Embarking on a journey to teach abroad can be a thrilling and rewarding experience. However, it’s essential to understand the financial aspects of such an endeavour. For those considering a teaching position with IQTS International in Malaysia, we’ve compiled a comprehensive guide to the basic pay facts. In this guide, we’ll delve into four key insights that will help you navigate your financial journey as an international teacher in Malaysia.
1. Understanding the Basic Salary Structure
Salary Range
The first step in understanding your pay as an IQTS International teacher in Malaysia is to comprehend the basic salary structure. The salary range for international teachers in Malaysia typically falls between RM 6,000 to RM 15,000 per month. However, this can vary based on factors such as your qualifications, experience, and the subject you’re teaching.
For instance, if you’re a seasoned teacher with a wealth of experience and a Master’s degree, you might find yourself at the higher end of the salary scale. On the other hand, if you’re a newly qualified teacher, you might start at the lower end. It’s a bit like the difference between a fresh graduate and a seasoned professional in any industry.
Additional Allowances
On top of the basic salary, IQTS International teachers may also receive additional allowances. These can include housing allowances, flight reimbursements, and health insurance. These allowances can significantly boost your overall income, making your financial journey in Malaysia more comfortable.
Think of these allowances as the cherries on top of your salary cake. They might not make up the bulk of your income, but they can certainly sweeten the deal.
2. Cost of Living in Malaysia
Accommodation Costs
When considering your salary as an international teacher, it’s crucial to factor in the cost of living in Malaysia. Accommodation is one of the significant expenses you’ll need to account for. Fortunately, Malaysia offers a range of housing options to suit different budgets.
For example, a one-bedroom apartment in the city centre might cost around RM 2,000 per month, while the same apartment outside the city centre might cost around RM 1,000. It’s akin to choosing between living in the heart of London or in a quieter suburb – the choice depends on your lifestyle and budget.
Food and Transportation
Other essential living costs to consider are food and transportation. Malaysia is known for its affordable and delicious street food, with meals costing as little as RM 5. However, if you prefer dining in restaurants, you might spend around RM 30 per meal.
As for transportation, public transport in Malaysia is relatively affordable. A monthly pass typically costs around RM 100. However, if you prefer the convenience of a car, you’ll need to factor in the costs of petrol and maintenance.
3. Tax Implications
Income Tax
As an international teacher in Malaysia, you’ll be subject to income tax. The tax rate for non-residents is a flat 28%. However, if you fulfil certain criteria, such as staying in Malaysia for more than 182 days in a calendar year, you could be taxed as a resident. The resident tax rate is progressive, ranging from 0% to 30%.
It’s a bit like the difference between paying a flat rate for a buffet versus paying for what you eat. The former might be more expensive if you’re a light eater, while the latter could be more cost-effective if you have a big appetite.
Tax Deductions
Fortunately, Malaysia offers several tax deductions that can help reduce your taxable income. These can include deductions for education, medical expenses, and insurance premiums. It’s worth consulting with a tax advisor to understand how you can maximise these deductions.
4. Saving and Investment Opportunities
Saving Potential
With a competitive salary and affordable cost of living, teaching in Malaysia offers significant saving potential. By budgeting wisely and living within your means, you could save a substantial portion of your salary each month. It’s akin to having your cake and eating it too – you can enjoy a comfortable lifestyle while building your savings.
Investment Opportunities
Malaysia also offers a range of investment opportunities, from property to stocks and bonds. Investing a portion of your savings can help grow your wealth over time. However, it’s essential to do your research and perhaps seek advice from a financial advisor before diving into investments.
In conclusion, teaching with IQTS International in Malaysia can be a financially rewarding experience. By understanding the basic salary structure, factoring in the cost of living, navigating the tax implications, and capitalising on saving and investment opportunities, you can make the most of your financial journey in Malaysia.
Enhance Your Teaching Career with The IQTS at UWE
Ready to elevate your teaching career and financial prospects in Malaysia? Join The IQTS at UWE and gain the International Qualified Teacher Status (iQTS) Programme, a Level 7 qualification designed to enhance your professional development. Overcome the barriers of strict qualification requirements, increase your chances for career advancement, and connect with a global community of educators. With the iQTS, you’re not just improving your adaptability to international curricula, but you’re also setting yourself up for a potential 30% salary increase and a 45% higher promotion rate. Don’t let this opportunity pass you by. Make Your Next Step towards a thriving international teaching career today.