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Help me decide on the offer please!!!

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Help me decide on the offer please!!!

Post by Shekhar28 » Mon Jun 27, 2011 7:44 pm

Hi everyone,
I seek your advise regarding a job opportunity from a UK Bank major. I have got 5 yrs of experience in analytics(SAS) and iam working for the same bank since 3 yrs in India.

The job which is in process will be located in Leeds.

I have heard from some sources that the gross salary may be in the range of 20-23 GBP per year. I am not sure of the rest of the allowances etc.

I'm currently single and have plans to get married early next year and then my wife will also move with me.

What I need to know is:
Is this a good offer compared to the market?
I come with 5 years of technical experience in Analytics and i am working with the same company for almost 3 yrs.
I understand that the taxes are high. My calculations said that my net earning will be around 1550 GBP Per month.( took 24k as annual salary)
Would that be good for living? I'm looking to save around 5K annually to support my family in India and as a future saving for me.
What are the rates of the rental for a decent small studio and the average spending for me initially, and then for a new family?

I believe there is some scope for negotiation, please let me know the same details as above if the gross salary is 28k, 30k or 35k.

Many thanks in advance.

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Post by kenfrapin » Tue Jun 28, 2011 11:02 am

Hi Shekhar,

Congrats on the job offer. I have a few questions for you
1. On what visa will you be coming here and for how long is it valid? £24k is not enough to secure an extension if on Tier 1 nor should you expect yearly salary hike to push that amount up
2. Did you complete the interview process here in the UK or while in your home country?
3. Have you already agreed for the offer? Do you have any added benefits, yearly bonus and salary increase?

Coming to your specific questions then
1. £24k is on the very low side for a person with 5 years experience. They may have offered less as you dont have UK experience but otherwise, this is comparable and lower to many graduate/entry level roles
2. That being said £24k is about the average UK salary (dont confuse with average IT Salary)
3. A lot depends on your circumstances. £1500 a month is not a lot really though Leeds is a relatively cheaper city to live in. You could really try, cut down a lot of things and save about £500 a month - but does your situation warranty living so stringently for a few years?

No one can tell you exactly how much overall expenses will sum up to but taking into account you are getting married soon
1. Rent for 1 Bed flat in City Centre or maybe 2 bed house about 15-30mins from the centre - £500 to £700
2. Council Tax - £80 to £130
3. Expenses which includes water, electric, land line, broadband, cable - £100 to £200 based on what you opt for
4. Living Expenses for 2 people is approx £50 to £100 a week based on your living habits.....
5. As mentioned before, salary hikes in the UK only keeps up with inflation and is usually around 2% to 3% on average. Many private companies such as banks, IT etc give good hikes but well under 10%

Overall this means, monthly expenses will vary from a low of £900 to £1400. The lower range means you will really lead a controlled lifestyle without spending a lot and expenses go up depending how much you spend towards personal amenities, luxuries and holidays

You need to think hard before committing to this. If you can save nearly as much back home with you and your partner working then it makes no sense coming here. The govt are making it next to impossible for workers to settle here and if you come on such a low salary there is no really winning reason to be here. Also note that the job market up north is nowhere close to how it is down South so wont be easy changing jobs or for that matter for your partner trying to get a job.

Best wishes

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Post by Shekhar28 » Tue Jun 28, 2011 7:13 pm

Hi KP, Many thanks for your quick reply. It is really helpful.

I am still waiting for the results actually, so i don't have much information on added benefits, bonus and salary increase.
Coming to the visa part, i am not sure. But my case is, its not a secondment, its actually a permanent role in the UK. I have to resign here in the offshore center in India and then i will be put into the pay rolls of the bank.
My interview was done through VC from India only. I will be going to work with the same team in Leeds, just the location changes, thats it.

