Mumbai Vs Hong Kong - Cost of living

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  1. #1

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    Mumbai Vs Hong Kong - Cost of living

    Hi,

    Am currently working in Mumbai,India earning Rs 35 lacs p.a.I have received a job offer to move to Hong Kong and been offered a salary of HKD 1 million p.a .Am not sure if this is on the higher side or not.What would be the equivalent of this salary as per Mumbai terms considering the cost of living etc,?? while i know the currency conversion rate as Rs 6/7 to 1 Hong kong dollar,but someone told me that earning Hong kong dollar 1 million in hong kong is equivalent to earning Rs 10 lacs in Mumbai ( considering the cost of living).If that is the case,then i would not be interested to give up my current job and relocate to Hong kong.My family consists of myself ,my wife and our daughter aged 2 yrs.
    Can someone pls help me with this.


  2. #2

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    I can't comment on the cost of living comparison, but I would say that HK$1M pa is an extremely good salary for Hong Kong - it would put you in the top 5% (possibly top 3-4%) of households measured by income.

    Remember that tax in HK is at most 15% of salary.

    Last edited by PDLM; 09-06-2009 at 08:45 PM.

  3. #3

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    Sairam, I am an Indian working currently in HK. There are various aspects to your question. In straight economics terms, 1mio HKD is better than 35lakhs in India. First of all you straight way have a tax advantage. The biggest expense in HK is housing, just like in Mumbai. And like in Mumbai, rent depends on how far you are satying from the city center. Now travelling in HK is much much easier than Bombay. So unless you are needed to be in office at 6/7 in the morning, which is the case in front office roles in Bank, you can afford to live slightly outskirts and save quite a bit on rent. If you live in a good area, with lets say a 2 bedroom sort of house (approx 800/850 sq ft lets say), we will probably be paying around 25K HKD (but in boom time this can be much higher) and with your salary, your in hand is around 60K post tax (btw you pay annual tax at the end of the year in HK, so monthly payment is 1mio/12). Otherwise food etc is reasonable, you can keep a maid for 24 hours for roughly 2k HKD per month.

    I would suggest, if possible, come to HK for a week or so and have a look.


  4. #4

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    [QUOTE=samrat_27;378131] you can keep a maid for 24 hours for roughly 2k HKD per month.
    QUOTE]

    the minimum for a maid is around 4k HKD per month as per the labour laws.
    But I'd say a mil HKD is really good salary. Go for it.


  5. #5

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    Quote Originally Posted by samrat_27:
    you can keep a maid for 24 hours for roughly 2k HKD per month.
    you have a slave

  6. #6

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    1Million is very good salary compared to 35Lakhs in Mumbai. You can find a 900 Sq feet house for between 15K to 20K HKD. If you want to drive a car to office every day it will cost approx 10K HKD per month [Parking fee , both places home and office will be around 8K per month]. Education in an international school for a kid around < 10K per month. as suggested by Sairam_27 better visit HK for a week...


  7. #7

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    Quote Originally Posted by samrat_27:
    you can keep a maid for 24 hours for roughly 2k HKD per month.
    .
    Are you talking from experience on this matter? Please say no, that is well under the minimum required by law.

  8. #8

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    Quote Originally Posted by aussiegal:
    Are you talking from experience on this matter? Please say no, that is well under the minimum required by law.
    Also note the 24 hours - underpaid and overworked.

  9. #9

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    Quote Originally Posted by hullexile:
    Also note the 24 hours - underpaid and overworked.
    Yeah i saw that... hmmm.

  10. #10

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    The 24 hours for 2k thing sounds VERY Indian. You can still get helpers in India for under 100 US a month, so many people have entire teams working for them there. IMO HK is a MUCH more comfortable place to live that Mumbai, although Mumbai can sure be fun.


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