QUOTE(klein @ Apr 14 2013, 03:00 PM)
The new recruits are not entitled to many benefits such as house loan, unlimited medical coverage etc, hence Petronas made it up with higher basic salary and employer EPF contribution
I would take that any day then those fringe benefits that not all of us use and also if you calculate the actual amount in ringgit terms the fringe benefits, it's chump change. Take my example
Entry level salary - RM2050 when I joined (kept low because of the supposed fringe benefits given by Petronas)
Housing loan - 3.5% annual rest as compared to what banks are offering at about -1.75% BLR (or for senang kira 4.5%), so you get an extra 1% discount with Petronas. That will come up to maybe RM200-250 ringgit a month on a RM200,000 loan (somebody correct me here)
Medical benefit - MSIG offers Top of the Line medical insurance for RM900 A YEAR so that comes to what, RM75 bucks a month that Petronas gives you .... MSIG also covers maternity benefits for an extra RM650 a year so let's make it RM1500 a year or RM125 a month extra benefit that you get from Petronas.
Car Loan - Petronas gave a 4% monthly rest loan up to a mximum of RM60K loan or equivalent to 2% fixed rate loan. You can get with public bank a loan for new car at a rate of 2.5% fixed so Petronas only gives you an extra 0.5% which is probably 50 ringgit a month.
So this fringe benefits that HR crows about probably come up to about RM500 bucks a month.
I'd take RM4000 basic salary with 13% EPF (changing to 15% EPF) any day than any of the supposed fringe benefits given by Petronas.