Company Car Plan

[a4Tech]

Hi!

Would like to get inputs po, the company i'm working for is planning to give out car plan as benefit sa mga valued employees nila. Maganda po sana if you can give inputs sa alam ninyo na terms ng ibang companies / personal experience when it comes to benefits such as this. Btw, the company's line of business is IT.

To get started yung kapatid ko po works in a pharmaceutical company and syempre kasama sa package nila yung car yung terms sa kanila is something like this.

1. Company pays for the DP & lahat ng kailangan to procure the car.
2. 30% of monthly amort sagot ng employee
3. 70% of monthly amort sagot ng company
4. Yearly insurance sagot ng company
5. A budget of 2x,xxx is given for the yearly maintenance of the car.
6. After 5 years the car is given to the employee at no extra cost.

Sabi nya pag office based yung employee almost same package pero 50-50 ang hatian sa monthly amort.

Yung sa wife naman nya who works for a different pharma company:

1. Company pays for the DP & lahat ng kailangan to procure the car.
2. 100% of monthly amort sagot ng company
3. Yearly insurance sagot ng company
4. A budget of xx,xxx is given for the yearly maintenance of the car.
5. After 5 years the employee has option to buy the car * 10% of acquisition cost.


Maraming salamat and more power po.

[mazdamazda]

Here is what was offered to me before:

Budget of P500K will be shouldered by the company, anything over will be charged to the employee via a monthly salary deduction for the amortization of the remaining balance.

P2K per month for maintenance

P2K per month for gasoline

Insurance & registration will be shouldered by the company.

After five years (and if the employee is still around) the vehicle will be given to the employee.

[Altis6453]

Our company's executive car plan:

- Budget of Php 650,000.00 (depends on position/rank). Employee may get a more expensive car but he has to shoulder the difference in price
- 60% of car's cost is shouldered by the company
- 40% balance is shouldered by the employee payable in 60 mos., interest-free
- Comprehensive insurance is shouldered by the company for the 60-month period
- Maintenance cost is shouldered by the employee
- At the end of the 60-months, the employee gets ownership of the car with no further payments due

Not really part of the car plan, but an employee benefit:

- reimbursement of gas up to 300 liters per month, subject to submission of receipts

You may also want to check your employer's policy regarding the choice of vehicles since some companies only allow you to choose between the 2 dominant brands (Honda, Toyota).

[Asus700]

here' what i got from 2 companies before:

budget was P750,000, company pays everything to procure the car, anything above, the price difference will be charged to the employee and has to be paid upfront.
60% of monthly amortization shouldered by me at minimal interest
40% shouldered by the company
200 liters/mo of gas
free parking/parking allowance
12 mos installment of insurance

[Radical!]

Those are very generous plans. How I wish I had plans like those when I was an employee ...Here's how my company car plan works:

For managerial positions up. Company car is acquired and assigned exclusively to the employee (both for business and personal use). Model varies depending on position. Car is registered under the company's name.

After 4 years, the employee has the option to purchase the vehicle at 10% acquistion cost. If the employee is promoted during the term, the employee keeps the existing vehicle. On the other hand, at the end of the term the employee has the option to purchase the vehicle at 5% of acquisition cost from 10%. If an employee resigns in the middle of the term, the employee has the option to buy the vehicle at the fair market value. If the employee opts not to buy the vehicle, the company assigns the vehicle to the incoming employee. The incoming employee assumes the term and useful life of the vehicle.

Registration, insurance coverage under company's account. Fuel allowance and maintenance are provided by the company. Amount ranges depending once again on the position. Other big-ticket consumables such as Tires, batteries, etc. are also on the expense of the company. Tires are replaceable after 3 years or number of kms whichever comes first, batteries are replaced every 2 years.

Rationale:
Since it is necessary for the company to acquire vehicles for business use, the company is compelled to purchase/lease. At the same time, it is recognized that employees upon reaching a certain position/responsibility in the company deserves certain benefits which other employees of lower rank/responsibilities don't have. It is anticipated that since the employee has the option to purchase the vehicle, he/she will ensure the upkeep and maintenance of the vehicle. On the side of the company, depreciation of the acquired vehicle is equal to the useful life (4 years). At the end of the term, value booked is zero. 10% of acquisition cost goes to company's coffers or used as a downpayment for a new vehicle. If employee opts not to acquire vehicle, company immediately sells the vehicle since maintenance costs rise after 4 years.

HTH

[empy]

sarap naman ng employee benefits jan sa Pinas...


eto ang transportation benefit ng company ko:

free parking.

:seeth:

[Eismann]

Parehas tayo empy...free parking din benefits namin.
Pag late ka pa, sa labas ka na lang kasi puno na.
Kaya most of the time, we ride the shuttle bus.

[CVT]

sarap naman ng employee benefits jan sa Pinas...


eto ang transportation benefit ng company ko:

free parking.

:seeth:

Tama ka naman diyan bro..

Pero, diyan kasi sa US,- affordable ang sasakyan dahil generally,- ilang buwang suweldo ang presyo ng kotse.

Dito sa atin sa Pilipinas,- karamihan ay ilang taong suweldo ang presyo ng kotse,- kaya ang mga kumpanya ay ginagawa itong "golden handcuff" sa mga empleyado....

3101:transform:

[Taurus]

Here's what our company offers (IT)
[SIZE=3][/SIZE]
[SIZE=3][SIZE=3]

• Loan amount : Php 500,000
• Repayment period : Maximum of 5 years or 60 monthly installments
• Interest rate : Four (4) % interest per annum on diminishing balance
• Petrol : Actual expenses up to Php 4,500 per month
• Maintenance : 50% of actual expenses for repairs and normal maintenance up to Php 12,000 for every 12-months or one year
• Insurance : Actual cost of comprehensive insurance coverage up to Php 22,500 for every 12 months or one year
• Car Registration : Actual expenses for registration up to Php 1,500 for every 12 months or one year

[/SIZE]
But this depends on your job grade.
[/SIZE]

[number001]

sarap naman ng employee benefits jan sa Pinas...


eto ang transportation benefit ng company ko:

free parking.

