Originally Posted by
Frank W. Abagnale
The country I am from ticks most of my mentioned boxes.
Before I joined Cathay on B Scale and full Expat benefits I concluded that it would be worth it.
That was before the global financial crisis with interest rates of around 5%.
The global financial crisis changed the dynamics.
If you depend on your own capital to generate income for your retirement, the Cathay Pacific model so to speak, you need a huge amount of cash to generate adequate income.
When 1 Mill US$ generated 50.000 US$ per year in income before the GFC with 5% interest rate, now you have to come up with 5 Mill US$ to generate 50.000 US$ with 1% interest rate.
Now if the numbers don't work for me anymore on B-Scale and full Expat benefits, how are they supposed to work for someone on D-Scale (CoS18) ?
As I mentioned before, if someone has the chance to get monthly pension payouts from the government and/or a company I would be thinking twice before giving that up nowadays.
With 1% interest rate, every 1.000 US$ per month in pension requires 1.2 Mill US$ in cash to generate it.
By the way, besides eating local food very cheaply for the rest of your life, you can rent very cheaply in HK too - a cage (four cages for yourself, a wife and 2 kids).
I am not sure if leaving a healthy environment just to eat local HK food and to live in a cage would be a prudent move though.
Same applies to the quality of free local schools.
You are wrong with the quality of air comparison between London and HK. According to air-matters the historical data for London shows good air quality for the vast majority over the year, whereas it shows average quality for the vast majority over the year in HK.
The market (cost of living) nowadays tells us that a young pilot is not wanted neither in London nor in HK.
As you rightly sad, in London you can move further away, in HK you can't.
You got the one about the domestic helpers right.
Here is a question though - who do you think has to pay for that extra room you would need to accommodate the domestic helper ?
Suddenly that 5.000 HK$ per month domestic helper might turn into a 10-15.000 HK$ (including the rent for the extra room, food and utilities, etc.) per month domestic helper.
With 12.000 HK$=1.500 US$ per month, that's 18.000 US$ per year, 180.000 US$ in 10 years, 720.000 US$ in 40 years for a domestic helper.
As a D-Scaler on CoS18 I suspect that money would be better saved for retirement, unless you want to work until 78 as a Sim Instructor.
I hope you are also aware about the 'helper trap'.
For me personally all those items, even the dysfunctional relationship between management and the pilot group on top are completely irrelevant considering the present situation in and of HK.
The HK protests, the associated downturn and uncertain treatment of HK by China in the future represents a red flag to join any company in HK, IMO.
Anyone, who makes the lifetime career decision and relocate to HK might be in for a very rude awakening one day.
Ah, come on Frank! Old fashioned math?! Haven’t you heard? Even math is subjective now. There is no right and wrong, just whatever you feel. Also, math is racist. Just ask some of the more progressive school boards. Based on new pilots today, these concepts have been been firmly embraced. Perhaps gravity is relative too. I think I read that on the new CFIT training slides.