Zahid_77

Dear All,

Can someone please help me out with the following

Looking to move to HK with the fiancée and with my current employer, can I get by with the package below:

Salary 90K Sterling
30-40K accommodation allowance
Full medical

Thats about it, really want to know if we will be ok or doing good?

ex reg

Course you can get by on it.

Will you manage to save much.
Well that's a different matter and depends on you.

My first question would be is my package right for the job I'll be doing or are my company trying it on and should I negotiate for a better package.

It's a lot less than my package 12 years ago but I doubt you will be doing the same as me.

Lots of other stuff to include in your package though.

Zahid_77

Hmm...will you be able to save much?

Considering my rent in the uk is 1700 + bills and my salary will be taxed here at 40% min, I would save not a lot here.

As for the package v role, yeah more than right as I'll be heading up a new team and not have too much to do.

From your vast experience can you get good accommodation, assuming the bank I work for will be based where all the other banks are and will I be able to save say 1000 GBP a month?

ex reg

I'm surprised no one else has answered you yet.

Is an annual discretionary bonus included in your package.

Also a Chinese New Year Bonus of one month's salary is the norm.

Are you getting the cost of return flights for your family and yourself to your country of origin UK in this instance, depending on your seniority you should get the Business Class fare and that used to be in cash so you could spend it how you want to say take Economy class fares instead or it should pay for holidays in the region or you can pocket it..

Are you being provided with a car or a transport allowance.

Is you Accommodation allowance paid monthly in cash as you can therefore rent whatever level of accommodation you choose and pocket the balance or will the company pay the accommodation owner direct?

Your medical expenses should be for you and your family.

12 years ago when we left HK we were spending 40k on a 3 bed semi just north of Sai Kung. but two years before that when the rents were higher we were paying 55 k a year for the same property.

As I haven't been in HK since then I'm not sure what rent are now, but you can google accommodation rentals in HK and get a feel for rents now that may mean you have to go back to your employer to negotiate a higher rental allowance.

Just on Income Tax in HK iirc it was generally 15% on all income and included accom allowances etc.
Your employer really should be able to help you with this.

We sold our condo last year to a Regional Director of a financial institution.
He was surprised that the price here was so much higher than London.

And finally you said you didn't think you'd have a lot to do.
Well I found that working in HK I was working harder and longer than I'd ever done and I'd worked in many many overseas countries as well as the UK. I'd say that was the norm with my friends and work colleagues, but we loved it.

Zahid_77

Thanks for your reply so far..

Yes I get the 13 months payment, bonus etc etc...

Im setting up a core Murex Team, wont really be conforming to traditional hours...will be good.

Accommodation allowance is paid monthly in cash to me, and flights.

Also wont have a car allowance though..so really need to find something near 88 Queensway...I think thats near admiralty station/ central.

Would like to be able to find good accom with gym/pool for around 60K

Lets see how this goes...Kind of hoping my salary is enough to be comfortable..

penguinsix

Take a look at http://www.gohome.com.hk to get an idea of the current rental rates (advertised). Generally I find what you can get 'on the street' to be something like 10-15% lower than the printed rate, provided you negotiate a bit.

Don't rent off the Internet. Negotiate a 1 or 2 month stay in a corporate apartment so you can get your feet on the ground and see a few dozen places. If you can't get that then get a 'recon' trip out here to spend a week or two house hunting. Rents are high and spiraling upward. I think there has been a 20-25% increase in just the last two years or so.

Comfortable is a relative term. Will you be living comfortably vs. the vast majority of the locals? Yes. Will you be living comfortably vs. the expat banking and finance community? Sort of average actually. If you want to go out to expat drinking holes and dine at fancy restaurants, expect to pay at least what you are spending in London (if not more).

I think for many of my expat friends they moved here for the chance at a 'big score'--a large bonus that can give them a big chunk of change that they will take back to their home country. A few have the idea that they'll 'save a few dollars from each paycheck' but with the high cost of living here and the desire to 'jet to Phuket for the weekend' and do other expat things, that little savings each month can easily be eaten away.

The_Hospital_Guy

Hello Zahid,

I will also be moving to Hong Kong soon to work in the Hospital as a Radiographer. I will be making less than a third of money than you! Blimey. And you ask, can you get by?

Nevertheless I am a single young male with no ties who likes simple pleasures. I'm Intrigued as to what you will be doing there and where you will be staying.

Good luck.

Jim

PeteinHongKong

90k sterling currently gives you around HK$94,000 per month - if you are paid in sterling then just keep an eye on the exchange rate. During the almost 30 years I've been in HK sterling has been at a low of HK$8 to the pound to a high of HK$16+ to the pound. Although the HK$ continues to be pegged to the US$ this is something that could conceivably change - and of course any recovery in the US$ could hit your income. When I first came here and was not sure how long I would stay I adopted quite an aggressive saving regime - it's just too easy to blow money here!

Queensway is very centrally located and accessible to the Mid-levels (a popular expat residential district) and to places like Soho and of course Central. Forget about a car unless you really feel compelled to drive every day - you will pay more for a flat with a parking space. Your rental allowance should get you a nice place of at least 1200 square feet (gross). Find a good property agent who will bargain on your behalf with the landlord. Rents have gone up a lot over the past 18 months and are still on the rise. Tenancies are normally for 2 years but can be broken after a year with two months notice (i.e., 14 months) on either side.

Good luck!

JackTheLad

Property prices, both rent and purchase, have indeed gone up a lot the past year. HKD$40k per month is about the bottom end of a decent place in Mid-Levels Central. However, Mid-Levels West or East will get you slightly better value. You will be further away from work but the taxis and mini-buses are very cheap.

A very popular temporary furnished accommodation (HK$20-60k/month depending on size of suites) for expats who work in Central or Admiralty area is 2 Macdonnell Road. I bumped into a newly arrived Australian family during my recent visit to HK and they seemed very happy to base themselves there while looking for a long-term rental. There is a YWCA across the road where you can join (HK$600/year) and use the gym and swimming pool. Oh, you don't have to be young, Christian, or a woman, to join...

Mrs JTL

Domino

Does your employer know about this.?

I would have thought that the salary relates to the responsibility of the post and that being manager\team leader with staff can be more than enough for a day letalone actually doing a job as well

I realise you "work" for a bank (not exactly the favourite in the UK at the moment) but is it me that needs a reality check in the modern world ? ?

Your employer should be providing you with a complete package which includes assistance in interim accommodation and finding a permanant flat along with any other support necessary to ensure you give the maximum effort in the day job

rgds