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JMO
Joined: 18 Jul 2006
Location: Daegu
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 Posted: Wed Dec 02, 2015 5:49 am Post subject: Does Key money correlate to salary? |
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I have an interview for a job in seoul. Its non teaching. I think they will ask how much I want if I do well in the interview.
My problem is that I have no idea what it is typical for this positon. In a round about way I know the key money given (20mil). Anyone make a broad guess on what the pay would be? |
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yodanole
Joined: 02 Mar 2003
Location: La Florida
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| Posted: Wed Dec 02, 2015 9:58 am Post subject: |
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| I would suggest that the key money has no real relationship to the job or it's salary. The apartment might be considered taxable income for tax purposes depending on your nationality. Your employer will likely be getting the key money back after you leave. Or the 4th or 5th person who follows you leaves. You boss needs a place to stable his teacher or teachers in any case. Your salary would likely be determined by your duties, as understood from your job title & description and would be whatever the going rate might be for similar positions, as determined by ads for similar openings. Just my 2 cents worth. |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Wed Dec 02, 2015 2:04 pm Post subject: |
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| yodanole wrote: |
| I would suggest that the key money has no real relationship to the job or it's salary. The apartment might be considered taxable income for tax purposes depending on your nationality. Your employer will likely be getting the key money back after you leave. Or the 4th or 5th person who follows you leaves. You boss needs a place to stable his teacher or teachers in any case. Your salary would likely be determined by your duties, as understood from your job title & description and would be whatever the going rate might be for similar positions, as determined by ads for similar openings. Just my 2 cents worth. |
Yea, I'm finding a hard time finding a range for salaries for this position. It's not teaching so I can't compare it to teaching jobs. I would have a very idea of that salary range.
Also, doesn't key money mean that I choose the apartment? I've had jobs with accomodation included but they've never specified how much key money they paid. |
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SeoulNate
Joined: 04 Jun 2010
Location: Hyehwa
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| Posted: Wed Dec 02, 2015 6:46 pm Post subject: |
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| Get a comparable job back home and compare that. It should be similar in terms of total pay, especially if you are qualified enough to get said job back home. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Thu Dec 03, 2015 1:48 pm Post subject: |
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Exactly what type of job is it and where in Seoul?
If it's one of those test bank writing mills or 'content development' jobs working for hagwons with publishing affiliates, your pay will probably not be much higher than a teacher.
If you'll be living in the Itaewon area, 20 million down plus 800-1.2 a month can get you a decent enough place. Other nicer hoods? Not so much. |
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yodanole
Joined: 02 Mar 2003
Location: La Florida
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| Posted: Thu Dec 03, 2015 1:53 pm Post subject: |
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| I missed the part about "non teaching job" My bad. Yes, you choose the apartment if you have the key money, but it is highly unlikely that you can take X amount of key money from the boss, pay X - Y to a landlord and pocket the difference. Your salary will still be comparable to other similar positions ( the so-called law of supply and demand ), so unless you can dig up that information, you will probably just have to wait. Good luck! |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Fri Dec 04, 2015 1:43 am Post subject: |
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| PRagic wrote: |
Exactly what type of job is it and where in Seoul?
If it's one of those test bank writing mills or 'content development' jobs working for hagwons with publishing affiliates, your pay will probably not be much higher than a teacher.
If you'll be living in the Itaewon area, 20 million down plus 800-1.2 a month can get you a decent enough place. Other nicer hoods? Not so much. |
Bingo. I would want at least 3mil. How reasonable a wish is that? I'm not actually concerned what 20 mil can get me, but more how it relates to the salary.
If I didn't need the key money, could I negotiate a higher salary by declining? |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Fri Dec 04, 2015 2:26 am Post subject: |
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| SeoulNate wrote: |
| Get a comparable job back home and compare that. It should be similar in terms of total pay, especially if you are qualified enough to get said job back home. |
Not necessarily. The cost of living here is cheaper and salaries are lower too. But certain professions will pay higher than the average and give you a higher standard of living comparable to back home. A lot of IT guys for example make anywhere's from $26,000/ yr for a small company to $35000/ yr a year for large companies. But some of that is that many people here can do it and lots and lots of Koreans are good at computers. Oversupply combined with a cheaper living cost. Nurses make less, but many hospitals hire less nurses and try to get by hiring those who went to college for a year or two and only have minimal training.
