the discussion with the interviewer. Do ARAMCO provide written job description in the process of hiring?
(3) What is the difference between Severance Award Plan and Retirement Income Plan? In benefits summary sheet, it is mentioned 'company-paid Retirement Income Plan (10 year vesting)'. What is this?
Thanks,
Lasam
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Post by GroveWanderer on Mar 28, 2012 6:16:00 GMT
No
it means non-shift work, with regular 8-hour days.
Standard office hours throughout the company are 7 am to 4 pm with an hour for lunch, normally 11:30 to 12:30.
I don't know the answer to this one, you could try asking your recruiter?
The Severance Award Plan provides an end of service award. It complies with the basic provisions of the Saudi Labor Law and is paid to you when you leave the company. I'm not sure about the Retirement Income Plan as it doesn't apply to UK employees. Someone on the US payroll might be able to answer.
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Post by lasam on Mar 28, 2012 21:18:23 GMT
Thanks GroveWanderer for the answer. It is helpful.
I appreciate any one else answer the rest of the question.
- Lasam
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Post by mapleleaf on Mar 29, 2012 22:54:10 GMT
Hi Islam,
In response to your question:
(3) What is the difference between Severance Award Plan and Retirement Income Plan? In benefits summary sheet, it is mentioned 'company-paid Retirement Income Plan (10 year vesting)'. What is this?
10 years vesting means if you stay 10 years you will receive the additional payout (please remember this is an estimate and the amount may change). If you leave anytime before the 10 years is up you will not receive any portion of the payout.
I hope this helps.
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Post by Gentleman_S on Jun 10, 2012 21:38:26 GMT
What does the Retirement Income Plan consist of?
Is it an annuity equals to for instance (x% of your base salary) * (number of years with the company)?
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Post by nrl073 on May 1, 2013 18:46:24 GMT
Can anyone provide an answer to this question? Thanks.
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Post by SugarLandTX on May 3, 2013 9:52:38 GMT
This is applicable to US payroll employees and possibly Canadians:
In general Retirement Income Plan is an annuity equals to (2.4% of your base salary) * (number of years with the company).
Assume you did your 10 years and retire, then you will get 24% of your base salary per month for rest of your life. Base salary used will be the avee base salary for the last 3 years worked. There is also some minimum age requirement when you can retire, I think 50 yr. Assume you start at age 42 and work for 10 yr and decide to retire. You have met both criteria (minimum 10 yr service plus age >= 50). You will get RIP. One more thing, when you retire at age 60, you will get 100% of the above amount. If you retire at age between 50 to 59, you will get some reduction factor thrown in. All these rules are well defined and your relocation advisor should answer it.
Good Luck !!!
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Post by Mopac on Dec 24, 2013 21:08:25 GMT
What if you work for 10 years but are not yet 50 years old? Do you get any benefit?
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Post by azraeil on Dec 25, 2013 4:50:50 GMT
You will not get the retirement benefits. It has to be both 10 and 50
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Post by Vimto on Dec 25, 2013 12:26:23 GMT
Let me get this right:
I thought it was 5 years of service to get vested in both 401K & RIP.
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