How much can we save

[PARURAJ999]

Quarry Bay -> Possible not too expensive locations to live and within 45 minutes can be: Heng Fa Shuen, Shau Kei Wan, Lam Tin, Tseung Kwa O area, Sai Kung (if you need nature but it will take more time maybe)

Central -> Possible not too expensive locations to live and within 45 minutes max can beTung Chung, Gold Coast, Discovery Bay, Sham Tseng, Tsing Yi.

Other possible location could be (if willing to live in older buildings - not necessarily bad) Fortress Hill, North Point if you want to stay on the Island

70K for a VP in a non bulge bracket bank and not FO (i suppose since Quarry Bay is usually more BO functions) is alright.

Max sure you have reallocation allowance.
Try to have also a flight or two for India every year paid
Kid -> any school allowance?

Not sure what BO and FO (mentioned above) stands for. Can you please elaborate.
Have relocation expenses but no educational allowance neither are there any paid trips back to India.

What is the usual compensation for a VP in a bank..

[PDLM]

Back Office & Front Office.

What is the usual compensation for a VP in a bank.

How long is a piece of string?

You'd need to tell us fairly accurately which type of bank, and what type of VP role.

[carang]

school (international) would set you back about $10k/month, so might be something you decide to ask for....

[PARURAJ999]

Back Office & Front Office.

How long is a piece of string?

You'd need to tell us fairly accurately which type of bank, and what type of VP role.

He is joining a bank with global presence. Not comfortable naming the bank as its a open forum but the bank is a big global brand. He would be in back office profile.

[carang]

it really comes down to:
1) how important is it for the bank for your husband to join the hk team?
2) how good are your husband's negotiating skills?
3) how lavish a life do you expect to lead?

i know bankers whose housing allowance is $75K/month...(don't ask me what position, because i have no idea... it's all greek to me)

[gilleshk]

I certainly know quite a few people making 4 times that much in a month in senior positions but at the end of the day if you are making a lot more than before and you can save more then it really doesn't matter so much. Head hunters are quite active in HK so if he deserves more, he'll get it soon enough...

Have a look at property websites to see what kind of housing you are prepared to live in. The range can be insane, it can go from 15K/month to over a 100 depending where you live and the size you expect. Do try to get the school fees, moving allowance, travel perks paid for and see whether you'll be way ahead of where you were before.

[Oldtimer]

Please ask the employer to split the package in 2 parts :
1) Housing
2) Salary.
This will reduce your Tax considerably.
If you live frugally and your rent is no more than HK$ 20,000 per month, you can save about Rs one million ( Ten Lakhs)

[PDLM]

This will reduce your Tax considerably.

To be precise, it will save you HK$30,600 per year in tax ($63,480/yr rather than $94,080 at a salary of $70,000 per month with $20,000 on rent).

Tax calculator here: http://www.ird.gov.hk/eng/ese/st_com..._11/stcfrm.htm

But you need to know that if you get housing allowance then its value is 10% of your income excluding the housing allowance (assuming all of the housing allowance is spent on housing).

[Mat]

Not sure what BO and FO (mentioned above) stands for. Can you please elaborate.
Have relocation expenses but no educational allowance neither are there any paid trips back to India.

What is the usual compensation for a VP in a bank..

if VP in Back Office for a global bank but not a bulge bracket one (ie Goldman Sachs, JP, MS, CS...) then 70K appear reasonable, on top there should be a small bonus I suppose.

[Retired]

Back office in Quarry Bay with Central office reminds me of JPMorgan. Anyways, there are lots of choices of places to stay which is near the MRT line. I would add Kornhill, Tai Koo Shing and Sai Wan Ho in Mat's thread on places to stay near Quarry Bay. You will find the older flats have more living space than the newer ones but the latter comes with club facilities which can be very useful for children and non-working spouse. Make sure you get an agent to take you around and see as many flats in different areas and compare price, convenience, noise level, etc.