Expat Community > England

egad24
Joined 2008
Posts: 1

20% COLA on 70,000USD salary

16 years ago

My husband and I are moving to the UK for 6 months for an extended business trip.

My current salary is 70,000 USD, and the company has offered a 20% COLA, which works out to $7,000 over 6 months. I will continue to be paid in USD.

Although the company is paying directly for housing and utilities, according to my calculations this COLA is not enough to "make us whole."

I estimate that we currently spend about $13,000 every 6 months on groceries, transportation, clothing, entertainment, etc. These are expenses that will not be covered by the company in the UK.

Assuming that we spend an equivalent amount in the UK, we would get an extra $7,000 to cover the currency exchange, which assumes that the exchange rate is ($13,000+$7,000)/$13,000 = 1.54USD to 1GBP.

Since the exchange rate is actually higher, I think we'll lose money on the deal. What do you think?

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SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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SJB Global

SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

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SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
Learn More

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Expat Community > England

20% COLA on 70,000USD salary

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