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Salary package (financial industry) good for family? Help Please!

Salary package (financial industry) good for family? Help Please!

Old Jun 28th 2012, 9:13 am
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Default Salary package (financial industry) good for family? Help Please!

Hello everyone,

Firstly, let me say “Hello” as I have read through the forum here and it all seems very helpful! Now it comes down to a big family decision and any suggestions are appreciated!

My husband recently got an offer in Abu Dhabi and it is much lower than what we expected, though the agent insists it is an decent offer.

Here is the package:
Basic: 40K AED per month
Expat: 9K AED per month
Housing: 20K AED per month
School: 40K AED per child per annum
Bonus: 0% - 130%

LONDON: At the moment, my husband earns OVER 150K per annum including bonus (he got offered 220K a year ago by another company in London, but we rejected that offer), though with really long working hours; I earn over 40K with good holiday and benefits. We have two children, my older one will go to middle school soon, but he has high chance of getting into one of the best grammer schools in london, so basically education is free in london. we could have very decent life here, even if we decide to send our children to private school.

ABU DHABI: If we move to abu dhabi, the upside is that it is tax free, and the company claims that there is a cash bonus up to 130% of basic salary. But you know, it is not guaranteed... Both my hubby and I are very disappointed with the basic. We are not really better off if we move to abu dhabi to earn this basic salary. Plus, I have to sacrifice my career, for at least one year or two, before landing another job in abi dhabi if I could. The education allowance will be enough for junior school, but it seems that we have to top up for senior school? Is the housing allowance enough for a family of 4 and a maid?

We could not move the whole family there based on this basic salary. Do you think this is a fair offer based on my husband's current salary? To be honest, the minimum basic salary i would ask for is 70K. Am I too ambitious? Will I piss the company off? The agent said the company usually does not negotiate!!! IS this common?

Another confusing thing is it is a 3 year fixed contract rather than permanent position? Is this common in Abu dhabi? We got first class tickets on joining and termination, but no annual travel allowance? Should not the contracter salary higher than permanent role?

Thanks, everyone. We need to make decision soon, so really appreciated if you could share your experience and advise. Thanks in advance.

Last edited by angela2012; Jun 28th 2012 at 10:00 am.
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Old Jun 28th 2012, 9:21 am
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Default Re: Salary package (financial industry) good for family? Help Please!

WHAT HAPPENED NEXT?????
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Old Jun 28th 2012, 9:43 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by weasel decentral
WHAT HAPPENED NEXT?????
the electricity went off
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Old Jun 28th 2012, 10:02 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by EastWest
the electricity went off

Dont know what went wrong just now, and only one sentence was posted

sorry, sorry
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Old Jun 28th 2012, 11:03 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Easy way to work it out, take hubbies current package 150k, add 50%, 225k, translate that to dirhams 1,350,000 (at 6/1) then divide by 12 = 112,500/month.

If he will get this, take it, if he won't don't.

BTW, if it is for ADIA I'd be very tempted to take it anyway....
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Old Jun 28th 2012, 11:09 am
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Default Re: Salary package (financial industry) good for family? Help Please!

What is 'Expat: 9K AED per month" ? An extra payment for being an expat?

Don't count on any bonuses.

Contracts are either unlimited which are open ended, or limited which are usually for a three year period.

And just because the income is paid free of tax, it doesn't mean you won't be liable for UK income tax on some of it. That depends on when you leave the UK during the tax year, when you return and how long you remain non-resident. From April your ties to the UK have a bearing on days permitted in the UK during the tax year.

Last edited by Meow; Jun 28th 2012 at 11:12 am.
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Old Jun 28th 2012, 11:15 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by angela2012
Hello everyone,

Firstly, let me say “Hello” as I have read through the forum here and it all seems very helpful! Now it comes down to a big family decision and any suggestions are appreciated!

My husband recently got an offer in Abu Dhabi and it is much lower than what we expected, though the agent insists it is an decent offer.

Here is the package:
Basic: 40K AED per month
Expat: 9K AED per month
Housing: 20K AED per month
School: 40K AED per child per annum
Bonus: 0% - 130%

LONDON: At the moment, my husband earns OVER 150K per annum including bonus (he got offered 220K a year ago by another company in London, but we rejected that offer), though with really long working hours; I earn over 40K with good holiday and benefits. We have two children, my older one will go to middle school soon, but he has high chance of getting into one of the best grammer schools in london, so basically education is free in london. we could have very decent life here, even if we decide to send our children to private school.

