Aztec,
Your correct about one thing, it's an improvement. But woefully inadequate! Your sign on bonus is about equal to one years worth of income under the former housing scheme payments(entitement 25 years). With a six year forgivable term if you take the bonus. If your beside yourself to serverely short change your housing allowance while working at CX, take the offer. But fortunately many of your compatriates have realized its a raw deal and given it the respect it deserves.