Is this true? If so, that means that new US citizens no longer get ERISA protected retirement, post retirement health care (or any health insurance in the USA for that matter).
Americans founded Aramco, but I guess the Saudis forgot that.
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I’m told the 10 year “bulletproof” med care deal has been ki-led. Come here at your own risk.
That is not true, nor a fact. Reduced from the older generation, but not done away with entirely.
Yeah. In my time there I saw various XYZ consultants doing nothing. It’s a gravy train for the firms and the backhanders that result. Don’t think Aramco much cares. It eats itself.
The bigger picture is that management cannot easily cream off kickbacks with direct hires through expats via payroll. They are also jealous that they cannot make that much themselves within the law.
It’s so much easier to shake hands on the golf course, hire some goons from XYZ consultancy via a “single source contract”, and place 20% to some EVP’s cousins offshore bank account.
Aramco is being fleeced by its own management, it’s theft on an industrial scale.
The expat hiring strategy is just a “ tax savings” ruse… .If you’re from a high tax jurisdiction then a 30-40% uplift can seem attractive.
If you are desperate or a m0ron, then fill your boots….
It’s a false economy though. Aramco will only attract plodders and people with only that much uplift will not stay long. Especially when they get here and realize there are no raises and it’s 18 months until a bonus arrives.
Ultimately, Aramco doesn’t care. Game over for expats.
The times they're a changing. At the end it's about the bottom line and Americans are just too expensive according to their top dogs. True they can get cheaper from other places, then again...
So for everyone thinking about joining Aramco it's about the savings. Forget about benefits such as pension, post retirement health care, etc. Those can be taken away in a heart beat.
If the majority of American expats are really going to retire within five years, then what is the probability of Aramco paying for post retiree health care after that time? I am guessing pretty close to zero. That is one of the reasons I left at six years. No point in trying to get to the 10 year mark for post retirement health care when the company won't be honoring it.
Like others have said, Aramco is switching over to a different type of expat.
I’m told fewer than 500 are left out of 2000 ‘expats’. Majority will retire within 5 years.
Those American "old timers" and retirees also have to worry about post retirement healthcare being taken away. After all, why would the company want to pay for current retiree health care if it isn't interested in attracting new Americans?
Does anybody know what percentage of Aramco's Professional Expats are American? I'm guessing < 20%.
Eastern Europeans are the flavor of the month as well
It wouldn’t surprise me. Americans have been out of fashion for some time at Aramco. I don’t know anyone from the US who has joined in the last 2 years. Those that remain are old timers.
For Aramco they are too expensive to hire compared to cheaper jurisdictions Aramco prefers to hire its expats from these-days. One can hire a keen-to-move to the region, pakistani-Canadian, or and Indian-Brit, for half the salary they’d have to pay an American.
Aramco is on a mission to cut expat costs to the bone. Soon they will all be gone.
Probably get offers based on global payroll that is based on US$, May have to sort out their own tax reporting the same as US expats with other overseas companies.