HK Monthly Budget, Need Advice.

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  1. #11

    Join Date
    Apr 2005
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    250

    try to get your employer to consider part of your comp as housing allowance. It will reduce your tax burden. On a gross of HK$43K, you can get an allowance of up to around HK$17K, which in turn effectively reduces your taxable salary to

    (1+10%) * (43 - 17) =

    assuming you spend the entire housing allowance

    (that works out to about an extra HK$1K per month to spend on booze and massages)

    also, as already stated, your electricity, water and gas budgtet is too low


  2. #12

    Join Date
    Mar 2006
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    KTK rules!!!
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    really depends, my electricity, water and gas is below that even if I turn on the airconditioning every night...


  3. #13

    I think an average of $350/mo ($4200/yr) for utilities for a studio (e.g. one A/C unit) apartment is reasonable if you turn off the A/C when you're not an home ...

    I assume transportation means local transport in HK, not travel around the region. In that case, assuming you live and work on the North shore of HK island, the $800/month will be more than sufficient unless you consider buying a car, in which case add a zero.

    IMO, once housing is covered, the big variable in expenses is for 'lifestyle'; if you like golfing, you need a big, big budget, if you like to party regularly you need to budget cover charges of HK$100 to $200 each and costs of $50 and up for each drink. If you like to eat out iso cooking your own food, consider on a minimum of $50/lunch and $150/dinner - this is per person and is for average restaurants, not the cheap local diners and not the upscale ones either.


  4. #14

    Join Date
    Jun 2004
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    HK
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    14,597
    Quote Originally Posted by freeier:
    i'd think most banks are not on the mpf scheme. u are probably on the oslo scheme where the employee can choose not to pay for anything at all.
    You mean ORSO scheme right.

  5. #15

    Join Date
    Nov 2005
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    ops.. ya...


  6. #16

    Join Date
    Jul 2005
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    Texas
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    Quote Originally Posted by Mat:
    You mean ORSO scheme right.
    What is that?

  7. #17

    Join Date
    Jun 2004
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    HK
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    Quote Originally Posted by tx75070:
    What is that?
    Another scheme proposed by some companies (apparently mainly banks but I might be wrong there).

    In the ORSO plan (compare to the MPF which is cap at 1.000 a month or 12.000 a year), the company contributes:
    - 5% of your salary and you 0
    - 7.5% of your salary and you 2.5
    - 10 % of your salary and you 5
    Something like that.

    Meaning as said by freeier if you wanna keep your money you just do not contribute, the company will still have to contribute 5% no matter what.

  8. #18

    Join Date
    Mar 2006
    Location
    KTK rules!!!
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    That's the case with my employer, who's a bank... But in my case, I will only get the full share of employer contribution if I stay for 10 years! is that standard?


  9. #19

    Join Date
    Jul 2005
    Location
    HK
    Posts
    307

    Believe the ORSO scheme is only available to those who joined before MPF was in place. Thus new recruits can only join MPF (I maybe wrong here.)

    Besides utilities being a bit low, you need to check the acutal MPF contribution scale of your new employer. HKD1000 is based on a mandatory 5% contribution capped at a mthly salary of HKD20K, however heard on the news that the gov. is considering increasing this ceiling to HKD30K/mth. At the same time, some employers make an additional voluntary contribution to the scheme to make for example an aggregated total of 5% of your mthly salary, which needs to be matched by the employee also.


  10. #20

    Join Date
    Nov 2005
    Location
    Cramped island
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    i joined only recently but i can choose between the 2 schemes.
    for orso, u only get back 10%, 20%, 30% of watever in the scheme in a upward sliding scale.. i.e. 1year u get 10%, 2yeras 20%, etc.etc. that's how coolgirl need to stay 10years to get back all, but u can get back some.. 8-P


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