Originally Posted by
Oli777
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I'm long out of HK but am looking at the new Cathay website and pay scale for an FO:
837,000 HKD (yes yes if you reach set hours etc)
69,750 pm - 17% tax
57,892 net
rent lets say 25,000 (that's really decent) but they say 20,000 allowance... but I'll just ignore that and say 0 housing allwance
transport, food, entertainment 15,000
17,892 end of month
what other expenses is Cathay taking off your salary each month? and what do people currently spend on things for this amount of anger?
Tax rate on 70k works out more like 10%. You also forgot mpf deductions. Don't forget yearly medical costs. First year of tax you'll have to save up for the provisional unless you get exemption. That'll drag down your savings overall.
For most new starters rent is more likely to be under 20k as it's just not going to work in town anymore. Even a 250sqft walk up is 16-18k. Add in a few taxi trips when the AE is not running, a couple of nights out in LKF and a meal or two in SOHO and you won't even be able to live. Tung Chung is probably the future of any COS18 starter live on Cup Noodles and $20 Char Siu Fan.