If everything goes well and the offer is released, then i will have more information to share.
Coming to the important part, the package..initially i was told it may be in between 20-23k. Today i got to know that there may be room for negotiation and my TL has given me a hint that they may come till 28-30k.
But still i am not sure whether this is ok or not, because i may get married early next year or so.
I have got some friends in London, they were saying that 30k is just ok for a single person but will be difficult for a family.
They say that 35k is good amount for single, but ok for a family.But i am not sure whether my client will come till 35 as they are starting the money game from the lowest level.
I am not a hi-fi person though, atleast i should have a decent house to live in, tv, broadband,telephone,water etc.,
Above all i do agree with your point that 20-23k is actually an entry level salary, i am a bit worried that my 5+ yrs of my analytics experience in India will be wasted as i have plans to move back to India after 3-4 years.
I dont have a clear line of sight how the situation will be when i move back to India after some years. It looks like i can get the same money when i switch a couple of companies in the same 3-4 yrs in India itself. But the international experience part is tempting and i am hoping that will boost my career after 3-4 years.

Can you please help me the current update. If you can compare life in Leeds with 30k, 32k and 35k with decent savings(say 50k INR per month) it will be of great help.
Many thanks in advance,

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Post by kenfrapin » Wed Jun 29, 2011 10:34 am

30k is definitely a lot better than 23k. Also, I have friends in Leeds who live on salaries between £32 and £40k and they manage pretty well.
What you heard though is correct - mid 30s salary range is perfect for a single person as you can easily save a decent amount. With post tax take home on above £2000, one can easily save £1000 which is Rs 70000 a month at current conversion rate.

If married and getting £30k, you may struggle to save Rs50000 but I am in no position to say thats a certainty. 50k means approx £700 savings a month on a take home salary of £1900 (assuming you get £30k). This translates to you having about £1200.
You can easily rent a room only while your are single to save a lot more. I am not very sure about room rates but you could get a room with all bills included for about £400 a month (really not sure but cant be higher as you get the same for £150 a week in London). You can save a lot this way

Once married, aay you rent a nice flat for about £600 with Council Tax of about £120, that gives you a balance of £480 on living expenses which may be tight. But if you manage a flat with lower rent and plan well you could do it :-)

And remember, if your partner manages to get a part time or full time job, then you guys are right back on track to meeting your target. From my personal experience, for the first few months after you are married it doesnt matter if you even just save £500 a month - as long as you have no commitments back home and just saving for yourself, you should be able to manage it.

All the best

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Post by rajesh9pl » Wed Jun 29, 2011 10:49 am

I am assuming it will be Tier2 visa for you. Which means you will be tied to this company throughout. I do not want to discourage, however want to say you will have tough time when it will come to promotion/hike in salary. They know you can not leave them as you are on sponsored visa. These days Tier2 does not lead ot settlement (PR). Hence, you do not have ultimate incentive to work for 5 year and then move on. Just think, how long do you want to work on same salary!

Does your company name starts with 'I'?
Shekhar28 wrote: Coming to the visa part, i am not sure. But my case is, its not a secondment, its actually a permanent role in the UK. I have to resign here in the offshore center in India and then i will be put into the pay rolls of the bank.

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Post by harsha7kp » Fri Jul 01, 2011 12:40 pm

are you joking? You say you have 5+ years of experience out of which 3 years is within the banking industry. And you say that the offer is from a major UK bank. I have been working in this industry for 6 years in London now, and I will tell you frankly - 24k GBP/year is peanuts in this industry. You are massively under quoting yourself.
Even if the bank that you have a job offer from, is a retail bank and not Investment bank, any conservative salary for a 5 years experienced guy in SSAS and SSIS will be around £40k to £50k/year. Besides this, there will be annual bonus component(anywhere between £1k to £5k/year depending on the banks performance and your Departments performance), medical and dental insurane and atleast 24 paid leaves. Please dont sell yourself for £24 or £28k. You dont have to be in the Banking IT if you want to earn £28k. Thats a really unfair offer.

Sometimes the Job agencies try to negotiate you for as low as possible. Dont get bogged down because of that. Trust me, in your sector and with your experience, you will probably save more money in India than here if you just earn £28k/year. Even Indian offshore companies like TCS, Infy and Wipro pay around £32 to £36k for their employees.

You will have to negotiate better with the Job agency.PM me if you want more info.