Getting the best salary when offered an overseas job

Getting the best salary when offered an overseas job

Getting the best salary when offered an overseas job

Being offered a job overseas can mean a chance to improve your career prospects and lifestyle as well as your salary level, but assessing the required income to make the most of your posting should determine whether all that glitters is indeed gold.

Examining your present salary in the currency of your country of residence and comparing its value in the currency of your potential new base is the first step. A side by side comparison of actual financial value will help in determining your needs as regards acceptable take home pay in your new overseas job and how it compares with the average cost of living in order to maintain your present standards. An essential part of your decision will be the estimating of expenses to be borne by your new employer and those you’ll have to cover.

For example, the cost of selling your present home, packing and shipping expenses as well as costs involved in moving expenses for your spouse and other family members should all be considered. In addition to the major expenses related to the actual move, considering a comparison between the two countries’ day-to-day living expenses such as clothing, food, transportation, schooling, running a car, utilities and entertainment is necessary. The result will either please you or shock you, but at least you’ll have a solid assessment of how much more – or possibly less - you’ll need to earn.

At this stage, you’ll be able to calculate how much you’ll need to negotiate in order to achieve a higher standard of living than in your present job. An online search for upscale prices in your offered location will help, as will comparing the prices with those in similar stores in your present country.

Understanding costs as well as the processes necessary for insurances and visas in addition to looking at current tax rates are the final step in a comprehensive valuation of your present financial state and that in your new country. Checking with an accountant to make sure all your bases are covered, especially as regards tax liabilities and banking procedures is a must. Once you’ve completed your evaluation, you’ll be in the perfect position to decide whether the salary you’ve been offered is a good deal or whether you should negotiate an immediate increase!

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