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Opinion on Salary package offered

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insingapore2014
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Opinion on Salary package offered

Postby insingapore2014 » Wed, 29 Jan 2014 3:33 pm

Hi,

Just wanted to get some views on the salary package that has been offered to me. I need to get back to them by tomorrow:


I am currently making around Rs. 50 lakh in India.

Any feedback will help in terms of living standard I can maintain in the above salary and if I can expect to save something.
Last edited by insingapore2014 on Thu, 06 Feb 2014 10:46 pm, edited 1 time in total.

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Sergei82
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Postby Sergei82 » Wed, 29 Jan 2014 4:01 pm

Good package provoding you live alone. With wife - also fine.
++2 or so children -> harder, but manageable if they're still pre-school

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Re: Opinion on Salary package offered

Postby zzm9980 » Wed, 29 Jan 2014 4:06 pm

insingapore2014 wrote:Hi,

Just wanted to get some views on the salary package that has been offered to me. I need to get back to them by tomorrow:

1. Base salary - SGD 100,000
2. Bonus: 15% on Base salary
3. Housing Stipend: SGD 3000/month for 2 years
4. Some stocks

I am currently making around Rs. 50 lakh in India.

Any feedback will help in terms of living standard I can maintain in the above salary and if I can expect to save something.


If I calculate right, 50 lahk is about the exact same as your base salary. Your quality of life will go way down. I believe we normally tell people you need to earn about 5x your Indian salary in Singapore for an equivalent lifestyle. WD40 can tell you more.

As for how much it costs and how much you can save, that's a stupid question. You're asking me to solve X+Y=Z without any actual values. We don't know what your expectations are so we can't estimate your costs. You'll make more money than an average middle class family in Singapore. Your lifestyle may still significantly suffer.

My experience in India is limited, as I only visit for business and hate every second of it, but a condo I visited in a place called "Whitefield" way east of Bangalore which cost something like 100 lahk would rent in Singapore for about your housing budget, and be somewhere equally as remote. In other words: Your housing budget is OK, but not huge.

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Postby Sergei82 » Wed, 29 Jan 2014 4:12 pm

Oh, I didn't convert your current income to SGD. That way yes, same earnings in SG vs India means lifestyle down.

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JR8
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Re: Opinion on Salary package offered

Postby JR8 » Wed, 29 Jan 2014 6:43 pm

insingapore2014 wrote:1. Base salary - SGD 100,000
I am currently making around Rs. 50 lakh in India.


For me to make any comment, would require me to remind myself what lakh meant, this archaic Indian number scale, and then figure out what 50 lakh was equiv. to in S$.

Newbie posters, do yourself a favour, post questions in terms that the max number of people will understand without requiring them to go and do background research.

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Re: Opinion on Salary package offered

Postby zzm9980 » Wed, 29 Jan 2014 7:01 pm

JR8 wrote:
insingapore2014 wrote:1. Base salary - SGD 100,000
I am currently making around Rs. 50 lakh in India.


For me to make any comment, would require me to remind myself what lakh meant, this archaic Indian number scale, and then figure out what 50 lakh was equiv. to in S$.

Newbie posters, do yourself a favour, post questions in terms that the max number of people will understand without requiring them to go and do background research.


Yes, this also drive me nuts too. But I was curious myself because every Indian I know only seems to know how to use anything except lakh and crore.

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Re: Opinion on Salary package offered

Postby JR8 » Wed, 29 Jan 2014 8:19 pm

Example:
I weigh 18st/6lbs, should I go on a diet?

I wouldn't ask that to any audience (not even my age/demographic). It's all a bit akin to shopping in pounds and ounces :)

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Postby insingapore2014 » Wed, 29 Jan 2014 8:49 pm

Thanks for your inputs. Sorry for not using the local nomenclature, would like to beg for your forgiveness.

Appreciate your help.

