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Is this much Salary OK for a comfortable living in Shanghai

Shanghai Expat Forum Index » City Living Forums » Relocation and Moving

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HSBCguy93

Newbie

Joined: Mar 23, 2009
Posts: 3

Status: Offline

Posted: Mar 23, 2009 - 02:51 AM
Post subject: Is this much Salary OK for a comfortable living in Shanghai

Hi Guys !

My name is Varun and i'm currently residing in India. I have got an offer to work for a company in Shanghai.
Their offer is as follows:

1. Basic monthly salary : RMB 8000-9000 plus 35% for night shift and 25% for daynight shift (which generally placed partial even and late night or early morning and morning session)
2. Annual round trip ticket (may fix up at RMB 7000)
3. Local transportation (on actuals)
4. Food subsidy (RMB 25/ day)
5. Medical Insurance (on actuals)
6. Mobile (as per company policies)]
7. Visa and work permit (as applicable)
8. Perofmance bonus and incentives (as per company policies and law of land).

Basically i'll be working Night Shift.
It would be highly appreciated if you guys can help me decide if this offer is good enough. I also would have to send some money back home as i have some financial committments over here.
Waiting for your earliest reply.

Cheers
Varun

DAN09

Newbie

Joined: Feb 08, 2009
Posts: 6

Status: Offline

Posted: Mar 23, 2009 - 03:54 AM

Hi Varun,

I will also be travelling to Shanghai with a similar package next month. I thnik this amount will be ok.... but since I have not lived there yet, I am not a 100% confident. My collegues in Shanghai has advised tht this amnt is ok. It wont be luxurious but ok. I am assuming you are not married.

oh and I am from India too...

Cheers!

Shalifornia
Seeker
Seeker

Joined: July 19, 2008
Posts: 61
Location: Champs Elysees (wannabe), Shanghai

Posted: Mar 23, 2009 - 05:08 AM

To asking a Q like yours, is like to ask Warren Buffer if he's making enough money.

To tell you the truth, my housing expense is way more then you would make in a month, but again, it's all relative. Got the idea?

BTW, can HSBC put more ATMs in Shanghai so I can get cash more easily?

PNWer

Barker

Joined: Oct 18, 2007
Posts: 149

Status: Offline

Posted: Mar 23, 2009 - 07:39 AM

"'5. Medical Insurance (yon actuals)"
If the package reimburse you on expat medical insurance premiums, then it is not bad.
(that item alone can be close to your salary for a expat family".

If they reimburse you on medical expenses, then be prepared to have someone operate your ATM card for "no limit" cash withdrawals. For patients not covered by insurane, local hospital emergency department demand cash up front before they start treatment

Moroes

Reacher

Joined: Jan 16, 2009
Posts: 316

Status: Offline

Posted: Mar 23, 2009 - 09:53 AM

You know its hard to judge if its good or not without knowing what job title. If its for a bank teller job then that package is awesome! If its Managing Director then it sucks!

If you have good financial control you can live nicely on 6000 (3000 on rent and 3000 on living) and send the rest back home.

dingmr911

Newbie

Joined: Mar 23, 2009
Posts: 4

Status: Offline

Posted: Mar 23, 2009 - 09:54 AM

It depends.

For natives, the package is more than "enough" and I've got a friend living here, who's from Phillipine and got the similar package of you.

Michael

Moderator

Joined: Mar 22, 2002
Posts: 6100

Status: Offline

Posted: Mar 23, 2009 - 10:19 AM

Lots has been written on all these questions
More on relocation threads here
http://www.shanghaiexpat.com/MDForum-viewtopic-t-69669.phtml

still_here

Rocker

Joined: May 29, 2007
Posts: 680
Location: XinZhuang
Status: Offline

Posted: Mar 23, 2009 - 10:19 AM

what will be your designation? no decent answer is possible without this info.

_________________
All the desirable things in life are either illegal, banned, expensive ,fattening or in love with someone else!

Havard

Reacher

Joined: June 21, 2005
Posts: 313

Status: Offline

Posted: Mar 23, 2009 - 10:41 AM

Moroes wrote:

Agree mostly.

I guess the OP looks more a like a technician 'cause he works on shift. This offer is not bad for a local unviversity graduate at 27-30. I would propose an allocation of spending with RMB2500 for housing (incl. 300 for utilities etc) and RMB3500 for living.

HSBCguy93

Newbie

Joined: Mar 23, 2009
Posts: 3

Status: Offline

Posted: Mar 24, 2009 - 12:35 AM

I'm not a technician, but in case i join, i'll be joining a hedge fund administration company. It is into core finance... i'll be joing as executive as i have just 1.5 yrs work ex...

BitterExpat

Reacher

Joined: Feb 11, 2007
Posts: 367

Status: Offline

Posted: Mar 24, 2009 - 08:19 AM

HSBCguy93 wrote:

I'm not a technician, but in case i join, i'll be joining a hedge fund administration company. It is into core finance... i'll be joing as executive as i have just 1.5 yrs work ex...

1.5 years work experience and already have the title of "executive"?

(You'll be making about what an English teacher, working part time, with no experience earns.)

HSBCguy93

Newbie

Joined: Mar 23, 2009
Posts: 3

Status: Offline

Posted: Mar 24, 2009 - 09:13 AM

Hi BitterExpat !

I have no problem in earning that much as long as that english teacher is living a comfortable life... and in my line we start as execs.. junior execs, senior execs, process specialist and henceforth....

Thanks for ur advise neways.

Havard

Reacher

Joined: June 21, 2005
Posts: 313

Status: Offline

Posted: Mar 24, 2009 - 11:24 AM

HSBCguy93 wrote:

I'm not a technician, but in case i join, i'll be joining a hedge fund administration company. It is into core finance... i'll be joing as executive as i have just 1.5 yrs work ex...

Sorry, that was random guessing, though I see your hint "HSBC". Your company must be operating 24 hours for global biz. This offer will look attrative for most Chinese with similar work experience, but some expats will simply snort.