Is Singapore Losing Its Appeal?

[NYY1]

I’ve heard fresh grads on the two coasts are now seeing starting salaries that are 6-figures in USD… that is about double what you’d typically see here.

Cost of living on the two coasts is higher though, certainly in California where I’ve been pricing homes recently, just about any decent home in any decent neighborhood is going for around USD800psf, so we are talking close to US$2m for a decent size place… and my son has been pricing used vehicles, he found quite a few nice Mustang convertibles, less than 4 years old for going for around $20k.

Honestly, if someone had the opportunity, it’d be better to start out their career somewhere like the U.S. and then move here only after 6-8 years, to avoid suffering those fresh grade wages and maybe gain better experience too.

The ones above US$100k are likely concentrated in banking and tech, or typically higher than most other positions there as well (if you are comparing to "typically" here). Still, even like-for-like industry, there is a substantial differential (high-cost location to Singapore). Many people in these roles won't make it more than 2-5 years, but if you do, the successful ones could easily be in the US$300k - $400k range (base). Go another couple, few, 5, or 10 years out and who knows what the figures can be (very large variance depending on a lot of things).

This is part of the reason why housing costs are very high in these locations (in addition to being global wealth hubs that attract people from all over the world). More or less, either you make it there or you are often forced out to a lower cost location (forced may be an excessive word; some people will decide it's just not for them, which is fine). Or, dramatically change your expectations about where you live, schools, etc.

I don't expect Singapore will ever catch those locations, but some factors are looking more and more similar as the years go by. Which again, is both good and it presents some challenges too.

Also, there are many valid reasons to study and/or work abroad for a bit after graduating. At the same time, there are more and more local all the way kids here that are doing quite well these days.

[jalanjalan]

There is more to a good career than a fat paycheck. Especially for those in niche professions in SG.

I worked in a historical/educational sort of field for a stat board, and while the pay was kind of meh (it always is for my particular profession), the career opportunities were great. There was constant training and networking going on, and I was sent around the region as well as to US, Aus and UK for study trips and conferences, as participant and sometimes as speaker. I would never ever have had such opportunities come my way in Canada, in the same line of work. There is something to be said for treating people as your most valuable natural resource.

[Wd40]

Interesting article:

https://www.straitstimes.com/business/b ... -hong-kong

Investment bankers can already earn more in India’s major urban centres such as Mumbai and Gujarat International Finance Tec-City, the nation’s free market zone, than in Singapore and Hong Kong.

The average base salary is 4.5 per cent higher than in Hong Kong and 7.7 per cent more than in Singapore, according to Bloomberg Intelligence’s analysis of a survey by recruiter Michael Page.

As India’s wealth industry grows, that gap will narrow.

“Salaries will continue to rise given the large demand-supply gap at senior levels, as will talent for compliance, risk assessment and technology” in India, said Mr Amit Agarwal, managing partner at search firm Stanton Chase.

Banks are paying more for heads of businesses, and salaries of over US$1 million (S$1.34 million) are common for senior leaders, he said.

While India has higher income tax rates and weaker infrastructure than Singapore and Hong Kong, the lower cost of living is a benefit, according to the report.

[malcontent]

My company always gives our India and China payroll more than double the increase we get in Singapore, but it is a much lower base. I recall around 20 years ago there were complaints when they tried to implement uniform increases, that does not work in India and China if you want to stay competitive… you will lose all your talent.

[smoulder]

My company always gives our India and China payroll more than double the increase we get in Singapore, but it is a much lower base. I recall around 20 years ago there were complaints when they tried to implement uniform increases, that does not work in India and China if you want to stay competitive… you will lose all your talent.

Overall cost of living is lower (hence the lower base) but inflation rates and lending rates are higher in India. If you give out the same percentage increase in salary as the US or Singapore, employees won't be able to keep up with inflation.

[oliverhen]

While Singapore faces challenges with rising costs and regional competition, its strategic location, strong infrastructure, and business-friendly environment remain attractive to MNCs. Adaptation and innovation may sustain its appeal, but policymakers must address cost concerns and enhance competitiveness to ensure continued attractiveness to foreign investment.

[malcontent]

While Singapore faces challenges with rising costs and regional competition, its strategic location, strong infrastructure, and business-friendly environment remain attractive to MNCs. Adaptation and innovation may sustain its appeal, but policymakers must address cost concerns and enhance competitiveness to ensure continued attractiveness to foreign investment.

Singapore isn’t exactly a hotbed of innovation, but the rest of the AI generated content seems ok, if uninspiring

[SGBoyxxx]

While Singapore faces challenges with rising costs and regional competition, its strategic location, strong infrastructure, and business-friendly environment remain attractive to MNCs. Adaptation and innovation may sustain its appeal, but policymakers must address cost concerns and enhance competitiveness to ensure continued attractiveness to foreign investment.

Well , now a days SG is just a base oversee Southeast Asia and Asia market for foreigner company.

Production obviously cheaper in Malaysia, Vietnam , Thailand, Phillippines , Indo up to China but not in SG. As labour cost , rental, etc is expensive. No doubt so call SG Govt got give rebates to attract more foreigner investor but end of the day as business owner point of view is Profit end of the day.

As CEO, boss whatever you set up business , sell products, obviously is to earn profits not doing a " charity " so call give you a job.

[Jenson94]

Not really, I think we still have a strong stable regulatory environment that attracts a lot of investors to set up shop here.

[SGBoyxxx]

Not really, I think we still have a strong stable regulatory environment that attracts a lot of investors to set up shop here.

honestly speaking just a " base " small office. Party due to high rental here next high labour cost. Elon Musk recently got tweet SG population is decreasing thus into robots. Well of course he sell robots but you can't deny robots it the next big thing likewise for AI. Business owners invest, open business of course is to profit likewise thus can pay workers but now with AI and robots some work can be done by it no need much labour. You see Banks also recently doing retrenchment , e com too i feel more to come. Especially works which can replace by AI and automation , robots in future. Lastly which i mention SG rental is seriously " out of control " not just office rental, down to condo , even public housing , hawker , F&B ..... beside supply price increase thus even come hawker foods is quite expensive..... Of course to be fair not all business owners are greedy , there are some still offer reasonable price. Is the matter how much you wanna profit...

I really miss the good old days of 80s/90s No doubt during those period , price for hawker foods also increase but in a reasonable rate. Now a day " satay " already cost 1 dollar per sticks unlike good old days 20cents etc. Most still find it reasonable and can afford to eat quite often. Now a days you see the locals most go neighbour country , Malaysia shop, eat hawker foods there etc. Partly of course due to Strong SIN dollar but come Malaysia also depend , JB side obviously increase their price quite high too partly that state most Singaporean will visit. If wanna get even cheaper stuffs obviously have to travel up Malaysia. Even the malaysians the locals they don't always shop in JB , as they know that place is more to " earn from Singaporean " . This is same for us locals here in SG , we don't always eat at places whereby tourists like to go.