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Is Singapore Losing Its Appeal?

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NYY1
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Re: Is Singapore Losing Its Appeal?

Post by NYY1 » Mon, 11 Mar 2024 9:32 pm

malcontent wrote:
Mon, 11 Mar 2024 9:01 pm
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
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Re: Is Singapore Losing Its Appeal?

Post by jalanjalan » Tue, 12 Mar 2024 10:58 am

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.

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Wd40
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Re: Is Singapore Losing Its Appeal?

Post by Wd40 » Fri, 15 Mar 2024 11:39 pm

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.

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malcontent
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Re: Is Singapore Losing Its Appeal?

Post by malcontent » Sat, 16 Mar 2024 12:28 am

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.
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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Re: Is Singapore Losing Its Appeal?

Post by smoulder » Sat, 16 Mar 2024 11:01 am

malcontent wrote:
Sat, 16 Mar 2024 12:28 am
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.

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Re: Is Singapore Losing Its Appeal?

Post by oliverhen » Sat, 30 Mar 2024 7:24 pm

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.

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malcontent
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Re: Is Singapore Losing Its Appeal?

Post by malcontent » Wed, 03 Apr 2024 12:27 am

oliverhen wrote:
Sat, 30 Mar 2024 7:24 pm
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 :roll:
Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it - Niels Bohr

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