Monday, November 03, 2008
Petronas Salary (I envy)
I am happy for my friends who are working in Petronas. While every other companies is still negotiating their collective agreement (CA) to decide on the benefits and rights of the worker including salary, they have long enjoy their salary adjustment. Since fresh grads entering Petronas as an executive has to have a minimum salary of 3500, I believe my friends at Petronas is enjoying a rather high jump from 2500 starting salary before the management at Petronas approve the salary adjustment. As an oil and gas company, the workforce at Petronas is very desirable. Companies especially based in Middle East are waiting to grab their very opportunity to recruit the experienced employees of Petronas preferably after couple years of training provided by Petronas. I believe it is insane for the management to see that their workers are leaving the company to work at other places at an alarming rate, especially those with good skills. Therefore, they have offered several allowances for their workers. For example those working in the oilfield, or must I say working closely to find available gas field in the world, they are given an extra 1000 on top of their current salary. Other execs may enjoy less but htey still got some more pocket money on top of their basic salary. I believe it is the strategy of the management on retaining their existing workforce. Being a scholar of Petronas, my friend is bonded for ten years or else have to pay a huge amount of money just to breach the contract. Pity me, I wish I am a Petronas scholar. Currently, the management at petronas is still generous enough to give out loans to their employees so that they may buy house. 100% loan at the amount of the basic salary times 90. i hope the mangement of Petronas will ocntinue to do this in order to retain even more workers although it might hurt the company in the long run. In an attempt to reduce cost, my company has long ceased the benefit of giving loans to their employees. Instead, employess have to seek on their own, loans from banks or any financial institution and the company will only pay difference of interest rate that will otherwise give. Let say that the company used to give out interest of 4% for their workers to buy house. Thus with new regulation, the new worker will have to apply loan from bank, and the lowest which is given is 6%. Therefore, the difference of interest rate is 2%. Each month, after paying the installment of their loan, the workers will have to apply for the compny to reimburse the difference of 2% in the interest rate. Lots of paperworks and often times can be ver time consuming. I assume that the management aims for the workers to totally forget claiming for the reimbursement. I am not lucky I believe not being ble to enjoy 100% loan from my company to buy house. In this case, I would not beable to buy my dream house until i save enough money to coveer the downpayment and auxillary cost in buying the house. For the sake of my friends who is going to work in petronas, I hope that they will still be able to enjoy the full loan given by the company.