Thread regarding Saudi Aramco layoffs

IPO & SAIP Status with Layoffs?

What’s happening with the IPO and SAIP with all these reductions in expat workforce going on? Are these two offerings still ongoing? Are people buying this stock? Are employees still receiving SAIP payments each March?

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Post ID: @OP+16hNxK5U

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I agree. Instead of eliminating the 401k match though maybe lowering it from 9% to 4-5% would be best. With the pension just make it to where no new hires can participate.

GC caps would be fine as well, I see far to many expats and locals complaining about lack of promotion when you should just be thankful you have a job.

As a current expat employee I'm fine with such moves as I can appreciate that we are going through tough times and something has to be done.

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Post ID: @dcbl+16hNxK5U

During the 1980s, the company actually lowered the GCs of the personnel 1 GC lower. It mathematically capped the salaries and mitigated a small amount of the layoffs. They need to eliminate the SAIP along with the matching contributions to the 401K plan. The pension plan should eventuality be phased out for all expats, much like the Dow & DuPont merger necessitated (longterm notice must be given and new-hire participation in the pension prohibited).

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Post ID: @cyvp+16hNxK5U

Honestly, get rid of SAIP as safety should be a part of doing your job for which you're already being paid for. It was a nice perk, but not required.

To the extreme, just cap all current expats at their GC and disallow future promotions. Those that don't like it can leave.

This would save money, many people who are actually still performing would retain their jobs, and the company would save money.

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Post ID: @chqh+16hNxK5U

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