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Discussion in 'Teaching overseas' started by 012jazmine, Apr 4, 2017.
How many schools are part of the EPF? Does it tie in with the TPS here at all?
Yes the EPF scheme looks great as it will force me to save! Not sure if everyone offers it or now...No nothing to do with TPS as far as I know. You get it as a lump sum when you leave the country.
Cost of living is v high in UAE. Not much to do / see apart from posh hotels & beach clubs which are expensive - it really feels soulless, a big building site in the sand as opposed to amazing scenery & wildlife in Malaysia. A..C run, and ruin, the educational system, changing rules re. trips at last minute, not supporting exclusions of students who elsewhere would be asked to leave... Malaysia has a far more conducive vibe in my opinion. EPF is surprisingly generous, employer contributes 13% of your salary (you give 11%) to monthly savings scheme.
EPF has a high chance of failing. The economy in Malaysia has been falling for quite some time, yet the fund is paying out based on unsubstantiated high rates that make no sense to anyone familiar with the situation. There's no way they can sustain it.
Another option to buy time would be to exclude foreigners. Easy way to save money at no political cost.
If you're in the EPF, my advice is to get out asap. If you're not in, stay out.
Currently working in MY. 1 year into a 2 year contract and pay into the EPF. A little concerning about your comment... Does this have any substance behind it?
According to whom?
I suggest you read up on the recent direction of the Malaysian economy (falling, inflation, devaluation of ringgit), and typical rates of return for investments, like how the SNP 500 etc have been doing. Then compare to the rates Malaysia claims to have been getting on its EPF. Ask yourself: how is that possible? Or is it just a shell game and a pyramid scheme? They've been paying current retirees with new deposits from people like you. How long can it last?
Easy move: Malaysia can decide that foreigners can only get their EPF money the same way citizens do, by living in Malaysia and being of retirement age. You'd technically still have your money, but only under circumstances that are unlikely. And even if you waited it out and retired in Malaysia, you'd only get the returns in effect at that time, which are likely to be much more, shall we say, realistic.
Best case scenario, you leave soon, before the EPF has to "adjust" itself, and you take a tidy profit (some would say at the expense of the Malaysian citizens who will later get less because the EPF paid you an inflated rate).
Middle case, the EPF adjusts before you go, and you take less, perhaps even less than you put in. Probably more, as if the school has been matching your contributions, the EPF would have to fall by over 50% before you actually lost capital. Have they been matching?
Worst case, Malaysia changes the rules and you lose everything in the EPF.
The question is when, not if.
I feel most for the long timers at the big schools who have been putting in since it started and have no way out. Probably planned their retirement around it. Now what, except leave a beloved country?
Yes that's before tax. I have a very comfortable lifestyle on my pay, and manage to save lots each month as well as have lots of trips away.
No, it depends on the school. However, even if the salary is about 2 grand a month it normally comes with free accommodation and bills paid and the cost of living is cheap.
Depends on location. KL pays a lot more than Penang.
I have also lived and worked in both these countries, happy to share my thoughts. PM me.
I am in the process of negotiating with one of the better international schools in KL. I see that the salaries seem to vary a great deal. What would a teacher with 2 masters and 10 years experience in English and Science expect to start at? I have researched cost of living and the taxes which appear to pretty straight forward. Rent seem to vary a lot, any insight or suggestions on this will be appreciated.
Taxes are absolutely not straightforward. You'll figure that out once you arrive. Also, there may be a top entry point on the salary scale so no matter how many degrees or years working that will be your entry. Rental prices are ambiguous. We pay more for a furnished than if it was not furnished, something I hadn't experienced before. Also, the latest housing development will be the most expensive. We went for a place a few years older but easily as big and nice, for a third of the newer development next door. Weird.
Salaries do vary a lot depending on the school, and they will each have their own payscale. Most only recognise experience up to around 6/7 years on entry. I am on just over 15,500RM per month, but I know of other teachers on 19,000 and 7,000....
Rent wise, you could 'go local' and get a very cheap place, or you could do the expat thing and get somewhere with a pool, gym etc. Mine is 3,300 per month for a 2 bed condo with access to the gym, pool and bar. In the same building a 1 bed condo is 2,500. That's in Bangsar South, which is heavily expat. In Puchong (a more local area further out from the city centre), you can get a lovely 3 or 4 bed house with shared pool, gym etc, for the same price I am paying for my condo. Have a look at where the school is, and bear in mind that rush hour lasts a long time, and at school start/finish times the traffic will be horrendous around the schools.
Tax can be straightforward if your HR department are helpful and know their stuff. Ours have made things very easy for us, and regularly get the tax, insurance and EPF people to come into school to meet people so that we don't have to go it alone.
PM me if you want.
HaHa! If the HR dept are helpful, which mine is either obtuse or unhelpful or both! Also the local tax office has given incorrect advice for me personally, yeah!
Thanks for the enlightenment, I guess the excitement at getting the job made me a bit flippant about the taxes. The info on the housing is very detailled, I'll start my search now. I am having difficulty accessing pm, any suggestions
Ahh if you're a new commenter you can't PM - I will send you one.
Don't worry too much about the tax. Everything takes a long time here but it seems to work out in the end.
I Appreciate that. Thanks.
I have been watching the job postings sporadically over the last couple of years. This year I notice that Malaysia and ADEC seem to have a many more open positions than previously. Any insight?
India is probably licensing more school, so that explains that.