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Expat unhappy about $17,000/month salary package
Do you feel cheated with your existing expat package?
(ExpatSingapore forum)
Posted by: Feel Cheated on 30 September 2010, 9:10:25 am
3 years ago, I was offered a back office director position with a leading british financial institution in Singapore. At that point, it seems like a great offer. I’m at my late 30s, single, no kids, and the offer was $15K/month plus $2K of car allowances. No housing allowances as they worked the amount into my remuneration.
Recently, there is an article that states 45% of expats here are earning USD$200K (SGD$260K). 3 years ago, I thought my offer was fantastic, but now, I feel cheated.
Also recently, we are looking to transfer a junior Brit over to Singapore for a one year secondment. And his expected salary is more than my boss!
This junior guy is probably around Senior Manager by ranking, and my boss would be a MD level. He is staying in a bungalow along Bukit Timah, so I doubt his pay is lesser than mine (Director level). All of us are on a permanent local contract and all remunerations (including bonus) are in SGD. So no need to consider FX conversion.
Its just appalling that individual’s expectations on an expat package have balloon in the recent years. I don’t know the details about his offer, since my boss was only complaining about his expected salary to me.
I would think he will appreciate an offer in Asia, considering things ain’t considered stable in London. Obviously, I am wrong!
Did the expat pay went up tremendously in the recent 3 years? Or did the expectation change so much in the recent years?
*************
Posted by: was cheated on 30 September 2010, 10:11:57 am
As I said, packages down if anything, not up.
Either your boss is underpaid or the new guy is living in dreamland.
Hard to tell as you don’t state your bosses grade, his grade or which particular bit of financial service (I assumed IB back office).
Also note, depending on the bank it is possible directors get more than MDs as MDs are often paid in USD and everyone else local currency, with a weak USD anomalies can occur (obviously the MD will make it up and more in bonus).
Also, depending on the firm and the UK bonus rules, the way his package is set up in UK may have changed relative to yours so his bonus expectations could be very low. Anyway, see first sentence and other post for your answer but to be comprehensive need much more info.
**************
Posted by: not hard to know on 30 September 2010, 16:14:50 pm
Not so hard when you get to see the entire departments salary and bonus (about 400 people). I get to not officially see about 10 people. I know what half of those get as we discuss it (sorry HR – get used to it).
My main impression is it is incredibly fair. Yes, some have better base than others, they get it taken away on bonus. This is easier the more senior they are (more money to play with and re-distribute) but overall it works. The senior management are mostly focussed on total pay.
Locals and foreigners are treated the same. There is the (very unusual now) foreigner who gets housing. Below director it is basically not something that happens whereas 10 years ago foreigners 3 years out of university were getting housing deals, those days are gone. The vast majority are fully local (even including directors, funnily enough a number of them are now locals – never used to be), those that do still get them get less and for less time, expat benefits (minimal though they are) are not taken into account when it comes to pay and bonus though so it is a straight addition.
Do you feel cheated with your existing expat package?
(ExpatSingapore forum)
Posted by: Feel Cheated on 30 September 2010, 9:10:25 am
3 years ago, I was offered a back office director position with a leading british financial institution in Singapore. At that point, it seems like a great offer. I’m at my late 30s, single, no kids, and the offer was $15K/month plus $2K of car allowances. No housing allowances as they worked the amount into my remuneration.
Recently, there is an article that states 45% of expats here are earning USD$200K (SGD$260K). 3 years ago, I thought my offer was fantastic, but now, I feel cheated.
Also recently, we are looking to transfer a junior Brit over to Singapore for a one year secondment. And his expected salary is more than my boss!
This junior guy is probably around Senior Manager by ranking, and my boss would be a MD level. He is staying in a bungalow along Bukit Timah, so I doubt his pay is lesser than mine (Director level). All of us are on a permanent local contract and all remunerations (including bonus) are in SGD. So no need to consider FX conversion.
Its just appalling that individual’s expectations on an expat package have balloon in the recent years. I don’t know the details about his offer, since my boss was only complaining about his expected salary to me.
I would think he will appreciate an offer in Asia, considering things ain’t considered stable in London. Obviously, I am wrong!
Did the expat pay went up tremendously in the recent 3 years? Or did the expectation change so much in the recent years?
*************
Posted by: was cheated on 30 September 2010, 10:11:57 am
As I said, packages down if anything, not up.
Either your boss is underpaid or the new guy is living in dreamland.
Hard to tell as you don’t state your bosses grade, his grade or which particular bit of financial service (I assumed IB back office).
Also note, depending on the bank it is possible directors get more than MDs as MDs are often paid in USD and everyone else local currency, with a weak USD anomalies can occur (obviously the MD will make it up and more in bonus).
Also, depending on the firm and the UK bonus rules, the way his package is set up in UK may have changed relative to yours so his bonus expectations could be very low. Anyway, see first sentence and other post for your answer but to be comprehensive need much more info.
**************
Posted by: not hard to know on 30 September 2010, 16:14:50 pm
Not so hard when you get to see the entire departments salary and bonus (about 400 people). I get to not officially see about 10 people. I know what half of those get as we discuss it (sorry HR – get used to it).
My main impression is it is incredibly fair. Yes, some have better base than others, they get it taken away on bonus. This is easier the more senior they are (more money to play with and re-distribute) but overall it works. The senior management are mostly focussed on total pay.
Locals and foreigners are treated the same. There is the (very unusual now) foreigner who gets housing. Below director it is basically not something that happens whereas 10 years ago foreigners 3 years out of university were getting housing deals, those days are gone. The vast majority are fully local (even including directors, funnily enough a number of them are now locals – never used to be), those that do still get them get less and for less time, expat benefits (minimal though they are) are not taken into account when it comes to pay and bonus though so it is a straight addition.