Of course if you're brought in as a foreigner, they're prob looking for a special skill set and will pay you more than a local. Geoje paid a lot for foreign engineers because many western ones had higher levels of creativity compared to the linear not think out of the box Korean style. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Fri Dec 04, 2015 2:31 am Post subject: |
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| As for key money, 20 million would be the minimum. You could prob get a decent newer one room with monthly payments for rent. But it would be small. If you want a larger type of apartment, 20 mill wouldn't get you very far. It would if your not living in Soeul or Gyeong-gi do. But Koreans get a large key loan from the bank and pay monthly interest to the bank for it. But the key is large enough so they don't have to pay rent. One chick told me she was going to get a 60 million deposit loan from her bank so she wouldn't have to pay rent. She would have to pay 180,000 won a month in interest to the bank. (Koreans get d@mn good deals even if credit is hard to get here in some ways.) I doubt foreigners could get these deals but maybe we could. I haven't tried. Would they laugh at my E2 @$$? Ha ha. |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Fri Dec 04, 2015 2:43 am Post subject: |
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| Weigookin74 wrote: |
| As for key money, 20 million would be the minimum. You could prob get a decent newer one room with monthly payments for rent. But it would be small. If you want a larger type of apartment, 20 mill wouldn't get you very far. It would if your not living in Soeul or Gyeong-gi do. But Koreans get a large key loan from the bank and pay monthly interest to the bank for it. But the key is large enough so they don't have to pay rent. One chick told me she was going to get a 60 million deposit loan from her bank so she wouldn't have to pay rent. She would have to pay 180,000 won a month in interest to the bank. (Koreans get d@mn good deals even if credit is hard to get here in some ways.) I doubt foreigners could get these deals but maybe we could. I haven't tried. Would they laugh at my E2 @$$? Ha ha. |
I should give full disclosure here as people seem to think I'm asking about what kind of place I can get what with the key money. I won't be using the key money.
I wanted to know if key money correlated to salary which I kind of got an answer to. (Maybe but 20 mil isn;t that much anyway) and now I want an idea if forgoing key money would allow me to negotiate a higher wage. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Fri Dec 04, 2015 3:24 am Post subject: |
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For that type of job you should be able to ask for at least 3 million a month PLUS a 400-500 a month housing stipend. Ask around to find out going rates. There are people still doing this type of work, probably at YBM for example.
The key money is more of a perk without an actual salary equivalent given the low interest rates.
Negotiating 101: Never be the first party to furnish a number. Have them tell you what they'd like to pay and negotiate up from there. |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Fri Dec 04, 2015 3:37 am Post subject: |
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| PRagic wrote: |
For that type of job you should be able to ask for at least 3 million a month PLUS a 400-500 a month housing stipend. Ask around to find out going rates. There are people still doing this type of work, probably at YBM for example.
The key money is more of a perk without an actual salary equivalent given the low interest rates.
Negotiating 101: Never be the first party to furnish a number. Have them tell you what they'd like to pay and negotiate up from there. |
Ha, I know that with my attempts to sell stuff. Every joker wants me to tell them the lowest I'll go.
Thanks for the info. |
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PRagic
Joined: 24 Feb 2006
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| Posted: Fri Dec 04, 2015 3:48 am Post subject: |
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Yup, but now you're the joker doing the buying, so they'll want you to tell them the lowest you'll go lol....
Best of luck with the job. |
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Lazio
Joined: 15 Dec 2010
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| Posted: Fri Dec 04, 2015 4:11 am Post subject: |
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| Weigookin74 wrote: |
| As for key money, 20 million would be the minimum. You could prob get a decent newer one room with monthly payments for rent. But it would be small. If you want a larger type of apartment, 20 mill wouldn't get you very far. It would if your not living in Soeul or Gyeong-gi do. But Koreans get a large key loan from the bank and pay monthly interest to the bank for it. But the key is large enough so they don't have to pay rent. One chick told me she was going to get a 60 million deposit loan from her bank so she wouldn't have to pay rent. She would have to pay 180,000 won a month in interest to the bank. (Koreans get d@mn good deals even if credit is hard to get here in some ways.) I doubt foreigners could get these deals but maybe we could. I haven't tried. Would they laugh at my E2 @$$? Ha ha. |
That's not even low interest. It comes to 3.6%. Four years ago we got a key money loan with 3.2%. In two years it went down to 2.8%. And the central bank cut the base rate several times since, so it should be even lower now. I don't know exactly as we paid it back and bought a place with mortgage (2% interest currently I believe) |
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PRagic
Joined: 24 Feb 2006
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| Posted: Fri Dec 04, 2015 4:22 am Post subject: |
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Plus, where did they find a place for just 60 million key money? Maybe for a closet?
The only decent key money places we've seen as of late START at 250, but that's Seoul. |
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