Thread regarding Saudi Aramco layoffs

Expat remittance tax is coming. Once all the expats leave, income tax will be coming for locals. Then see how much they love MBS and his yachts.

Mannnnnnn job opportunities pouring in. This is great!

Aramco is a losing bet. Let the sauds have it.

Wow it's true. Everyone's getting matched and in some cases getting a boost. Why in the hell did we go to work for these stupid arrogant a-holes?

Yesterday it was reported that after70 years of watching Saudis put up a rig and drilled an oil well all by themselves!

Saudis working is such a rare event that when they do some work on their own it makes the national news.

Ouch

Bad wrong thing said about busy hard working saudi. Saudi make many thing. Report. Update. Checklist. Graph. Present on wall. Action plan. Work list. Meeting minute. Email. Review. Form. Letter. Chart. So many thing.

Very important thing: saudi produce many more saudi like rabbit or rat. Very expert. No body better at this. So say nice thing or go!

I wish it was that much. I'd drop to "D" and wait

Nobody's pension is half a million after 5 years. You've been smoking weed fertilized with BS.

I think you should read the hr manual. If you are with the company for less than 5 years not vested. And yes your walk away pension can be half million for 5 years. If you are with the company for more than 10 years then more then a million.

Read the hr manual first

The pension plan is not the 401k plan and as per US regs requires 5 years of service to get anything.

I think we may be talking different things here. It used to be you had an Aramco 401-K plan that you were 100% vested in the company contributory portion of after 5 years, with partial vesting for fewer years. Aside from that, there was a Saudi Social insurance known as GOSI that everyone paid into ( sort of like Social Security in the US ). Some people got a lump sum distribution of the GOSI on departure. I spent 6-1/2 years over there and was told that if I had stayed 6 more months, I would have gotten a monthly "pension" check. That would have made the requirement the to get the monthly check be 7 years. Maybe some of you can clear up what appears to be comparison of apples and oranges. Is this something that doesn't really exist ?

I believe another answer is in the main thread

It is legal. Under 5 years you get nothing.

I heard from a friend that just got laid off that you have to forfeit your pension if you get laid off before you reach 5 years with the company, i.e. before your pension is vested.

Can someone confirm if this is true?

Is this even legal, or even ethical?

https://www.law.cornell.edu/uscode/text/29/1053

Here ya go. Happy reading.

You'll find pension plan rules and rule history by googling ERISA which is the law that governs the pension.

Yeah, well I was looking for a date that the pension eligibility was set at 5 years, but if you say " forever", I guess it must seem that way to you; but I know that answer is incorrect.

It's been like that forever

How long has the pension eligibility been at the 5 year level ?

No it isn't. Aramco is having trouble matching direct deposit for direct deposit on US hires.

Hate to tell you this but that nasis takes taxes into account.

On that basis, which is the only basis that really matters, Aramco salaries are much lower than US and it is the tax advantage that works in Aramco's, not the employee's, favor.

The only advantage left is the pension. If you can stick out 5+ years.

It's the tax treatment that makes Aramco so attractive. Absent that, you could live frugally in a double-wide trailer on 5 acres here in the US and bank as much as working for Aramco. Take away the tax benefits of the expat and it's a no-brainer.... stay home.

Half million? You jest. You can definitely make more if you shop around (and if you're good enough). Gotta exclude the pension tho. Thats the only thing that takes Aramco over the top but you gotta make 5 yrs to get it. From what I saw few did.

Get off the crack pipe. No US company pays half a million dollars unless you are some VP which you aren't.

Which US companies/jobs pay as much or more than Saudi Aramco? I would love to know!

Me