Hello everyone,
I was just wondering if there is any savings potential in Incheon. The salary would be approximately 45,000 US.
What is the cost of living like? How much of a monk-like lifestyle would one have to live to save in Korea?
Cost of Livings/Savings Potential Incheon, South Korea
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Lastname_Z
- Posts: 120
- Joined: Mon May 20, 2013 12:17 pm
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Lastname_Z
- Posts: 120
- Joined: Mon May 20, 2013 12:17 pm
Re: Cost of Livings/Savings Potential Incheon, South Korea
What is OSH package? (sorry haven't been here in awhile)
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Lastname_Z
- Posts: 120
- Joined: Mon May 20, 2013 12:17 pm
Re: Cost of Livings/Savings Potential Incheon, South Korea
I want to save at least 10,000 US.
Also, I just looked up OSH Package. The OSH package would be pretty standard. Airfare, Medical Insurance, On-campus accommodations provided. Access to a swimming pool and gym.
Also, I just looked up OSH Package. The OSH package would be pretty standard. Airfare, Medical Insurance, On-campus accommodations provided. Access to a swimming pool and gym.
Inquiry
@Lastname_Z
OSH means OverSeas Hire. Specifically:
1) Flights or Flight Allowance: How much? Is it fixed value or actual cost?
2) Housing: This is the big one. Does the IS (International School) provide an actual apartment or an allowance? Will they provide a guarantee/deposits? Is there a utility allowance? If an actual apartment how furnished is it?
3) Shipping/Shopping Allowance: Does the IS provide you an allowance to ship your HHG (HouseHold Goods)? Is it reimbursement up to a limit or a cash equivalent allowance? If you dont ship any HHG does the IS provide a cash benefit to shop for items?
4) Settling in Allowance: Generally a small amount of cash you get when you arrive. Walking around money.
5) Contract/Performance/Completion Allowance or Gratuity: Just another term for a bonus. Some ISs will pay salary in advance so your last months salary is really your bonus.
6) Relocation Allowance: A generic term for a combination of the above.
7) Mobile: Some ISs will pay for your mobile phone and service.
8) Dining Privileges: Some ISs will provide you meals when at the IS, either as a free benefit or greatly reduced rate. Most often lunch, sometimes breakfast.
9) Tuition/Fee Waiver or Education Allowance: Some ISs will offer a cash equivalent incentive not to register their own children in the IS.
10) Technology/Computer: Many ISs provide their ITs with a laptop and/or tablet.
11) PD/Professional Development Allowance: Sometimes called a classroom allowance. This is typically an allowance you can use toward professional development.
12) Insurance: Medical and or Social Insurance.
13) Retirement: Self explanatory, at what point is it yours?
What is your family logistics? Single, Spouse, Kids?
OSH means OverSeas Hire. Specifically:
1) Flights or Flight Allowance: How much? Is it fixed value or actual cost?
2) Housing: This is the big one. Does the IS (International School) provide an actual apartment or an allowance? Will they provide a guarantee/deposits? Is there a utility allowance? If an actual apartment how furnished is it?
3) Shipping/Shopping Allowance: Does the IS provide you an allowance to ship your HHG (HouseHold Goods)? Is it reimbursement up to a limit or a cash equivalent allowance? If you dont ship any HHG does the IS provide a cash benefit to shop for items?
4) Settling in Allowance: Generally a small amount of cash you get when you arrive. Walking around money.
5) Contract/Performance/Completion Allowance or Gratuity: Just another term for a bonus. Some ISs will pay salary in advance so your last months salary is really your bonus.
6) Relocation Allowance: A generic term for a combination of the above.
7) Mobile: Some ISs will pay for your mobile phone and service.
8) Dining Privileges: Some ISs will provide you meals when at the IS, either as a free benefit or greatly reduced rate. Most often lunch, sometimes breakfast.
