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EP or DP on LOC--and banking jobs feedback

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dicymoon
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EP or DP on LOC--and banking jobs feedback

Postby dicymoon » Tue, 26 Aug 2014 3:16 pm

Hi frds, I have few queries about the job I have been offered in SG. I came to SG on DP. I got 4800 S$ monthly contract job offer recently. Also the agency is applying for EP from it's side. (Agency as employer). I want to know that LOC with Dependent Pass is a better option or EP? What specifically are the benefits of having EP. Also let me know if the banking sector here is good to work. My previous employer was a big IT MNC.Please suggest.Thanks
Last edited by dicymoon on Tue, 26 Aug 2014 6:59 pm, edited 1 time in total.

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Postby beppi » Tue, 26 Aug 2014 3:28 pm

EP is better, because your visa is independent of your spouse's - which means if he/she loses his/her job, you can still continue your job on EP (with DP and LoC, your visa would in this case also vanish!) and at this salary, you could even sponsor your spouse's DP then if needed.

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reply

Postby dicymoon » Tue, 26 Aug 2014 3:45 pm

Thanks for your reply but my spouse's EP is valid for 2 yrs rtnw. Also he is getting full medical benefits which covers mine. Is there any difference between EP and DP in terms of benefits here?Also I had got two offers from two banks and one from a big finance company as contract jobs. I am not sure if banking sector here is good for my career or finance job. Banks are paying more than finance firm.I should go for better pay or better brand name?

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Postby Strong Eagle » Wed, 27 Aug 2014 12:48 am

The company you are contracting with may not take you as a DP on a LOC precisely because your right to work could disappear if your spouse's EP abruptly comes to an end. Therefore, since the agency is taking their cut of revenue anyway, have them apply for an EP and only if it fails would you then go for a LOC.

I can't tell you what is good for your career but I can say make damn sure which job you are going to take before anyone applies for any kind of EP or LOC... the last thing you want is to have an application on file only to change your mind. That's a big hassle and could result in you being denied both.

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Re: reply

Postby brian_singapore » Wed, 27 Aug 2014 7:17 am

dicymoon wrote:Thanks for your reply but my spouse's EP is valid for 2 yrs rtnw. Also he is getting full medical benefits which covers mine. Is there any difference between EP and DP in terms of benefits here?Also I had got two offers from two banks and one from a big finance company as contract jobs. I am not sure if banking sector here is good for my career or finance job. Banks are paying more than finance firm.I should go for better pay or better brand name?


It's not so much in case your wife's EP expires. Being on an EP provides insurance in case your wife looses her job and her EP is terminated. If this were to happen, you would loose your ability to work and you would both be required to leave Singapore. I.e. in a case where she was fired, made redundant, was unable to work for some reason etc.

My wife recently accepted an offer from a bank in SG and the bank insisted they get her her own EP in order to prevent the above. They were concerned that if for some reason I were to loose my job then she would also loose her ability to work for them.

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Re: reply

Postby JR8 » Wed, 27 Aug 2014 9:05 am

dicymoon wrote:Also I had got two offers from two banks and one from a big finance company as contract jobs. I am not sure if banking sector here is good for my career or finance job. Banks are paying more than finance firm.I should go for better pay or better brand name?


Firstly, I'm unclear as to the distinction between a bank and a 'finance firm'? It would help if you could elaborate on that.

Generally speaking, and IMO, it is better to start out a career with the best 'brands' that you can. That adds gravitas to your resume. Not only that such banks were willing to hire you, but that you would have learned a lot about the industry from a top-notch operator.

So if you've done say 10+ years at '''Goldman Morgan Suisse''', then the later career path is much more of your choosing. In fact new or smaller operators are often willing to pay big-$ for that kind of experience.

So one banking career strategy is, get a blue-chip job, work your way up and across several departments/products. Survive a few routs. Then when you eventually take the inevitable bullet, move to a small operator at a relatively senior level, and in parallel gain significantly higher remuneration.*

The flipside is say starting out with 10+ years at 'Sacawagea Bank' in Idaho - who, relatively speaking, is going to later be hiring that... ?



* During my career I was offered a transfer from Singapore to Bombay, to help open a new branch office. For reasons now forgotten it didn't come together but I'll never forget what the guy trying to lure me there said - 'Do three+ years there, and you'll never have to work again'.

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Postby dicymoon » Thu, 28 Aug 2014 1:59 pm

First of all, I thank you all for guiding me at the best. I am going to take up the bank offer with EP offered by agency. JR8: I meant to say by taking the name of finance firm because it mainly works in the field of finance,audit, asset and taxation.I felt it close to IT environment. I suppose banking sector is quite vast and different that ways. There, I might not find the same IT kind of atmosphere.

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Postby Wd40 » Thu, 28 Aug 2014 2:06 pm

Many of the large banks have "IT kind of" atmosphere. JP Morgan's IT team is big time into scrum and agile. Also Credit Suisse, Barclays, Citi, UBS, Stan chart, DBS, OCBC all have big IT teams, especially their changi offices feels like you are in Bangalore, Hyderabad or Chennai office of TCS, Infosys or Wipro, lol.

Also, by Finance firms, I am guessing you are talking about the likes of E&Y

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Postby dicymoon » Thu, 28 Aug 2014 2:33 pm

Wd40 : I guess you took it wrong because 'IT kind of atmosphere' doesn't mean only the infrastructure. I agree that all big banks have big IT teams and better exposure in terms of knowledge and expertise.I raised this question to know more about the banking sector. None of the companies you mentioned here is in my list of comparing banking sector with IT.

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Postby Wd40 » Thu, 28 Aug 2014 2:36 pm

Ok forget it, just ignore my answer :roll:

dicymoon
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Postby dicymoon » Mon, 01 Sep 2014 6:43 pm

Did anyone face the situation where agencies put the employment offer letter on hold for some time??

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Postby zzm9980 » Tue, 02 Sep 2014 6:34 am

Wd40 wrote:Many of the large banks have "Indian-IT kind of" atmosphere.


Since you don't know Wd40, I fixed his post to clarify his perspective and show what he really means.

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Postby sundaymorningstaple » Tue, 02 Sep 2014 7:00 am

^^Laughing my arse off! :lol:

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JR8
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Postby JR8 » Tue, 02 Sep 2014 12:58 pm

Indian-Talent ah? :lol:

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Postby Wd40 » Tue, 02 Sep 2014 3:24 pm

OP also Indian ma


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