You're asking the wrong person, I'm self-employed. Some bankers and lawyers will be along in a moment to pour cold champagne on your hopes.
You're asking the wrong person, I'm self-employed. Some bankers and lawyers will be along in a moment to pour cold champagne on your hopes.
I was in consulting with one of the "magic quadrant" firms when they asked me to move to HK with them earlier this year. No housing allowance. It was a local contract plus relocation extras of a one-way ticket (in economy), shared container shipment and 2 week's paid accommodation on arrival. I declined and instead accepted an offer with an investment bank here. Local contract again but slightly better relocation (business flight, 6 weeks accom on arrival) but no housing allowance. The bankers I know here who are/were on expat contracts with housing allowances are being moved on to local contracts and housing allowances stopped....they accept it or they leave, there is no room for negotiation.
Consider that the first pouring of cold champagne
Having said that, I think there is a lot to be said for getting ones foot in the door. If u come to HK and can survive on 60k the only way is up. With promos, bonuses, moving to a rival firm etc toughing out here is well worth it of you work hard and seek opportunities.
or just invest in park island and strike it rich :P
BTW - is it common for people to include clauses in their tenancy agreements to say that if they leave HK for work reasons they can terminate the contract? If not, is it likely I could persuade a landlord to agree to such a clause?
Champagne duly poured...
So if the IBanks are moving people to local contracts, are base salaries going up to compensate for the lost benefits or are they just getting paid less?
I did see posts on this site from just six months ago suggesting bankers coming out to HK could expect a housing allowance...so is this a very recent change? Or just that some banks are more generous than others
Base salaries are going up but not because of lost benefits. It's because of UK regulators being concerned that high discretionary bonuses causes bankers to take a short term view. So to ensure total comp stays the same, base is higher and bonuses lower.With fixed base costs higher, Banks lose some cost controllability, and have to cut staff to manage costs better whereas before, they just cut bonuses.
Tai Hang maybe a good try. a bit uphill but near Causeway Bay, with Central Library and Victoria Park just nearby.
This is slightly off topic but in case any of the Brits here know the answer to this. When I am living in HK, if I remit money to the UK (to pay a mortgage on a UK property), will I have to pay UK income tax on this? I will look into the detailed tax advice at some point, but wouldn't mind a quick answer in the meanwhile...
Thanks v much!