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  • 1 Post By PDLM

Moving from NYC to HK - COLA

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  1. #1

    Join Date
    Jun 2010
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    4

    Moving from NYC to HK - COLA

    Dear friends in the Forum,

    I am new to this forum. I appreciate your time reading my post.

    I am planning to move from NYC to HK next month. Working with my employer on the relo package now. Just curious if there is anyone who's moved from NYC to HK recently. What kind of COLA should I expect?

    Thanks in advance for your sharing!


  2. #2

    Join Date
    Dec 2008
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    You mean the beverage cola?


  3. #3

    Join Date
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    ... Thums Up?


  4. #4

    Join Date
    Jun 2005
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    Cost Of Living Allowance...

    How much is justified? Not much, particularly if you are also getting some sort of housing allowance and school fees paid (if applicable).

    How much do people get? Anything from zero to obscene amounts all of which can just go in your savings unless you want to live in HK buying exactly the same products and living in exactly the same way as you would in NYC (which can be a bit expensive).


  5. #5

    Join Date
    Jun 2010
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    PDLM read my mind.

    PDLM, I don't think I am going to get any housing allowance or school tuition assistance. There will be a certain small % of salary as the COLA. From what I read on cost of living (including housing and health insurance), HK is about 20% - 30% more expensive to live than NYC. In fact, there are several sites that publish global cost of living index. HK ranks about #2 in the world, NYC ranks around #40 in terms of cost of living. So, I was hoping to get a COLA of approx 25% of my salary. Is this unreasonable to expect?

    Thanks


  6. #6

    Join Date
    Jun 2005
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    If you work for a company that reads the same surveys then no.

    Is it correct. No.

    Healthcare is free in Hong Kong. Accommodation is certainly no more expensive than Manhattan. Food, like in any city, can be as expensive or as cheap as you want (and the low end prices are lower here than NYC). Tax is much lower here, but as a US citizen you have the problem of being taxed by the US as well. If your company is prepared to cover that premium for employing a US citizen then I guess you may get more allowance.

    charcoalmc likes this.

  7. #7

    Join Date
    Oct 2005
    Posts
    7

    Hi charcoalmc,

    I moved from NYC to HK too few years back and find cost of living in HK much cheaper in all regards:

    - restaurant are cheaper
    - taxi
    - housing is somewhat about the same, depend on where you want to live of course
    - taxes are lower here
    - partially free healthcare and much better system than in US.

    I don't have any COLA here find really difficult to find an employer willing to offer that nowadays. My average salary is around 30% more than in NYC, All is included in the salary, up to me to do with what I have. If it is a reloc and you have kids, you really need to ask for school fees allowance. That is the biggest difference I find with NYC, international school are really expensive and can really blow your budget. I know that I will leave HK in the next 4 years just for that reason... spending around 20K (school fees, transportation, books, etc..) a month just for school is a real bummer.

    good luck with your nego and welcome in hk.


  8. #8

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    sorry, but your calculations on school fees are WAY off!

    it works out to be around $10K/child for secondary... unless you go for HKIS... which could be a couple thousand more.


  9. #9

    Join Date
    Oct 2005
    Posts
    7

    well, that what I am currently paying for 2 kids in primary....

    Fees depend on what school you are going obviously.


  10. #10

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    no, the problem is you didn't state it was for 2 kids... NOW it makes sense and is more accurate.