Cathay Housing Allowance
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Cathay Housing Allowance
"An Officer will receive HK$14,000 per month in housing assistance but may qualify to claim additional assistance up to a maximum of HK$22,350 per month reviewed monthly. After two years service, a Second Officer is entitled to HK$18,000 housing assistance per month, and may qualify for additional assistance up to maximum of HK$44,700 per month reviewed monthly."
What does it take to qualify for the extra amount? In other words can a single pilot purchase a home and expect the full amount or just the partial amount? Do you have to be married with kids to get the full amount?
What does it take to qualify for the extra amount? In other words can a single pilot purchase a home and expect the full amount or just the partial amount? Do you have to be married with kids to get the full amount?
Join Date: Aug 2006
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can a single pilot purchase a home and expect the full amount or just the partial amount?
Do you have to be married with kids to get the full amount?
Basically, to claim the higher allowance you must show Cathay Housing documents proving a mortgage or rental tenancy agreement.
The dollar figures you have included in you post are reviewed monthly. At the moment the actual allowances are higher than those you quoted.
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I was just reading the same thing: What is the max that a new SO is eligible for per month? The COS is rather wordy and I just need a figure to enter into the search button for housing! Married with 1 baby on the way.
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Stand to be corrected but the KA system (slightly different I know) gives you the lower amount regardless of where you live (cheap cartbox boxes in Tung Chung I have heard) or the higher amount if you can actually prove your rent/mortgage is that specific amount....
It's a good system I reckon but don't f@ck it up or you'll regret being stuck on a too low amount for too long....
Ta ta
It's a good system I reckon but don't f@ck it up or you'll regret being stuck on a too low amount for too long....
Ta ta
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33k at the moment, after 2 years its 65k on variable or 71k fixed for owner occupier.
Basically for this money (33k) you can get a huge 5 bedroom house with 2100sq feet floor space and close to the beach etc in South Lantau, or you can get a one bedroom apartment that's a little bigger than a hotel room for the same money right in the middle of central Hong Kong. The question is how far from the city are you prepared to go? Overall the housing allowance is pretty generous, I mean which other compnay will give you 4500USD a month just for housing???
also the housing allowance changes every month according to the housing market conditions etc...
hope this helps
catpac
Basically for this money (33k) you can get a huge 5 bedroom house with 2100sq feet floor space and close to the beach etc in South Lantau, or you can get a one bedroom apartment that's a little bigger than a hotel room for the same money right in the middle of central Hong Kong. The question is how far from the city are you prepared to go? Overall the housing allowance is pretty generous, I mean which other compnay will give you 4500USD a month just for housing???
also the housing allowance changes every month according to the housing market conditions etc...
hope this helps
catpac
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Hey,
So say you've got a HK SO/FO basing and house and you're getting the housing allowance, how much time do you have to spend in HK? Contractually when do you have to be in HK? Obviously getting at maintaining my family in another country and working out of HK as necessary/required..
PLE..
So say you've got a HK SO/FO basing and house and you're getting the housing allowance, how much time do you have to spend in HK? Contractually when do you have to be in HK? Obviously getting at maintaining my family in another country and working out of HK as necessary/required..
PLE..
Join Date: Jun 2006
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Questions on allowance
Does the airline give each person a lump sum and they can do whatever they want with the money (ie. rent cheap, pocket the rest) or does CX give out housing allowances based on the rental amount/terms which have to be proved first?
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if you want to take it is as cash you will only get $14K, to get more it has to be in a rental contract, which is up to around $33K at the moment. Also note that if you take the cash you will pay income tax on it as if is were your income. If you rent (no matter how much) it will only increase your taxable income by a maximum of 10%.
ie if your income is $500,000, and you receive $396,000 (12 x $33K) in housing allowance, your taxable income will be only be 10% higher than your earnings so, $550,000.
If you take the cash option income is $500,000 plus $168,000 (12 x $14K) 'housing cash allowance', Your taxable income will be $668,000. However you will be lucky to get a shoebox for $14000/month...so you won't put much away.
Also, your wife is actually a $200,000 tax deduction, and each kid is $50,000 deduction. My first tax bill (admittedly for only half the financial year) was a whopping $500HKD for the entire 6 months!!!
Personally rent a nice place and enjoy it. If you live in town you still might only get 5-800 sq ft for $33000/mth. In DB you might get 1200-1500sq ft.
ie if your income is $500,000, and you receive $396,000 (12 x $33K) in housing allowance, your taxable income will be only be 10% higher than your earnings so, $550,000.
If you take the cash option income is $500,000 plus $168,000 (12 x $14K) 'housing cash allowance', Your taxable income will be $668,000. However you will be lucky to get a shoebox for $14000/month...so you won't put much away.
Also, your wife is actually a $200,000 tax deduction, and each kid is $50,000 deduction. My first tax bill (admittedly for only half the financial year) was a whopping $500HKD for the entire 6 months!!!
Personally rent a nice place and enjoy it. If you live in town you still might only get 5-800 sq ft for $33000/mth. In DB you might get 1200-1500sq ft.
