I was recently offered a job with a substantially lower salary than I was expecting (the offer is around 27k HKG/month) and I was wondering what the feasibility of living on this salary in HKG is. I am single, but would like to travel around the region once a month to visit my girlfriend (she is in north asia). I also have some foreign debt I owe back in my home country, which will require about 4k/month.
There is no relocation package, although the job does have an additional commission (up to 10k/month) for sales, but the market is unproven in HKG and the company has no experience with this market - meaning no one can tell me whether this commission will be actually earned or not.
Your thoughts and suggestions are appreciated.
Please support our advertisers:
If it is a sales job, that's a pretty good base salary... If your standard of living is normal, no requirement on nice car, maid, private clubs, yacht. You would be pretty comfortable considering being single, even wtihout the commission...
Please support our advertisers:
why not try and negotiate a better deal. Do you have any other options for work in HK? was it easy to obtain this offer. This if yes to both, back yourself and ask for some more. If they cannot guarantee the commission (and i must say a cap of 10K is rather low for commission) I would try and ask that the company helps you and guarantees you at least 5K (from the commission pool) for 3-6 months and after that you will have time to see if the 10K commission is possible and whether you can survive on this money. I would also ask for a % of the salary for relocation and rent.... cannot hurt to try and the company will actually see you as believing in your own worth.
Please support our advertisers:
thanks for the input. the company can get me a visa, as it is a well known MNC which has been operating in HKG for many years (it is just starting a new division in HKG).
My main concern was whether I would have any savings at the end of the day. I estimated rent being around 10K/month, taxes around 5k month, personal debt around 4k/month, which would leave me with only around 12k/month for food/living expenses. after all is said and done, I was having doubts whether I can save more than 5k/month - does this seem accurate?
Please support our advertisers:
i was planning on paying taxes in hkg, and based it on 15% (5k is a rough estimate).
Please support our advertisers:
Taxes on 27K/m, assuming 12-month tax year, is $32,060 pa or $2,672/m.
Adam, you should be aware that HK tax is paid in an annual lump sum. The first year's tax also includes provisional tax for the second year. So your first tax bill will be around $60,000, assuming no bonus payments. You would need to save $5,000/m to pay that.
And don't forget $1K/m MPF.
Please support our advertisers:
you must also make sure you get medical insurance. treatment (of your choice) is expensive here
Please support our advertisers:
you must also make sure you get medical insurance. treatment (of your choice) is expensive here
Please support our advertisers:
You don't have to live at a 10K apt, there are cheaper places in HK...probably, $5000 for a nice 1 bedroom approx 400 sqft on the Kowloon side, utilty-$600/mth, medical-should negotiate into the employment package.. I know many xpat from Canada making under $20K and they are living comfortably
Please support our advertisers:
You must be logged in to be able to reply.
Login now
Copy Link
Facebook
Gmail
Mail