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How safe is HK and what is the decent salary to live in HK

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  1. #1

    Join Date
    Jan 2010
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    How safe is HK and what is the decent salary to live in HK

    Hi All,

    I have just joined this forum.

    Yesterday, I have cleared the interview for the position of Business Analyst to work with one of the lead investment bank in HK. I have a total exp of 5 years in IT and Finance.

    The employer is from India and is hiring me on contract basis for 1 year. He will be deputing me in HK for that local bank and will be paying me a lumpsum amount per month and everything else in HK, I have to take care (like taxes, health, house rent, phone and other expenses).

    So, I just want to know three things:

    1) How safe is HK for ladies. As I got recently married, I don't want to give any trouble to my wife.

    2) Any implications, if I work on contract basis in HK.

    3) Decent salary to live in HK.

    (As understood from this forum, house rent will be approx. HK$ 12-15K, Groceries, Transport, Internet, Holidays will come upto HK$ 12-15K. So, a total of HK$ 30,000 per month will be sufficient or not????)

    Accordingly, I have to demand the salary from the employer. Please guide me in these aspects and appreciate your great help...


  2. #2

    Join Date
    Jun 2005
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    1) It's one of the safest cities in the world.

    2) Not that I can think of; if you feel you might want private medical care (despite the fact that the public system here is pretty good and, essentially, free) then you need to negotiate that.

    3) Others in that business can comment on what the market rate for a business analyst with 5 years experience is, but HK$30,000 per month is certainly liveable at a decent level, albeit not a luxurious one, in the absence of school fees for kids.

    I'm also not sure how usual it is for jobs to come up like this. Again someone in the business can comment, but I would recommend you do your research on the bank into which you will be placed, and make contact there before you come to HK, just in case there is anything fishy going on.

    Also check out the Visa situation - which company will be sponsoring your Employment Visa? Presumably the HK office of the bank?

    Last edited by PDLM; 20-01-2010 at 11:42 PM.

  3. #3

    Join Date
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    Hi,

    1) Hong Kong is one of the safest cities in the world, stories of any violence are reported heavily because it is rare.

    2) If on a contract basis, you may find you are in eligible for company perks such as stock schemes and bonuses, but your contract rate should be higher. The risk is that you will be easier to fire.

    - If you are a US taxpayer there is an additional potential for a hornet's nest of discussion but I'll leave it alone for the time being unless asked.

    3) I assume the "Business Analyst" role is management accounting based or a project manager role. Have a look at efinancialcareers.com or jobsdb.com at what the market rate is here. PLDM's numbers seem about right about being livable but not luxurious.

    A different topic was putting the rent bill higher at about 20k-40k for a single young male, but it depends on where you live and whether you want to live alone or share a flat.

    Strictly speaking your salary level has to be at the "market rate" in order to support your visa application.

    http://www.geoexpat.com/forum/thread66211.html


  4. #4

    Join Date
    Aug 2009
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    what rank are you going to be at? 5 years from undergrad probably puts you anywhere near senior manager to avp, whose bands i would guess to be at around 20-40k and 30-60k respectively for backoffice IB

    though you are contracted which might mean a lower salary


  5. #5

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    Eh? Contractors earn more than permanent employees in every business I've ever worked in (because they don't get various perqs that go with employment, and don't have as much job security).


  6. #6

    Join Date
    Jul 2004
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    Quote Originally Posted by PDLM:
    Eh? Contractors earn more than permanent employees in every business I've ever worked in (because they don't get various perqs that go with employment, and don't have as much job security).
    When I worked in Hong Kong last, it was the other way around. Contract staff were paid less than regular staff, and obviously were a lot more vulnerable to being laid off.

    All the contract staff we had wanted to go onto full time positions - I got the feeling the managers used a 6, 12 or 18 month contract to evaluate the person, how they fitted into the team and would then "reward" the appropriate people with permanent positions.

    It was the opposite to my experience in London when contract staff were paid considerably more than permanent to offset the lack of sick pay, pension etc as well as the decreased job security.

  7. #7

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    Quote Originally Posted by Geoff:
    When I worked in Hong Kong last, it was the other way around. Contract staff were paid less than regular staff, and obviously were a lot more vulnerable to being laid off.

    All the contract staff we had wanted to go onto full time positions - I got the feeling the managers used a 6, 12 or 18 month contract to evaluate the person, how they fitted into the team and would then "reward" the appropriate people with permanent positions.

    It was the opposite to my experience in London when contract staff were paid considerably more than permanent to offset the lack of sick pay, pension etc as well as the decreased job security.
    This is consistent with various other discussions I've had regarding contractors in HK - where they appear to be regarded nowhere near as favourably as in other places. For what reason escapes me.

  8. #8

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    Quote Originally Posted by MovingIn07:
    This is consistent with various other discussions I've had regarding contractors in HK - where they appear to be regarded nowhere near as favourably as in other places. For what reason escapes me.
    Supply and demand I reckon.

  9. #9

    HK is pretty safe. Living here for 2 years havent ran into too many problems except a super bureaucratic government takes a long time for things to process.


  10. #10

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    Like what? HK's bureaucracy is far more efficient than most of the others I have lived under.

    Football16 and Fiona in HKG like this.

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