Posted by
newbie-hk
18 yrs ago
Hi everyone, I have a job offer with base of only HK$60K per month (fund management, hopefully can get much higher in bonus). is that enough for a decent life in HK? I know that this depends pretty much on lifestyle etc., but can I still have savings if I want to stay on HK island (with wife, so just take a crampy studio or 1-bed room apartment) and still want to eat out every now and then?
of note, I will probably relocate myself first (wife to follow in the following 2-3 months), and I'm thinking of getting a small serviced room like the ones being offered by cityloft? anyone can share experience with cityloft?
would appreciate some advice on where to stay
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I assume you have made a calculation of costs. Tax rates are quite low (15% incomine tax IIRC) but you should also figure that housing and groceries can be costly.
Housing is typically the highest cost item by a wide margin, so as long as you keep that under control you know what you're getting into. Also note that electrical costs tend to be high due to air conditioning. I'd count on at least 1k/month in the summer even in a small apartment. It may be better but it doesn't hurt to figure the worst case scenario.
If you figure you'll save the entirety of your bonus plus a decent percentage of your salary I think you should be fine. Then again, I can only speak from my own experience. It's hard to know someone else's lifestyle and how much it costs.
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thanks axptguy, that's v. helpful. in another discussion I notice that you said HK$140K is the starting base for local recruits in big banks, mine looks ridiculously low then
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"I notice that you said HK$140K is the starting base for local recruits in big banks, mine looks ridiculously low then"
Heh. I did mean investment banking specifically. And that isn't for a new hire out of uni. It's more if you recruit someone who already has some experience, but at the non-officer level.
Also that number doesn't include the bonus. Typically high initial salary has a very bad effect on the bonus amount. Total comp is the only thing number that really matters. Also look at your future prospects. It's of course better to start low and grow fast than start medium and grow very slowly.
Gonna plug my tips page. Hope it is vaguely useful: http://hongkongtips.rosboch.net
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as axptguy said - rents are very high in HK, be prepared. It was a shock to us somewhat - and that coming out of central London!
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"Well a salary of HK$60,000 puts you in the top 8% of wealthiest families in Hong Kong "
Quite true. However I think most ex-pats are probably in the top 5% anyway.
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thanks. that's v. helpful. I expect to be shocked somewhat by the living expenses, particularly becoz am coming out from a cheaper asian city
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Indeed, IslandHopper. Thanks for the clarification. Then again, I wager most expats, even the "local contract" ones, are in the top third
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I guess it's not too hard to be in the top third when the median income is less than HK$20K!
do you know anyone not in the top third?
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