ABU DHABI: If we move to abu dhabi, the upside is that it is tax free, and the company claims that there is a cash bonus up to 130% of basic salary. But you know, it is not guaranteed... Both my hubby and I are very disappointed with the basic. We are not really better off if we move to abu dhabi to earn this basic salary. Plus, I have to sacrifice my career, for at least one year or two, before landing another job in abi dhabi if I could. The education allowance will be enough for junior school, but it seems that we have to top up for senior school? Is the housing allowance enough for a family of 4 and a maid?

We could not move the whole family there based on this basic salary. Do you think this is a fair offer based on my husband's current salary? To be honest, the minimum basic salary i would ask for is 70K. Am I too ambitious? Will I piss the company off? The agent said the company usually does not negotiate!!! IS this common?

Another confusing thing is it is a 3 year fixed contract rather than permanent position? Is this common in Abu dhabi? We got first class tickets on joining and termination, but no annual travel allowance? Should not the contracter salary higher than permanent role?

Thanks, everyone. We need to make decision soon, so really appreciated if you could share your experience and advise. Thanks in advance.
I would suggest that your son can at least spell 'Grammar School' before he goes to one! - Apparently you did not!

Do you want to seek 'Advice' or are you looking for people to 'Advise?'
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Old Jun 28th 2012, 11:18 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by Kix
Easy way to work it out, take hubbies current package 150k, add 50%, 225k, translate that to dirhams 1,350,000 (at 6/1) then divide by 12 = 112,500/month.

If he will get this, take it, if he won't don't.

BTW, if it is for ADIA I'd be very tempted to take it anyway....
Kix, thanks for the formula. That was what I hoped for before. But it seems that there is no way they could increase the base from 49K to 112K.

Even if I assume 100% bonus and include expat benefit, it is just 40+40+9=89K now. Seems hard to push it to 112K, not mention that bonus is unreliable.
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Old Jun 28th 2012, 11:25 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by Meow
What is 'Expat: 9K AED per month" ? An extra payment for being an expat?

Don't count on any bonuses.

Contracts are either unlimited which are open ended, or limited which are usually for a three year period.

And just because the income is paid free of tax, it doesn't mean you won't be liable for UK income tax on some of it. That depends on when you leave the UK during the tax year, when you return and how long you remain non-resident. From April your ties to the UK have a bearing on days permitted in the UK during the tax year.
Meow, thanks so much for the info. It seems that the 9K AED is expat benefit allowance. I know I should not make decision based on the POTENTIAL bonus...

What will usually happen after the three-year contract ends? If the contract is limited, should I expect higher pay?
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Old Jun 28th 2012, 11:28 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by angela2012
Meow, thanks so much for the info. It seems that the 9K AED is expat benefit allowance. I know I should not make decision based on the POTENTIAL bonus...

What will usually happen after the three-year contract ends? If the contract is limited, should I expect higher pay?
Never expect a payrise. After the three years you are free to walk away, as is the employer, or it could become annually reviewable. Or switch to a different basis.
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Old Jun 28th 2012, 11:31 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by angela2012
Kix, thanks for the formula. That was what I hoped for before. But it seems that there is no way they could increase the base from 49K to 112K.

Even if I assume 100% bonus and include expat benefit, it is just 40+40+9=89K now. Seems hard to push it to 112K, not mention that bonus is unreliable.
No it's not, you have to also include all your other allowances, schools and housing...

40+40+9+20+6=115k, now that's OK.
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Old Jun 28th 2012, 11:37 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by Meow
Never expect a payrise. After the three years you are free to walk away, as is the employer, or it could become annually reviewable. Or switch to a different basis.
No payrise... Then it seems there is no big difference between the unlimited and fixed period contract. Anyway no matter whether it is a permanent or contract position, employer and the employee are always free if they serve enough notice. Need to spare time to read the small prints...
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Old Jun 28th 2012, 11:39 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by Kix
No it's not, you have to also include all your other allowances, schools and housing...

40+40+9+20+6=115k, now that's OK.
Thanks. What is your view on bonus? Is it common to get the target bonus?
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Old Jun 28th 2012, 11:41 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by angela2012
No payrise... Then it seems there is no big difference between the unlimited and fixed period contract. Anyway no matter whether it is a permanent or contract position, employer and the employee are always free if they serve enough notice. Need to spare time to read the small prints...
You need to understand the difference between limited and unlimited contract here. It isn't like the UK. You can't just give a months notice and walk away from a limited contract..

I said 'never expect a payrise'. Some may get them, many others don't.
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Old Jun 28th 2012, 11:49 am
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Default Re: Salary package (financial industry) good for family? Help Please!

Originally Posted by angela2012
Thanks. What is your view on bonus? Is it common to get the target bonus?
Who knows, shirley it depends on the position, is it tied to personal or company performance? As we don't know the position, it's difficult to guess whether the bonus is realistic.
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