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Postby Wd40 » Wed, 29 Jan 2014 9:35 pm

So you will about 150K SGD here all inclusive?
Your lifestyle in India will be much better than here. Your saving potential also will be much better in India. If you are making 50Lacs(100K SGD) in India, I would imagine your cost wont be more than 25Lacs(50K SGD) including taxes, with a lavish lifestyle, so you essentially save about 50K SGD now in India. In order to save 50K SGD here your lifestyle will be severely hampered. If you want to maintain the same lifestyle, i.e. send kids on Intl schools, have a maid you wont save 50K SGD. Forget about owning a car.

Tell us how much you save in India and what your lifestyle is. May be we can help you better.

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Postby insingapore2014 » Wed, 29 Jan 2014 10:31 pm

Wd40 wrote:So you will about 150K SGD here all inclusive?
Your lifestyle in India will be much better than here. Your saving potential also will be much better in India. If you are making 50Lacs(100K SGD) in India, I would imagine your cost wont be more than 25Lacs(50K SGD) including taxes, with a lavish lifestyle, so you essentially save about 50K SGD now in India. In order to save 50K SGD here your lifestyle will be severely hampered. If you want to maintain the same lifestyle, i.e. send kids on Intl schools, have a maid you wont save 50K SGD. Forget about owning a car.

Tell us how much you save in India and what your lifestyle is. May be we can help you better.


Thanks.

Currently, I live in a 3 bedroom apartment in a nice location. Paying around SGD 600/month in rent and utilities. I take a cab to work.

I save around Rs. 1.8 lac, i.e. SGD 4500/month.

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Postby insingapore2014 » Wed, 29 Jan 2014 11:44 pm

I;ve also been told that if my salary remains below SGD 160, the tax rate is 9%. How much does it change above SGD 160?


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Postby Wd40 » Thu, 30 Jan 2014 8:17 am

insingapore2014 wrote:
Wd40 wrote:So you will about 150K SGD here all inclusive?
Your lifestyle in India will be much better than here. Your saving potential also will be much better in India. If you are making 50Lacs(100K SGD) in India, I would imagine your cost wont be more than 25Lacs(50K SGD) including taxes, with a lavish lifestyle, so you essentially save about 50K SGD now in India. In order to save 50K SGD here your lifestyle will be severely hampered. If you want to maintain the same lifestyle, i.e. send kids on Intl schools, have a maid you wont save 50K SGD. Forget about owning a car.

Tell us how much you save in India and what your lifestyle is. May be we can help you better.


Thanks.

Currently, I live in a 3 bedroom apartment in a nice location. Paying around SGD 600/month in rent and utilities. I take a cab to work.

I save around Rs. 1.8 lac, i.e. SGD 4500/month.


I think you should be able to save that much here or max around 6k a month(very rough estimate). Do your own calculations.The biggest expenses here are housing, in your case 3k gone. Schooling, you must budget about $700-1000 for an Indian school. Local schools wont be too much cheaper, I think for foreigners this year on its about $500 and they are hard to get as well. Then maid will cost you another $1000. Public transport is excellent, so you dont have to have a car. If you still want a car, then just forget it that itself will set you back enough that it wont be worth coming here.

Also the tax rate here is slabwise like in India. Its only the incremental amount above each slab that gets taxed at higher rate. Until 100k you hardly pay any tax here. Its about $3500. The amount above that gets taxed at higher rates. Use the calculator that SMS has linked.

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Postby zzm9980 » Thu, 30 Jan 2014 12:13 pm

Listen to Wd40.

My only comment to add is that for $3000/month, you'll be getting a 'basic' 3-bedroom HDB. HDB being the public housing, and in an average area. If you want a "good" area (which just means location in Singapore, nothing to worry about for crime), you could be paying up to $4000 even for the HDB.

If you want a private condo with amenities, you could be paying even more.

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Postby Steve1960 » Thu, 30 Jan 2014 12:50 pm

zzm9980 wrote:Listen to Wd40.

My only comment to add is that for $3000/month, you'll be getting a 'basic' 3-bedroom HDB. HDB being the public housing, and in an average area. If you want a "good" area (which just means location in Singapore, nothing to worry about for crime), you could be paying up to $4000 even for the HDB.

If you want a private condo with amenities, you could be paying even more.


I pay 3k in Toa Payoh for 3 bed 2 bathroom HDB and I think that's a pretty good location.


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