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Please help with relocation advice!

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  1. #1

    Please help with relocation advice!

    We have just started negotiations regarding the relocation package and were shocked to find out the following. Apparently there are 2 options an expat and a relocation package. The relocation packae basically covers what it sounds like: shipping stuff to Hong Kong and some minor one time expenses. The Company has told us that they are cutting back expenses and expat packages are not available. I am shocked. We are a 2 income family with real estate back home, I would lose my job and they want to cover almost nothing.....is this the new norm? No housing allowance? No flights back home? nothing? can somebody put this into perspective please? My husband is a mid level banker for a big financial institution. Thanks in advance!


  2. #2

    Join Date
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    Didn't have an expat package in Singapore or here. Husband a trader at 2 large international institutions, both American. In Tokyo our rent was covered only, flights home stopped 4 years before we left, he was at a large Japanese bank. Surely this was covered when you were negotiating salary and contract?

    Last edited by Satay Sue; 04-02-2012 at 08:03 AM.
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  3. #3

    Join Date
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    Wow - sounds like your husband is being hired as a local. We moved here almost two years ago and we had everything covered: housing, school, flights home, shipping containers, $ for misc. expenses such as electronics and furniture, etc. We would NEVER have moved otherwise simply because it would have been extremely expensive and it would have been a very large pay cut for us otherwise. Our contract is almost up and we are most likely moving back since we will not stay here under a local contract unless hubby finds a job that pays SIGNIFICANTLY more money that would offset the loss of housing and school tuition for our kids.


  4. #4

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    Yes, I should have said, if you are not getting a package then your husband's salary should reflect that and take such costs into account.


  5. #5

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    I started a thread here only a couple of months ago on relo packages. Dig it out. Lots of good info in it. The message was "anything goes" from zero to huge.


  6. #6

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    Presumably it's entirely up to you whether you accept the offer or not? If you're not particularly keen on coming to HK and the package is not enough to tempt you over then stay where you are.

    I don't understand the 'loss of housing' thing though. If you own property back home surely you'll be renting it out to generate income while you're away?


  7. #7

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    This is the new world. In this day and age of austerity, companies shy away from offering expat packages. As a recruiter I have seen this trend develop over the past 5 years. I'd say you are still better off as you will find job opportunities here, and not much is happening back west. Even though it is considered a 'local package', it is not as local as what locals get here. Its local+. Just make sure the base salary covers housing, schooling, medical etc. These three are the most expensive heads in HK. Rest you should be able to manage with some restraint...


  8. #8

    Join Date
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    For the large bank I work for, it's now the norm not to offer "expat packages"...they cover relocation costs and that's it. No housing, no school fees, no flights home, none of that stuff....and no pay increases to cover standard of living changes/"hardship" etc. Employees who were recruited years ago in the days of housing allowances etc are also being moved off that and on to local contracts....they are basically being told take it or leave.

    Given the tough economic climate, and the high demand from people wanting to move to HK, recruiters have told me that most banks see no need to offer the old-style packages anymore as they don't need to lure people to HK, they are plenty of people begging to move here (as is quite evident on Geoexpat).

    I actually took a pay CUT to move to HK. It was a great opportunity and I was willing to make the financial sacrifice. Less jam today for more jam tomorrow. Things were tough at first but are getting much better now and I stand by my decision (although I do miss the extra money lol).


  9. #9

    Join Date
    Oct 2005
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    Agreed with Bibbju

    You can always turn the job down, The market isn't what it was prior to 2008.

    I work in Banking too and took a 40% cut to come out here on a local contract.

    Ps What's stopping you from getting a job here yourself?

    Last edited by jimbo; 04-02-2012 at 11:34 AM.

  10. #10

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    Monster, does your husband gets a big salary increase to cover all those things?

    Mid level bankers in our bank come on this type of packages (ie salary increase and a "small" ~30K housing allowance but nothing else).

    Head of department or top management come on full package.


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