Thread regarding Saudi Aramco layoffs

Layoff benefit is 2 weeks per year of service, with a minimum and maximum (52 weeks). This is separate from severance benefits. In fact, US employees only receive a severance payment if the value of the severance is greater than the value of the pension benefits.

Never heard of layoff benefits. I don't recall seeing it anywhere. Maybe it was in some early versions of the manual. I will ask some of my ex laid off colleagues what did they get as a layoff settlement. Another poster mentioned 2 weeks for every year. It could be.

Made a mistake the last IR to have it was March 2017

It's called layoff benefits (Aramco ARISA plan 501) and it's definitively not in the last 2020 IR, the last IR that has it was March 2020...so there you have it. Now the question is the benefit still active although is not in the IR...that is for someone with HR knowledge.

Has layoffs stopped or more is coming

Seriously boys and girls, they took it out.

Look under terminations or separations. Use the word search engine yo he left.

The jury is out. There is nothing in the manual. Maybe they are keeping it a secret and only discussed with employees once laid off. Perhaps it was in older versions of the manual and it is still applicable. I don't know.

I might be getting old and missed it, I looked and asked others to search, of no avail.

Layoff benefits are located in the IR Manual.

Well said LTD. You got that right. It's not in the manual, maybe in an old version that continues to be valid. I think this is why some folks were confused.

The US layoff benefit details were taken out of the HR manual a few years ago. If you saved a off of thecHR Manual from a few years back take a look and u will find it. The benefit is still valid though even though it is not in the Manual. Do not confuse it with the severance award which is only applicable for short service US employees who are not vested. Remember too that Global get the benefits supplement that US do not get.

This is from the US Manual. Not sure if it is what everyone is referencing. It states after 5 years, it is one month's pay though.

Severance Award Plan:
Involuntary Separation:
The Severance Award equals:
One half month's pay for each of the first five years of continuous service with the Company.
One month's pay for all the remaining years of continuous service.

Look in the IR Manual. It’s been around for decades.

Interesting discussion. I tried finding the 2 week a year topic (in case of layoff) in the manual with no luck. Anyone seen it recently who can point me to it? Cheers.

You mean to say Layoff Benefit, not Severance. Keep in mind that Milliman only does the financial calculations (& other things I don’t understand). Funds are held by a trust bank in the US. If you take the annuity on the pension, your monthly check will come from Aetna. You can Vanguard recommends taking the annuity from Mulliman Aetna route because the administration fees are already paid. 401k & Roth plans can be rolled over to IRAs or can be left with Vanguard. Vanguard makes it very difficult to pull money away, so think carefully. Good luck. Talk to an Aramco Benefit Attorney. They know how to advise you best.

You guys are awesome. This is news to me too. 401K + Milliman and then a severance of 2wks for every year of serrvice. you made my day. Where do i sign up.

Mr Potty Mouth: I bet you feel like a mental midget, but you are probably used to the feeling.

You may want to take a deep look into the IR Manual. HR tends to be a gatekeeper information. HR tends to help best when the employee has 25+ years with the Company and simply wishes to retire.

Thanks for your clarification. Greatly appreciate it. I had no idea. I tried to look it up in the HR manual but couldn't find much about the layoff/severance payout. I always thought all we got was the RIP and 401K and that's pretty much it, whether you resign or get laid off. Glad to see in case of lay off, there is some money extra, which from what I understand is 2 weeks for every year of service.

Stay safe.

To Good Day:

I am assuming you are a US expat: You will get a layoff benefit only if you are actually laid off. If you resign, you do not get a severance because you have your US defined Pension, 401k & 401K Roth that the other payrolls do not have. If you have served at least 10 years and have attained 50 years old, you also get the health insurance (laid off or resigned). You still have to make premium payments on the healthcare plan. Good luck and I hope you can make it to 60 years old with 25 years on your formula to get 100% maximum retirement benefits. Stay as long as you can.

Good day everyone, hope everyone is staying safe.

Just to clarify:

For US payroll, I am fully invested in my RIP and 401K (15+ years with the company). What you guys are saying is that if I were to get laid off, in addition to these 2 benefits, I would be getting a severance of two weeks for every year of service? Does this apply to both cases, in case of layoff as well as resignation? Thanks.

The specified limit is 52 weeks (1year). I do not know what is wrong with Mr. Crack with his potty mouth, but I hope he reading this. The retiree was right the whole time. I suspect that the negative comments are coming from a local, arrogant employee whose driving skills are dangerously poor.

Yes, US payroll get a specific layoff benefit of two weeks pay per year of service up to a specified limit. Other payroll employees receive a benefits supplement as part of their regular pay. I am not saying this option puts the other payrolls in a better place. But for sure US dollar payroll has this specific benefit. It should not be confused with the severance benefit formula applicable to other payrolls (and US payroll who are non vested).

I will trust the judgement and follow the advice of the retiree with 26+ years of experience over that of the rude, negative younger commenter who obviously does not know what he is talking about. The layoff benefit for US expats has been in place for decades and it is not the same as severance.

You are confusing layoff benefits with severance. Can you just look at the IR manual? Do not scare people with your lack of knowledge about the Company.

You are talking about another payroll. Just look at the IR manual for the US payroll, not the UK version. I think the 26+ guy is correct. Look at the manual on the Company Intranet. Why are you wasting time?

The biggest crack of sh7* I have ever heard. 26 years???? Two weeks for every year? Even the labor law doesn't allow that. It's half a month for every year up to 5 and then full month for every year after that. And like I said, none of this applies to US payrolls since they have the RIP after 5 years. Most end up having a higher RIP than the end of service.

It looks like the poster is confusing Severance, Layoff Benefit, and US Pension Benefits. It is obvious that the 26+ retiree knows what he is talking about; while the negative commenter refuses to take a look at the IR Manual. Everybody should take a look at the manual and know their benefits before they become unexpectedly separated from the company.

Print out the benefits package or view it on the Intranet. Your response directly below leads me to believe that you never worked for the Company or you are a non-US payroll expat.

26 years and still clueless.

1) What you're talking about is your right, with or without layoffs. Everyone knows their end of service number from the day they join.

2) There are several payrolls and everyone is different.

3) What the OP is asking is whether there are any unique package specific to the layoff and the answer is no. You get your 60 day notice and pay and that's pretty much it. Your retirement or end of service has always been there, with or without layoff, that's your right from day one as required by Labor Law.

4) To prove you are wrong again, Americans don't have anything called 2 weeks for every year of service once they put in 5 years. It just shows that you haven't learned much in 26 years.

The layoff package is two (2) weeks per year of service. I know because I worked there for more than twenty-six plus (26+) years and was begging for a layoff when I was 59. I finally retired when they would not give it to me. Read your benefits package online because I think there is a minimum number of weeks for those with a short tenure. The benefits statement is in PDF on the Company Intranet and it can be printed out. Do this now, if you think you are at risk.

Did you just wake up? There are no packages, you get your 60 days pay and a drop-off at the airport. You should have worked a little harder when you had a chance.

For expats who just got laid off what’s the package like. Can I survive for a year or so on the given amount

Kissing perfumed sandals in the desert for money. What you do for money honey?

It is expected that expats will be the first to go and locals will be given packages to retire early. If it turns out that there are not enough locals accepting a package, then some will face layoffs much like the expats. Very sad situation for everyone. If you think you are well-placed, they will send you out the door with your boss.

I think it’s reasonable when it’s a combination between expats and nationals packages.

I forgot to mention that the original poster of the quote above is @2qof+17Er5W0o