Private Pension Plans

Rather than pension plans, *severance packages* are in practice governed by Saudi labor law. It's one lump-sum payment commonly called EoS (End of Service) benefits.

Here are the constituents:

1- For all unutilized vacation days, you are supposed to get financial compensation (pro-rata based).
2- Any other unpaid bonuses.
3- For the work tenure:
--- No EoS if the service period has been less than 2 yrs
--- For first 5 yrs, half of the net monthly salary for each yr.
---- For all yrs of service after 5 yrs, a full net monthly salary for each year.

* Monthly salary = as drawn at the end of service.

choudhers wrote:

Hi Everyone,

I am just waiting for my contract to arrive from a job offer i accepted in Riyadh it should be here in sha allah in 3 days time according to Fedex tracking.

I am in the UK but never had a pension plan just a savings account, as i am permentantly now moving to Riyadh and wish to stay there for a long time, i would to know do pension plans exsist in Companies in KSA, or do you have to get a private pension if so are there any companies based in Riyadh people can recommend.


Thank You

ali

Apart from ARAMCO I have not heard of any firm which provides pension.

Although most of the firms provide you end of the service benefits, which you need to speak about to your new employer.

My word of advise would be to maintain your saving account.

The banking system is very secure here, but it is certainly not very clear for expats due to language issues.

Hi guys,

Hope you're all well. I work for British Financial Advisory firm who operate in the Middle East, including Saudi. We work with Expats from all over the world and not just Brits although that is our strong point. One of the main areas we look at is retirement planning since most companies don't provide employees with pension schemes in KSA.

If any of you could do with some expert advice over the phone please feel free to get in touch with me and I'll arrange it for you...

Email: ialathary@globaleye.com

Look forward to hearing form you all.

Regards

Ibrahim

TheLegendLeads wrote:

Rather than pension plans, *severance packages* are in practice governed by Saudi labor law. It's one lump-sum payment commonly called EoS (End of Service) benefits.

Here are the constituents:

1- For all unutilized vacation days, you are supposed to get financial compensation (pro-rata based).
2- Any other unpaid bonuses.
3- For the work tenure:
--- No EoS if the service period has been less than 2 yrs [Check your company policy though]
--- For first 5 yrs, half of the net monthly salary for each yr.
---- For all yrs of service after 5 yrs, a full net monthly salary for each year.

* Monthly salary = as drawn at the end of service.

Just adding something on top of what I said some 2yrs back

Ministry of Interior has put an EoS calculator online that you can use to calculate your benefits.

Here is the link: https://www.laboreducation.gov.sa/en/Co … d-Cal-5823