Age discrim..

[benhgfx]

Hi there

A little last minute I know

FO. 40's and interested in any information regarding age discrimination.

If e.g. one elects to stay on COS99 and reaches the so called contract retirement age of 55, what will happen when the normal HKG retirement age changes to 65 or becomes non valid?

Will the 99 contract be null and void? Will the company be FORCED to allow guys on 99 to extend, thus terminating the current 99 contract at the time??

Any info would be much appreciated..

[Loopdeloop]

Nobody knows for sure! However, in countries that have age discrimination law, you must be able to continue on your current terms and conditions to 65 or whatever the national retirement age is.
I'm in a similar age and rank and so far as I can see, the company are asking me to pay them about HK$1 mil over the next 3 years in exchange for a guarantee that I can work for them after age 55. That seems to me to be a very expensive insurance policy, particularly as it's one I probably won't need!

[flatlands744]

Consensus seems to be that HKG may not adopt an age discrimination policy, so who knows where we will be in a few years time. All I know is that they have extended virtually every Capt and needed all the DECs to command the fleet, all with a down turn occurring - so maybe they might just need us when we reach "old" age.

[bobrun]

My thoughts:
I wouldn't bet my job that the age discrimination laws will happen in HK. However on bases it's more likely, but command slots may be hard to get and you may find yourself at 55 still in HK, or as a FO on a base.
I'm not sure how some of the calculations of others are done, but by mine the BPP is only worth less than a year of a CN1 salary.

With all new joiners on COS08 and RA65, once you reach 55 you'll have many junior officers to you that may not be interested in fighting for you to keep working and delay them further. Food for thoughts.

[Five Green]

Bobrun:

Don't forget if you take that one year salary (I am assuming that it is in the form of BPP) and you buy some property (even in a down market) and let a tenant pay it down for 15-20 years then sell, you should have turned that one year salary into 2 or maybe even 3. As I cannot see that property will be any cheaper in 20 years !

So that means you still work for free until you are 57...maybe even 58 depending on how long you will wait for command.

Bear that in mind......you could either be sitting on the beach, golfing, and sailing or flying 95 (cause that is what it will be) credit hours of long haul per month at 58 years of age !

NO BRAINER REALLY.....

[bobrun]

That could be true. However, in my case, I won't be on BPP for another 8-9 years, which mean it won't have time to grow that much afterward. Moreover, since I'll be on a base I'll have to give almost half of it in taxes should I use the BPP to buy a property. There isn't enough money to go cruise the Mediterranean sea on a yatch with that kind of $$! :cool:

[GE90115BL2]

bobrun.................can't you negatively gear your investment property?

There are leagal ways and means to reduce your taxable income, you need a good Accountant.

Novel idea.:ok: