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Is 14500 HKD enough to live in Hong Kong?

 
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dreambuddha



Joined: 17 Sep 2013
Posts: 3

PostPosted: Wed Sep 18, 2013 11:08 pm    Post subject: Is 14500 HKD enough to live in Hong Kong? Reply with quote

Hi,

So I was just offered a position on Hong Kong island which pays $14,500HKD take home. The package also includes a furnished apartment so no worries about that. I am a young, single male expat who enjoys socialising, and maybe a bit of travel to China.

My question is can I live a reasonable life in Hong Kong on this sort of salary? Would I be able to save any money for student loans, etc? If someone could give me an up to date cost of living for things such as asian/western food, bars, bills, etc.

Thank you! Kevin.
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Joshua2006



Joined: 04 Jan 2010
Posts: 335

PostPosted: Thu Sep 19, 2013 12:33 am    Post subject: Reply with quote

If your house is paid for, then that should be fine until you find yourself something a bit more profitable.
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sistercream



Joined: 18 Dec 2010
Posts: 487
Location: Pearl River Delta

PostPosted: Thu Sep 19, 2013 1:34 pm    Post subject: Reply with quote

On the surface, it looks like an OK first gig. BTW, have you also posted a similar thread on geoexpat?

Make sure the flat is worth going home to! If it is, then yes, 14.5K is definitely doable, but you'll need to be self-disciplined to save ... if you get "in" with a crowd of expat executives, you can quickly learn how to waste that much in a single evening.

I've not heard of HK income being taxed at source before - I'd want to ask the employer how much they are setting aside for you - particularly as you need to be prepared for provisional tax after the first year. You can do some of your own calculations here (remembering to factor in accommodation value): http://www.ird.gov.hk/eng/ese/st_comp_2012_13/stcfrm.htm If the boss tells you a figure much outside of that, smell a large rat.
What IS normally deducted at source here is Mandatory Provident Fund contributions, so double-check that this will not come out of your 14.5K ... if your employer tells you that you are exempt from MPF, check out your circumstances against the official government list: http://www.ird.gov.hk/eng/ese/st_comp_2012_13/stcfrm.htm

Yes, I do have a suspicious mind - just that this package is put together so differently from the the average TEFL job pay here that I do wonder about the small print. Or maybe you've actually scored a much better than average employer - that would be nice Smile
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kowlooner



Joined: 24 Jun 2004
Posts: 229
Location: HK, BCC (former)

PostPosted: Fri Sep 20, 2013 4:53 am    Post subject: Reply with quote

Did I miss something? Where did he mention tax?

Yes, doable, but as with everything in life, it's relative. Depends on how much ''socializing'' and where. But with housing costs taken out of the equation, your pay looks fine.
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sistercream



Joined: 18 Dec 2010
Posts: 487
Location: Pearl River Delta

PostPosted: Fri Sep 20, 2013 1:58 pm    Post subject: Reply with quote

Maybe I've just Jumped To Conclusions from reading an almost identical post in geoexpat where the OP wrote that the employer would be covering the tax bill. In which case, my apologies.

In any case, although tax is low here, the provisional after one's first year can come as a shock if you weren't expecting it.
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Sodixy



Joined: 28 Aug 2013
Posts: 5

PostPosted: Sat Sep 21, 2013 3:17 am    Post subject: Reply with quote

That really depends on what the flat is like, and the your personal credentials. If you have a Bachelor of Education with teaching experience, it's probably a bit low compared to NET schemes. The question is, there thousands of teachers in Hong Kong looking for NET positions in international schools. Getting them is very difficult.

Most language learning Centers don't offer accommodations. For a position that pays you a decent amount, with accommodation offered, it's pretty ok. It's good to get your feet wet. Don't commit to a 2 year contract. Keep your options open afterwards. Better offers might come along.
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Sodixy



Joined: 28 Aug 2013
Posts: 5

PostPosted: Sat Sep 21, 2013 3:17 am    Post subject: Reply with quote

That really depends on what the flat is like, and the your personal credentials. If you have a Bachelor of Education with teaching experience, it's probably a bit low compared to NET schemes. The question is, there thousands of teachers in Hong Kong looking for NET positions in international schools. Getting them is very difficult.

Most language learning Centers don't offer accommodations. For a position that pays you a decent amount, with accommodation offered, it's pretty ok. It's good to get your feet wet. Don't commit to a 2 year contract. Keep your options open afterwards. Better offers might come along.
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Joshua2006



Joined: 04 Jan 2010
Posts: 335

PostPosted: Tue Dec 10, 2013 4:52 am    Post subject: Reply with quote

I would doubt very much that an employer will pay a tax bill for you...
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TeacherTim



Joined: 10 May 2005
Posts: 55
Location: Deep undercover

PostPosted: Tue Dec 10, 2013 6:46 am    Post subject: Reply with quote

Would the OP pay tax on 14,500? If so, then it wouldn't be much anyway.

14,500 seems very low in my opinion. Even some part-time ELTAs I know are earning 12K a month for just the mornings.
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saroq



Joined: 05 Nov 2004
Posts: 77

PostPosted: Wed Jan 01, 2014 10:45 am    Post subject: Reply with quote

HK$14500 nett per month with accommodation. That's HK$3,346.15 a week assuming you are paid for holidays. That's US$431.53!!! Doable if you want to join the ranks of the working poor.
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