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Fragrant Harbour A forum for the large number of pilots (expats and locals) based with the various airlines in Hong Kong. Air Traffic Controllers are also warmly welcomed into the forum.


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Old 20th Jan 2005, 06:32   #1 (permalink)
 
Join Date: May 2001
Location: Argentina
Posts: 55
Cathay Pacific Provident Fund ?

how does a provident fund work?
do you get all the money invested by the company in the provident fund plus the interest after 10 or more years of service?
how does the cathay pacific provident fund performs?
how much do you expect to get after 20 years of service?


sorry to ask thing like this but in my banana country, argentina, we have a diferent way to retire and I dont know how a provident fund work. I am just a pilot
mig21bis is offline  
Old 20th Jan 2005, 15:32   #2 (permalink)
 
Join Date: Dec 2003
Location: Right of the middle
Posts: 539
I'm sure someone will correct me if I am wrong, but.....

1. company invests 15.5%
2. each year of service = 10% increase in collectable funds ie after 5 years service if you retire you collect 50% of the monetory value of the fund.
3. employee can add either 5 or 10% of salary to fund
4. started ok when down hill very quickly (half of original value) now SLOWLY climbing again. This of course all depends what risk sector you are in.
5. good luck, basically the scheme SUX BADLY.
Jizzmonkey is offline  
Old 20th Jan 2005, 15:54   #3 (permalink)
 
Join Date: May 2001
Location: Argentina
Posts: 55
sorry to ask, here the state get part of the tax they apply to our salary for pension, and when you are 50 years old you can retire with 70 % of the pension, if you retire at 60 you get the 100 %.

so after 10 or 15 years of service you can get the 100% of the money you have on the fund + the interestes???? Sounds good to me if you fly for them for 20 years or more, if you fly less, not so good.

other cuestion. If you fly in hk, then you decide to take a oversea basing, pax or cargo. you still have the provident fund, no???? they dont take it???
I know you lose housing, school and maby other benefits.

thanks
mig21bis is offline  
Old 21st Jan 2005, 03:44   #4 (permalink)
 
Join Date: Dec 2003
Location: Right of the middle
Posts: 539
Quote:
so after 10 or 15 years of service you can get the 100% of the money you have on the fund + the interestes???? Sounds good to me if you fly for them for 20 years or more, if you fly less, not so good.
After 10 years you get the full 100%

Quote:
other cuestion. If you fly in hk, then you decide to take a oversea basing, pax or cargo. you still have the provident fund, no???? they dont take it???
You have to withdrew the fund, no quite sure of the details though.
Jizzmonkey is offline  
Old 21st Jan 2005, 10:02   #5 (permalink)
 
Join Date: May 2001
Location: Argentina
Posts: 55
if You have to withdrew the fund for a basing is not a good deal.

you can take the fund only if you retire or lets say after 13 years of service I can take the money from the fund when I want?

tks jizz
mig21bis is offline  
Old 22nd Jan 2005, 05:38   #6 (permalink)
 
Join Date: May 2002
Location: Hong Kong
Posts: 938
Some basing contracts pay the 15 1/2 % as additional salary in lieu of provident fund.

The down side is that the extra pay is subject to normal income tax.

The up side is that you get to keep 100% if something untoward happens in the first ten years. Heh, heh!

BTW, who has ever heard of an employer stealing back an employee's provident funds?
FlexibleResponse is offline  
Old 22nd Jan 2005, 12:18   #7 (permalink)
 
Join Date: May 2002
Location: Asia
Age: 47
Posts: 2,535
FlexibleResponse
Quote:
BTW, who has ever heard of an employer stealing back an employee's provident funds?
From speaking to a senior United captain recently who was just about to retire, he was telling me that is exactly what his employer has done under the disguise of Chapter 11 Bankruptcy Protection. He has been left with virtually nothing after a lifetime working for them.
404 Titan is offline  
Old 24th Jan 2005, 01:26   #8 (permalink)
 
Join Date: Mar 2001
Posts: 86
Why are you asking???

Here it is again!!

Seems to me NR is trying some propaganda here against CX pilots by publishing terms of their contract or something similar. Seems stuff like this always makes it way on here when decisions have to be made. Over paid, under worked pilots. Can’t wait until Airbus makes a pilotless aircraft. Finally get rid of those damn pilots. If you are looking for pay scales or benefits, email cathay pacific at their website www.cathaypacific.com, care of the personal department. Emirates have it on theirs.

Why do you bother to tell people the terms of your contract at time like this? There is a reason why they are asking!

Rod Eddington said, “it was important to try and win such battles in the media”.
Turbo Beaver is offline  
Old 28th Jan 2005, 14:34   #9 (permalink)
tamalai
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Posts: n/a
why worry ??? most people end up handing it over to Mrs Expilotswife.......................
as a man I met recently said, "I've got 4 years left to live",
"Oh, dear you have a terminal illness??"
"No, It's just thats when my money runs out !!"
 
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