Friday, March 20, 2009

Recession in Malaysia & China?

Signs of Malaysia being in recession seems to be more apparent now.

Apart from the retrenchment of 5 people in my office, I also read that Dell is offering VSS and will be retrenching 5% of their work force in Malaysia. A friend who works in an electronic manufacturing firm may be out of a job when the company shuts down his division in the second half of this tear.

But we're still doing fairly well comparatively.

And China is still booming despite The Star today reporting massive loss of jobs there.

And I know this because I recently received calls from headhunters regarding jobs in China. These are fairly high level jobs and they're offering expat packages with the pay range of RMB35,000 to RMB60,000.

Here I was thinking the the RMB is a large denomination currency and therefore it does not amount to much.

So I went to my favourite currency converter site, coinmill.com and checked how much is RMB60,000 in RM.

I almost fell off my chair when I found it was in access of RM30,000!

It is a lot of money for me anyway, considering the level I'm at and the exposure I've had so far.

So if China can pay an expat that much (and I have loads of friends who have moved there a few years ago with no signs of coming back), they can't be in recession, can they?

4 comments:

Anonymous said...

Wow, 30K is a lot. Isn't that what managing directors of ad agencies in Malaysia get salary-wise?

Getting calls like that from headhunters at a time like this must be reassuring.

Bubbles said...

Yes it is a lot n it is what MDs here are paid.

So China must be doing really well in order to pay that kinda money for a lower position, huh?

It's not assuring because I'm it's going to be really tough to secure the job but it is certainly encouraging. :)

V said...

Sorry, is that RM30 000 or RM 300 000? and is that per month or anually?

Just curious, I'm an Australian based Malaysian but never worked in KL before and looking at the exchange rate..thats sounds like very little money to get annually considering that you and Paul are paying a third of that to go to komodo. if living expenses are dollar per dollar, ie. lunch outside is about RM12-16. thats comparable to what we pay for food in australia. Just as a comparison,fresh Uni graduates have a starting salary of AUD35K in Sydney

Bubbles said...

Hi V.

The China job was RM30,000 per month. That is a lot. I can't imagine earning an annual salary of RM360,000!

Fresh uni grads here earn RM21,600 a year. It's really low and I've no idea how they survive.

On the plus side, one can get a meal for RM6, including a drink if u go to a coffee shop of hawker centre.

But generally, i do find that the cost of living in Malaysia is really tough if u r a local, esecially if u r just starting out.