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Peru - salary in local currency

Discussion in 'Teaching abroad' started by SanchoP, Jul 17, 2010.

  1. Should I be considering offer of a position where salary is paid in Soles? I've seen mention that they tend to be paid in $, but this one is not.
    Does the Sol fluctuate enough to make this a deal breaker?
  2. tica

    tica New commenter

    Check your terms again. You may well be paid in Soles but your salary may be tied to a hard currency (usually the dollar). In this case your salary will be slightly different every month but keep its value. That was the case when I worked in Peru.
  3. johnnersco

    johnnersco New commenter

    Although I do not live in Peru, I work in Colombia and get paid in the local currency- if your salary is not linked to the dollar then be prepared for fluctuations. For instance at the moment there are 2000 pesos to the dollar, 5 years ago there were 2800 pesos to the dollar and 5 years before that 1500 to the dollar. To me the real issues with being paid in local currency are to do woth the standard of living you can afford while there..Yes, a relatively weak local currency makes overseas travel more expensive and makes sending money home, if you have a mortage problematic. However, I have found that my standard of living is higher here than it would be in the UK or Europe. I have also been able to travel and save.
  4. If you are to be paid in local currency, which will almost certainly be the case, there will normally be an inflationary adjustment every 4, or 6, months. The normal situation in a good S. American school is that you will also get a lump sum, every year, or at end of contract, in sterling or dollars. This is the saving part of your slary and the local currency is the spenders. Also, don't get too tied up with thinking a dollar or sterling linked salary is per se better than a local. If my salary was dollar linked it would have done down by about 25% in real terms in the last 2 years: thank goodness it is inflationary linked, which has meant it has risen by about 13% every year...could you give a clue as to which school in Peru as there are really only 3 that are worth working at....

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