:seeth:

The beauty of it in the US or Canada is that you don't have to own the vehicle. Like most people there, you can simply lease a vehicle and a company can simply pay for the monthly lease, as part of the employee's benefits . All the service tabs are picked up by the leasing dealer. All you got to do is make sure the vehicle is returned within the mileage limit and certain condition after the lease expires.

Accounting-wise it is more attractive bec. they can just park it as an expense instead of a complete write down after a few years.

Love it there!

:D

[oldblue]

double post

[batusai_jr]

i envy you guys for that car plan,

[jut703]

Was supposed to create a new thread since I was curious, turns out there's an existing one already.

Will share what I know, based from what I've been offered or what my friends in other companies have, almost all of us are in either marketing or sales. More senior positions will probably have more compelling packages.

1. Company A
- Vios 1.5 or City, depending on the department
- 5 years, no employee contribution
- No option to choose a different model, can be left with the company if you leave before 5 years

2. Company B
- 700k budget, 20% employee share
- 5 years

3. Company C
- Vios 1.5 only
- 6 years, no employee contribution
- Option to assume balance of other cars left with the company (term is also shortened, ie if the guy before you kept the car for 3 years then left, you just have to keep the car for 2 more years then you get a new one again)

4. Company D
- 1M budget, employee can add if he wants, but choices restricted to 4x2 pickups
- 6 years, no employee contribution
- Option to assume balance, term also shortened

5. Company E
- 30k car budget per month given in cash (should cover amortization and maintenance)
- You can choose to buy a car, or keep your existing car and pocket the money
- No restrictions on car choice

6. Company F
- 950k budget, allowed up to 1.045M at employee's expense, 20% employee share
- 5 years, free maintenance
- You have to buy the car at book value if you leave

7. Company G
- Ranger XL or Focus, no option to choose
- Car replaced every year, but never transferred to employee ownership

8. Company H
- Vios 1.3, no option to choose
- Car only assigned, not transferred to employee ownership


Sent from my iPhone using Tapatalk

[_Cathy_]

Company E - geez! I'm really in the wrong industry. 20 something and already given that much only as allowance. I would assume salary is at the 100k range na.

I took my internship at Caltex in 6750. All of us interns applied but nobody got in. Employees there were really earning a lot.

This thread makes me feel like a failure :cry2:

Sent from my GT-N7100 using Tapatalk

[jut703]

Company E - geez! I'm really in the wrong industry. 20 something and already given that much only as allowance. I would assume salary is at the 100k range na.

I took my internship at Caltex in 6750. All of us interns applied but nobody got in. Employees there were really earning a lot.

This thread makes me feel like a failure :cry2:

Sent from my GT-N7100 using Tapatalk

They don't all get 100k salaries, just really big car allowances. Salaries are just about the same as the other multinationals in the industry. [emoji4]

[CVT]

They don't all get 100k salaries, just really big car allowances. Salaries are just about the same as the other multinationals in the industry. [emoji4]

Figures bro.,- it is "just" an allowance,- co-terminus. Fringe - so tax is paid by the company.

Basically, that's what we have,- just allowance and the employee decides whether he/she buys a new or a pre-owned unit or maintains his/her unit or pockets the money... IMO, it is a win-win for both parties.


"The measure of a man is what he does with power" LJIOHF!

29.2K _/_/_/_/_/_/_/_/_/_/

[papi smith]

Company E - geez! I'm really in the wrong industry. 20 something and already given that much only as allowance. I would assume salary is at the 100k range na.

I took my internship at Caltex in 6750. All of us interns applied but nobody got in. Employees there were really earning a lot.

This thread makes me feel like a failure :cry2:

Sent from my GT-N7100 using Tapatalk

Sounds like the San Miguel Group, Mid Mgt Position, base rank pay should be above 80k.

[@alon]

Company E - geez! I'm really in the wrong industry. 20 something and already given that much only as allowance. I would assume salary is at the 100k range na.

Cathy, I think I saw a post before that you are also in finance/accounting. I have yet to see a car plan package for us masisipag na accountants. hehe! Unless you are in senior manager or VP position. I think sales people are given this benefit even at entry level. So, wrong profession for me, I guess.

[dreamur]

Cathy, I think I saw a post before that you are also in finance/accounting. I have yet to see a car plan package for us masisipag na accountants. hehe! Unless you are in senior manager or VP position. I think sales people are given this benefit even at entry level. So, wrong profession for me, I guess.

You can never go wrong with having an accounting degree. It opens doors to limitless opportunities you wouldnt need a car plan at all. Of course having a CPA certification would be a big help.

Sent from my SM-N910C using Tapatalk

[CVT]

You can never go wrong with having an accounting degree. It opens doors to limitless opportunities you wouldnt need a car plan at all. Of course having a CPA certification would be a big help.

Sent from my SM-N910C using Tapatalk

Just a rub, dear bro...

Oo nga, - Enron, WorldCom, Tyco early 2000s >>> Sarbanes-Oaxley (SOX).... Accounting Scandals > Accounting Controls > Accounting as Heads of Companies....

Now, that's staged takeover!....
(Sila ang gumawa ng scandal,- sila pa ngayon ang sikat!)....


"The measure of a man is what he does with power" LJIOHF!

29.2K _/_/_/_/_/_/_/_/_/_/