I seek your advise regarding a job offer I've received 2 days ago from a big Telecom Carrier in UK.
The job will be located in Staines, Middlesex. My offer details are as follow:
- The gross salary will be 33,000 GBP per year.
- 12.5% of the basic as a shift allowance.
- Bonus of max 10% of the basic depending on my performance annually.
- Pension:Defined contribution plan.
- Life insurance.
- Share Incentive Plan (SIP): Allows employees to make monthly contributions from pre-tax salary, which is then used to buy the company shares on a monthly basis. Max contribution is the lower of £125 per month or 5% of salary. For each share you buy, the Company gives you a free matching share which must be held in the Trust for 3 years from the Purchase Date (unless you leave the must be held in the Trust for 3 years from the Purchase Date (unless you leave the company). Doesn't understand a single word of it.
- Sharesave: Offered to employees on an annual basis, usually in July, which enables you to save up to a maximum of £250 per month over a three or five year period - normally granted at a discount to the prevailing market price. Explanation please.
- My Choices: Offers flexibility to chose additional benefits at a reduced rate, and to either pay for them through deductions from your salary (which will equate to savings in NI and Income Tax) or by trading holiday entitlement – you can enrol in this scheme at any time in the plan year. The scheme runs from 1 December to 31 November. The list of benefits under this scheme is as follows:-
- Private medical cover. Is this important? What about the public medical cover is it sufficient.
- Buy more holiday (can only be selected at the beginning of the plan year)
- Critical Illness
- Cover Dental Insurance I think this is crucial, isn't it?
- Childcare Vouchers
- Retail Vouchers
- Wine Plan.
- Bicycle Hire (can only be selected at the beginning of the plan year)
- Income protection cover. What' that?
- Personal Accident Insurance.
- Travel Insurance What's this?
What's I need to know is:
- Help describing the highlights above.
- Is this a good offer compared to the market? I come with 6 years of technical experience in IT, 4 of which are in multinational companies.
- I understand that the taxes are high. My calculations said that my net earning will be around 27K.Correct me please if I'm wrong. Would that be good for living? I'm looking to save around 12K annually to support my family in Egypt and as a future saving for me.
- What are the rates of the rental for a small studio and the average spending for 2 members family and young child?
- Any health precautions I should take care of if I accept the offer.
- Do you know any website that can help me with the accommodations?
Thanks a lot this is a very constructive forum.