compensation package

Hello, am working for a fresh produce firm. My company is planning to appoint me to seoul after my 3 year stint in HK. I'm not quite sure if the living standards are same in Korea and HK but I understand Soeul is one of the most expensive cities. Please, i would appreciate if anybody can give me an idea of a minimum-maximum range for a managerial position in Seoul. Also how much to rent a flat with amenities (pool, gym) Thanks a lot.

-jay julian

I have no idea about an expat manager's salary in Seoul but I guess it is comparable to that in HK or New York. Living in Seoul can be quite expensive. For one thing, you may have a hard time finding an apartment with pool or gym except very expensive ones, but you can always sign up for a fitness center nearby. There are apartments favored by foreigners in Dongbuichon-dong, Oksoo-dong (Hyundai and Samsung apartment), Shindang-dong (Namsan Town apartment), UN Village or the south of the Han River (Kangnam). Rent seems to be somewhat lower than in HK. Eating out is not as cheap as in HK but a variety and quality are good.

We went from HK to Seoul - and in terms of similarity in facilities - you have to REALLY pay up to get an apartment with facilities. Seoul is also much BIGGER (wider, crazier, more trafficky) than HK - so your living location - may be worth thinking about living closer TO your work than away from it. (unless you love the subway - which is this intense matrix, well made, but I didnt' find it as efficient as HK.) Depending on WHERE you work - apartment rents can vary WIDELY. BUT flats here tend to be a bit bigger - and that is always a plus.


I know that currently at SamSung Park Palace, which is an apartment that has facilites comparable to HK - the monthly rent is currently going for $6300 USD a month. The flat would be around 1300 sq. ft. Alternatively you can go Juhnseh - which means providing a huge lump sum that the landlord uses as he wishes and returns to you in the same lump sum at the end of the rental agreement - the juhnseh is around $700,000 USD for a two year minimum.


My building, which is located in the CENTER of the business, and financial district - no facilites, no pool, but a golf swing place, easy access to public transport, culture and restaurants - monthly for a 1400 sq ft is going for about $4000 USD a month, or juhnseh is around $600,000.


If you eat out like a local - meaning Korean food mostly - then you can get a great meal for about $5-$6 USD for lunch. Coffee from Starbucks is expensive, as is any sort of WEstern food. (pizza delivery - generally around $20 +.)

You can review what is your company's policy for expat's posting.

One option practised for 1-3 yrs posting, to address the cost of living:

Package:

- a couple of USD K relocation allowance to address setup of basics in new home

- Maintain current pay level & eligible for pay increment

- Allowance/Per Diem which covers petrol, meals(includes family), so how you manage is up to you.

- Free furnished apartment & general maintenance (inclusive electricity & water utilities)

- 1 rented Car

- Children's educational fees

- Home leave & Return airtickets for family

very helpful tips. thanks a lot guys!