HK Monthly Budget, Need Advice.

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  1. #31

    Join Date
    Mar 2006
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    KTK rules!!!
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    776

    just asked. Mat was correct. Don't know the equation, but employee is always 100%


  2. #32

    Join Date
    Nov 2005
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    Cramped island
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    5,107

    so it depends on the bank then ? hmmm.. i have asked just now my HR did not get back to me.


  3. #33

    One more thing for ORSO, if you have been employed for 3 years with the same employer but in different country, asked to be included so at least you have 30% of employer share.

    In my case, I have worked in Indonesia for 5 yrs and Singapore for 5 yrs for same company and when I moved here couple of months ago, it stated in my contract that I have been employed for 10 yrs, therefore I have a full 100% portion of the employer even when I have started in Hongkong recently. No brainer for me 5% from my salary 10% from my employer. Also I have received the website to check the detail balance that can be checked daily (detailed from your contribution and employer contribution).

    Last edited by javaman; 15-08-2006 at 04:02 PM.

  4. #34

    Join Date
    Jul 2005
    Location
    Texas
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    239
    Quote Originally Posted by javaman:
    One more thing for ORSO, if you have been employed for 3 years with the same employer but in different country, asked to be included so at least you have 30% of employer share.

    In my case, I have worked in Indonesia for 5 yrs and Singapore for 5 yrs for same company and when I moved here couple of months ago, it stated in my contract that I have been employed for 10 yrs, therefore I have a full 100% portion of the employer even when I have started in Hongkong recently. No brainer for me 5% from my salary 10% from my employer. Also I have received the website to check the detail balance that can be checked daily (detailed from your contribution and employer contribution).
    That's a sweet deal for you. Where does it cap out?

  5. #35

    What do you mean cap out?

    Quote Originally Posted by tx75070:
    That's a sweet deal for you. Where does it cap out?

  6. #36

    Join Date
    Jun 2004
    Location
    HK
    Posts
    14,590
    Quote Originally Posted by javaman:
    One more thing for ORSO, if you have been employed for 3 years with the same employer but in different country, asked to be included so at least you have 30% of employer share.

    In my case, I have worked in Indonesia for 5 yrs and Singapore for 5 yrs for same company and when I moved here couple of months ago, it stated in my contract that I have been employed for 10 yrs, therefore I have a full 100% portion of the employer even when I have started in Hongkong recently. No brainer for me 5% from my salary 10% from my employer. Also I have received the website to check the detail balance that can be checked daily (detailed from your contribution and employer contribution).
    In some comapny after 10 years, the company will contribute 15% and you 0. Great deal in that case.

  7. #37

    Join Date
    Jan 2003
    Location
    Back in Toronto now - after 10 1/2 years in HK
    Posts
    947
    Quote Originally Posted by freeier:
    hmm.. not sure if its logical.
    in the states if u quit a job u lose your pension. so i'd expect pensions to be structured that way. that's why they give u an option not to pay anything at all. if i can get back all those i paid then i'd definitely have gone for the max contribution and effective i get a 10% pay increment from the company. even if i work just 3 years i'd get 3% extra pay over 3 years.

    also, to compute 'getting back 100% of employee contribution and 30% of employer' is not easy, because the sum of money are growing and the contribution is uneven. i.e. u'd have to do an ellaborate equation to compute everything... who's got that equation ?
    Many pension systems around the world can track employee and employer contributions separately under one master account. No big deal.

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