Saudi Arabia Restores Bonuses For State Employees After Oil Price Resurgence

I'm shocked.  Shocked I tell you.

Now about that IPO...

Saudi Arabia Restores Bonuses For State Employees After Oil Price Resurgence

As the global rebound in oil prices has helped to close a hole in Saudi Arabia's budget, the kingdom on Monday ordered the resumption of annual bonus payments to all state employees starting in January 2019, according to Civil Service Minister Sulaiman Al-Hamdan, who told the state-run Al Arabiya TV during an interview on Monday. Riyadh removed the perk in September 2016 as oil was trading under $50 a barrel after bottoming below $30 earlier that year. The drop in oil prices blew a hole in the Saudi budget and forced the kingdom to explore an IPO for 5% of Saudi Aramco - a deal that has stalled in recent months as investment bankers haggled with the kingdom over Aramco's valuation.

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Man, I wish my bonuses (what bonuses?) were dependant on the price of oil, and obviously nothing else like productivity, etc.

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The magic term in Saudi Aramco is SAIP. And it never stopped. I think it meant Saudi Aramco Incentive Plan. Some sort of multiplier for your rating and the company's performance. It did not stop paying out.

 

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18 minutes ago, John Foote said:

The magic term in Saudi Aramco is SAIP. And it never stopped. I think it meant Saudi Aramco Incentive Plan. Some sort of multiplier for your rating and the company's performance. It did not stop paying out.

 

I remember having to coach a Saudi colleague to help drive his performance.

On Saturday we drove up to Ras Tanura from Dhahran, took some samples and then dropped them off at the lab. Drove back to Dhahran

Next day I said come on, we are going to Abqaiq. He replied - no I'm worn out after yesterday so I went by myself.

There is a lot of potential on that performance growth curve.

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