Is 52000 HKD p.m enough for a single person moving to Hong Kong?

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Member since 19 July 2014

priyajamwalNew member19 July 2014 15:07:44

Hi, I am an Indian software professional working with a reputed tier one investment bank. My total experience is 3.5 years and my current salary in India is INR 1,350,000 p.a (around INR 100,000/month). I am currently evaluating another job offer from Hong Kong and the number they are quoting is 630,000 HKD which comes down to around 52,000 HKD a month. Health insurance would be provided additionally.

Does that sound like a decent salary for a single person to live by in Hong Kong?

I am not an extravagant spender but I would certainly like to maintain a decent lifestyle.

And when i say decent, I mean

a neat,comfortable apartment
Healthy food
occasional dining out. (once a week?)
A girl has got to shop!
Some margin for rainy days

Doable in this income?

mars2012hk Serial expat

Member since 14 August 2013

mars2012hkSerial expat19 July 2014 15:33:45

501

Hi
That sounds reasonable. Does this amount include a housing allowance?
RS

priyajamwal New member

Member since 19 July 2014

priyajamwalNew member19 July 2014 15:45:28

Well, this amount will have to take care of the housing as well..

However, they are not really breaking down the salary structure to distinguish between base salary and Housing allowance.

So the whole amount really goes down as "base" salary
There will be an additional yearly bonus of course
Health insurance on top of this
and some gratuity amount as well

Are there any tax benefits in having Housing allowance spread out separately?

priyajamwal New member

Member since 19 July 2014

priyajamwalNew member19 July 2014 15:45:52

This is a good firm(investment bank) and an interesting role. Just not sure if it would be smart enough to move on this package..

andruca New member

Member since 11 August 2011

andrucaNew member20 July 2014 00:46:04

I think is a good salary, all depends is how are your personal habits, where do u like to live and how do you like to live. I have friends living in HK with half your salary.
HK is expensive, but expensive comes to how do you live.

mars2012hk Serial expat

Member since 14 August 2013

mars2012hkSerial expat20 July 2014 10:27:53

501

Yes there are tax benefits to get a part of your salary (up to 40%) paid as allowance.
I am actually surprised that an IB wouldn't offer you that by default.
HK is expensive but your salary is quite comfortable for a single person.

priyajamwal New member

Member since 19 July 2014

priyajamwalNew member20 July 2014 17:54:15

Thanks andruca! Well, I would like to think that I am not an extravagant person.
However, I understand that "extravagant" means different things to different people.

So for me I guess,

I would like to afford a neat, comfortable apartment. (not necessarily in Central). Wouldn't mind travelling a bit in trade off.

Good food. Not much of a cocktail person though! (once in a while with friends)

Not a shopaholic but still don't like wearing rags to office

Would like to have some financial security at hand i.e Should be able to save at least some fraction

In short, I think I am not high maintenance but yet would like to afford a decent lifestyle

priyajamwal New member

Member since 19 July 2014

priyajamwalNew member20 July 2014 18:00:10

Thanks mars2012hk! If that is the case then I will definitely try negotiating the housing allowance part. I find myself 70:30 in favour of moving to HK already. Just a few apprehensions!

dordor Member

Member since 09 August 2014

dordorMember09 August 2014 13:28:28

should be no problem at all to you.

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