Housing Allowance

mytimeoff · 17-08-2008, 10:29 PM

Hi,

I'm just trying to get some opinions on this.

My husband is in front IB (director level). He's been asked to move to HK to head the team there as the previous chap is leaving.

The boss indicated that we would get around 40k in housing allowance max. But we have found out the other chap leaving was getting 80k, so do you think we should ask for the same amount too?

Thanks for any input.

beachball · 17-08-2008, 10:33 PM

Originally Posted by mytimeoff:

Hi,

I'm just trying to get some opinions on this.

My husband is in front IB (director level). He's been asked to move to HK to head the team there as the previous chap is leaving.

The boss indicated that we would get around 40k in housing allowance max. But we have found out the other chap leaving was getting 80k, so do you think we should ask for the same amount too?

Thanks for any input.

Yes, you should ask for a higher amount. For your reference: At some BB banks VPs are getting around HKD~40,000 in housing allowance, directors roughly twice as much.

mytimeoff · 17-08-2008, 11:18 PM

yes I think the boss is trying to short changed him saying that this is the max. We only found out thr someone else that it's not the case. It's only fair right? to ask the same if not more, esp since I hear that the rents are climbing up.

Sleuth · 18-08-2008, 12:47 PM

Can't hurt to ask. And, depending on the size of your family, 40K might not get you what you want. Nor where you want.

gilleshk · 18-08-2008, 02:13 PM

Originally Posted by mytimeoff:

Hi,

I'm just trying to get some opinions on this.

My husband is in front IB (director level). He's been asked to move to HK to head the team there as the previous chap is leaving.

The boss indicated that we would get around 40k in housing allowance max. But we have found out the other chap leaving was getting 80k, so do you think we should ask for the same amount too?

Thanks for any input.

They'd better give you a very good reason for cutting a housing allowance in half especially since rents have been seriously going up in the last couple of years. Best to have an honest discussion, perhaps the money has been redistributed somewhere else in the package...

40K will get you a nice flat but 80K would allow you to choose your location more freely. You can get a couple of thousand sq ft near Central for 80K, you'd have to be further away to get the same kind of space for 40K...

freeier · 18-08-2008, 10:06 PM

frankly i seriously doubt many of the IBs are that liberal with cost these days now that they have so much issues at the HQ.

if they desperately need u there they will bite. else its your choice to go or not. what i heard of is we are receiving tonnes of US/Europe resumes on ppl wanting oppts in asia.

saphireruby · 18-08-2008, 10:17 PM

Originally Posted by mytimeoff:

Hi,

I'm just trying to get some opinions on this.

My husband is in front IB (director level). He's been asked to move to HK to head the team there as the previous chap is leaving.

The boss indicated that we would get around 40k in housing allowance max. But we have found out the other chap leaving was getting 80k, so do you think we should ask for the same amount too?

Thanks for any input.

If it's just you and your husband then 40k is actually the going rate right now. They add approx. 8k per child and if your husband gets appointed to executive director level then that's another 25k. Once you hit Managing Director level you're looking at around 120k plus 20k a head per child. This is all approx. and is for current top IB banks. Also, if he wants the job over here he should be careful not to rock the boat, there are another 50 people who right now will take what the IB is offering.

ps. Unless you're a superstar they only calculate for a max 2 children.

joelposters · 18-08-2008, 10:48 PM

if his grade and family makeup is the same as your husband, then yes, you should ask for the same. Depending on what you are used to, 40K may not get you much esp in the popular neighborhoods. 80K can get you into a nice place.

beachball · 18-08-2008, 10:59 PM

Originally Posted by freeier:

frankly i seriously doubt many of the IBs are that liberal with cost these days now that they have so much issues at the HQ.

if they desperately need u there they will bite. else its your choice to go or not. what i heard of is we are receiving tonnes of US/Europe resumes on ppl wanting oppts in asia.

I don't disagree with that. However, housing allowance levels are generally tied to title and not individually negotiated (exceptions: if it is a short term assignment/rotation or a quite senior level person with a completely negotiated package). For a director level person in the BB IBs housing allowance are still generally HKD70-90k.

mytimeoff · 19-08-2008, 12:10 AM

yes it's a senior level and same level as the guy
And the guy is married who recently has a baby, so he was sent there as a married guy.

I guess we can always try and as one of you said, don't try to rock the boat too hard

Anyway, I know about lots of people looking for jobs. Unfortunately for them and lucky for my hubby, it's too specialised and expensive to try to look for someone else. The books in asia, alot of which was done by him, so it was natural that he is the first person they thought to send over.

We can only try
Thanks all for your advice, which are very helpful and food for thoughts