9) Tuition/Fee Waiver or Education Allowance: Some ISs will offer a cash equivalent incentive not to register their own children in the IS.
10) Technology/Computer: Many ISs provide their ITs with a laptop and/or tablet.
11) PD/Professional Development Allowance: Sometimes called a classroom allowance. This is typically an allowance you can use toward professional development.
12) Insurance: Medical and or Social Insurance.
13) Retirement: Self explanatory, at what point is it yours?
What is your family logistics? Single, Spouse, Kids?
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Lastname_Z
- Posts: 120
- Joined: Mon May 20, 2013 12:17 pm
Re: Cost of Livings/Savings Potential Incheon, South Korea
More info on the OSH package:
1) An actual apartment is provided. Not sure if utilities are covered though.
2) They give a relocation allowance, it's supposed to be reimbursed at a later time.
3) The flight is booked for me I believe.
4) I get Medical Insurance for Korea and the world.
Not sure about other things you listed.
There are other benefits like a tuition fee waiver, but I'm single and don't have kids so that's not something I'm thinking about right now.
So you're saying I could save pretty easily? What does that mean to you?
Does that mean only travel within Korea on holidays, eat out minimally, and only go to a bar once every two months?
I'm only asking because at the school I'm currently at I don't find myself having to make any sacrifices and I'm still saving money. Not that it would change my decision so much. Korea has a better quality of life compared to where I am currently so I am willing to make sacrifices for that.
1) An actual apartment is provided. Not sure if utilities are covered though.
2) They give a relocation allowance, it's supposed to be reimbursed at a later time.
3) The flight is booked for me I believe.
4) I get Medical Insurance for Korea and the world.
Not sure about other things you listed.
There are other benefits like a tuition fee waiver, but I'm single and don't have kids so that's not something I'm thinking about right now.
So you're saying I could save pretty easily? What does that mean to you?
Does that mean only travel within Korea on holidays, eat out minimally, and only go to a bar once every two months?
I'm only asking because at the school I'm currently at I don't find myself having to make any sacrifices and I'm still saving money. Not that it would change my decision so much. Korea has a better quality of life compared to where I am currently so I am willing to make sacrifices for that.
Re: Cost of Livings/Savings Potential Incheon, South Korea
I saved $1k a month in Daegu, Korea as a single teacher in a hagwon in 2013. I spent a lot on booze and not much on travel.
I had flights and accom covered. I contributed to my medical (about $30 a month) and paid my utilities myself (about $100 a month all in all).
Edit: I should say at that time I was earning W2.1mil monthly, which was the equivalent of almost exactly $2100 USD. Not sure if the exchange rate is still there.
I had flights and accom covered. I contributed to my medical (about $30 a month) and paid my utilities myself (about $100 a month all in all).
Edit: I should say at that time I was earning W2.1mil monthly, which was the equivalent of almost exactly $2100 USD. Not sure if the exchange rate is still there.
Last edited by s0830887 on Sun May 08, 2016 12:22 pm, edited 1 time in total.
Reply
@Lastname_Z
I mean that on a USD$45K salary and saving USD$10K you could still eat out, socialize on the weekend, keep a stocked chill chest and pantry, buy nice clothes when you needed to, nice electronics, one of the athletic clubs where the spoiled girls work out, and generally not want for much of anything. Now if you get some Hayana SK GF, thats another story. As long as your not trying to live some Gangnam fantasy or roll like one then you can live very well.
Seoul has a nice quality of life, the rest of SK is prefectural.
I mean that on a USD$45K salary and saving USD$10K you could still eat out, socialize on the weekend, keep a stocked chill chest and pantry, buy nice clothes when you needed to, nice electronics, one of the athletic clubs where the spoiled girls work out, and generally not want for much of anything. Now if you get some Hayana SK GF, thats another story. As long as your not trying to live some Gangnam fantasy or roll like one then you can live very well.
Seoul has a nice quality of life, the rest of SK is prefectural.