Housing allowance?
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Housing allowance?
The letter from CX states that in the beginning I will get housing assistance of $14000/mth and after two years this will increase to $18000/mth. However I can qualify for additional $22350 and $44700 respectively.
If I rent an apartament for say $8000, will I still get the full $14000?
How can one qualify for this additional assistance? Is it difficult?
Do F/Os and Capts get higher assistance?
Cheers!
If I rent an apartament for say $8000, will I still get the full $14000?
How can one qualify for this additional assistance? Is it difficult?
Do F/Os and Capts get higher assistance?
Cheers!
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If I rent an apartament for say $8000, will I still get the full $14000?
How can one qualify for this additional assistance? Is it difficult?
The allowance goes up in a couple of steps I think, but the main one being when it almost doubles after two years.
Second Officers with 2 years of service or less can choose either the Base Rate ($14,000/month) or 50% of the Rent Free Zone (RFZ). The RFZ is currently $52,000/month, so 50% of the RFZ is $26,000/month.
The Base Rate is a cash payment in lieu of any other form of housing assistance. No evidence of the type of accommodation rented is required, so yes you could rent something for $8,000/month and pocket the rest. However, don't expect to find anything decent for $8,000/month, especially if you have a family.
To qualify for the higher level of assistance all you need to do is take out a lease, which must be approved by the company to make sure the property is being rented at the prevailing market rate (in their view). You can then rent something for up to $26,000/month (including management fees, car parking space, etc) and the company will pay the lot. Anything above that amount will come out of your pocket.
After 2 years as an SO, the Base Rate becomes $18,000/month and you can qualify for the full RFZ ($52,000/month).
The Base Rate for JFOs and above is $24,000/month. JFOs and FOs with up to 8 years of service can choose either the Base Rate or the RFZ ($52,000/month).
Hope that's not too confusing!
The Base Rate is a cash payment in lieu of any other form of housing assistance. No evidence of the type of accommodation rented is required, so yes you could rent something for $8,000/month and pocket the rest. However, don't expect to find anything decent for $8,000/month, especially if you have a family.
To qualify for the higher level of assistance all you need to do is take out a lease, which must be approved by the company to make sure the property is being rented at the prevailing market rate (in their view). You can then rent something for up to $26,000/month (including management fees, car parking space, etc) and the company will pay the lot. Anything above that amount will come out of your pocket.
After 2 years as an SO, the Base Rate becomes $18,000/month and you can qualify for the full RFZ ($52,000/month).
The Base Rate for JFOs and above is $24,000/month. JFOs and FOs with up to 8 years of service can choose either the Base Rate or the RFZ ($52,000/month).
Hope that's not too confusing!
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Thanks for answers, I think I almost understand how it works
BTW - what's wrong with Tung Chung anyway? I stayed there during my interview (the Headland Hotell was full) and found it a nice place to live: close to the airport and Cathay City, well connected with downtown by the MTR (o.k. could be a tad closer), not crowded, lots of green stuff around... Am I missing something?
BTW - what's wrong with Tung Chung anyway? I stayed there during my interview (the Headland Hotell was full) and found it a nice place to live: close to the airport and Cathay City, well connected with downtown by the MTR (o.k. could be a tad closer), not crowded, lots of green stuff around... Am I missing something?
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With all the time you have off, why do you want to be close to work? Get out and experience Hong Kong.
I have never understood the guys who live there cos it's close to work.
I have never understood the guys who live there cos it's close to work.
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Tung Chunk is a bit stinky, and if I dont recall wrong also nominated the most poluted area in HK. Also there is the risk of having a cable car falling down on your head.
http://news.bbc.co.uk/2/hi/asia-pacific/6744353.stm
http://news.bbc.co.uk/2/hi/asia-pacific/6744353.stm
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Tung Chunk is a bit stinky, and if I dont recall wrong also nominated the most poluted area in HK
Regards
csd
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Now I get it. During my interview the weather was exceptional (so said the locals) and I could see no pollution whatsoever - guess I was just lucky? So, what other places to live would you suggest?