RMB Salary

[elevate88]

It seems each time I check my RMB salary against the USD equivalent, I lose more and more money.

In my last school, the school board readily agreed to a fixed USD monthly equivalent as currency exchange rates were also turbulent in that country.

Has anyone heard if any of the many Chinese international schools out there making any conscious effort to ease the RMB crisis for international teachers?

[Helen Back]

The rate back to my country has got better and better over the last two years. I certainly don't need it fixing. That said, I know how you feel, as the rate was going in the wrong direction at my last school. The school and teachers came to an agreement in the end. Some teachers were ok with it, some voted with their feet. Swings and roundabouts. Be glad it's not 2005 when a US$1 was worth 8 kuai.

[Overhere]

The difference between 2005 and today is that the Chinese government has required schools to pay salaries in RMB, so as the RMB devalues those of us who are US based are actively losing money. I would love it if we were still paid in USD and the RMB continued to fall but sadly that is not the case.

What irritates our staff is that our admin made bold predictions about the strengthening of the RMB and of course those predictions have failed to materialize. Then they, in not so many words, said "tough" when staff began to ask questions. Ironically admin didn't even hold the traditional "next year's package" rollout faculty meeting, they did it by email I suspect to avoid the embarassment of having to answer pointed questions.

I know its all about personal responsibility and making wise choices so please no lectures on like it or leave, which many have. My partner and I are grinning and bearing it now but our resignations are all but in the mail.

[PsyGuy]

Lower tier host national/local ISs arent doing anything to protect ITs against currency movements. From their perspective, you agreed to a contract in RMB¥, you got paid that in RMB, your financial conversion issues arent their problem.
Upper tier ISs will offer traditionally some forms of conversion protection. Either some form of anchored conversion rate 1-2 times a year, or they will insure a minimum conversion of salary.
This is China however, you can either take it or leave it.

[Overhere]

Unfortunately my experience is with a Tier 1 school, not acting like a Tier 1 school.

[shadowjack]

I love the schools that you get paid in local currency, but that your contract has a rider that there are readjustments periodically in case the local currency fluctuates up or down.

[PsyGuy]

@Overhere

ISs are not concierge services to ITs. I realize your salary is important to you, but unless your IS included some language in the contract to guarantee your currency conversion, not meeting those needs/wants of yours is not a failing in the IS, its leadership or tier.
Tier status is very stable, a first tier IS need not fulfill all wishes and desires or lose its tier status.