Need suggestions - Salary

[newbigland]

To sleep, I suggest Harbourview Horizon. The transportation is definitely better than NT. You can get a fully furnished 2 room apartment for $9990. But as for the food budget, $2K a week for 2, I am not so sure about it. Let's do some math, although I'm very bad at it:

$1000 (per person) / 7 = $142.8 per day (3 meals?)

I don't know if you had ever come to Hong Kong. Restaurants are everywhere. They are basically the biggest temptations. Plus do you know where you are going to work? If it's Central or Admiralty, you probably have to bring your own lunch or walk to Wanchai and join the locals in the tea restaurants. And then you probably want to eat out on the weekends? Ask people how much a breakfast/brunch costs in Flying Pan.

[IamInHk]

Actually, what i meant was, Myself and my wife will be eating out only on saturdays and rest of the week we cook at home.
So, for four saturdays (a month), i put a budget of HKD 2000 (for two).

Anyhow, i need to thank all of you guys for providing real useful info.

[funnie]

I am planning to move to HK in a month or two. I will be accompanied by my wife and a 6 months old kid.

Iam being offered a senior role (project leader) in an investment bank for its IT operations (unix/C++).

I have been given a package of 60000 HKD / month + Bonus (paid annually).

Is this package a fair deal ?

My monthily budget is as follows :
===================
Rent : HKD 10-12 k
Tax : HKD 7000
Water/Electricity/Gas : HKD 1500
Cable TV and Broadband : HKD 600
Telephone : HKD 2000
Eating outside (Weekly once, for two ) : HKD 2000
Groceries / Misc exp (incl. Transport) : HKD 8000

Which means i can save around HKD 27000 / month.

Is this a feasible budget for having a comfortable life in HK ?

sorry. but i will defer ith everyone here.. i think 60000hkd is very good with the profile of a project lead..

if you dont want to stay near central then 10-12k is enough for a big house and if you stay near cntral ( assuming that your office is near cntral) 8000 for transporation is too much,.. not more than 200 per month.. means you can use from this for house..

what i am concerned about is whats are other incentives offered by your employer like medical insurance, movers and shakers.. etcc....

[IamInHk]

Thank you for your replies.

My company covers the medical & dental insurance for me and my family.

Also, please note that the HKD 8000 which i have mentioned is not only for transaportation but for groceries also.

I think looking at the replies, i can easily save around HKD 25000 - HKD 28000 per month.

[mfc]

i think 60000hkd is very good with the profile of a project lead..

umm... is that really the case?... i've just been offered a job, probably very similar except that i asked for about 50% more and i got it. i've been asking around, its either the case that everyone else is really badly paid or i'm paid too much... makes me really wary about exactly what they're expecting of me....

[funnie]

umm... is that really the case?... i've just been offered a job, probably very similar except that i asked for about 50% more and i got it. i've been asking around, its either the case that everyone else is really badly paid or i'm paid too much... makes me really wary about exactly what they're expecting of me....

Hi MFC, the current salary definitely play a major play while deciding your offered salary.

There are only very very very few companies in HK which offers a good package for expats.

[vsathyan]

MFC,
Whats your experience and expertise ?

[clip_my_wings]

60,000 month? not so high .. investment banks are awash with money...

For tax i would budget about 10,000 a month . they have just lowered the rates but a ball park figure is 17%. the governer has just handed everyone a reabte of 10k but not sure if you will qualify

you didn't state whether the job is transfer from a company your working for already? if so i would look into negotiating a housing allowance as this will be by far your biggest expenditure .. a 15,000 - 20,000 housing allowance is pretty standard for expats in the investment bank i work for. gives you more flexiblity on finding somewhere bearable to live rather than a rabbit hutch!!!

[IamInHk]

Actually iam in Singapore with another bank and my gross in Singapore is SGD96k P.A. + Bonus.

The new bank which is recruiting me in HK is giving me a salary of HKD720K P.A. + Bonus.
So, 720K is actually 144K SGD, which is atually an increase of 66%.

Is this a fine package ?

[sunniefaith]

Actually iam in Singapore with another bank and my gross in Singapore is SGD96k P.A. + Bonus.

The new bank which is recruiting me in HK is giving me a salary of HKD720K P.A. + Bonus.
So, 720K is actually 144K SGD, which is atually an increase of 66%.

Is this a fine package ?

Fine package is very subjective. Let's just say that the costs of living in HK will not increase by 66%. That's one. But I think tax might be slightly higher in HK. Maybe just marginally. I can't really remember. I'm from Spore and I personally don't think that there's really a difference in cost of living. But having said that, I came over because I had a 100% of pay increment. But bearing in mind that I've to pay rent now. If not for that, I may not come over.