Singapore Expats Forum

COLA comparison between NY and Singapore

Moving to Singapore? Ask our regular expats in Singapore questions on relocation and their experience here. Ask about banking, employment pass, insurance, visa, work permit, citizenship or immigration issues.

Sponsored by:
Image
The Club Residences

Wedome
Newbie
Newbie
Posts: 2
Joined: Mon, 03 Nov 2014

COLA comparison between NY and Singapore

Postby Wedome » Mon, 03 Nov 2014 12:33 am

I will be relocated to Singapore from the US (New York) and I'm negotiating a relocation package with my company. Does any one have latest cost of living comparison between NY and Singapore for Goods & Services. We are a family of two and housing is covered by the employer.


Wedome
Newbie
Newbie
Posts: 2
Joined: Mon, 03 Nov 2014

Re: COLA comparison between NY and Singapore

Postby Wedome » Mon, 03 Nov 2014 6:58 am

Thanks nakatago...I checked the website and it seems to be based on the individual experience...My company uses Mercer for cost of living comparison. any ideas Mercer report shows for Cost of living comparison between these two cities?

User avatar
nakatago
Moderator
Moderator
Posts: 8335
Joined: Tue, 01 Sep 2009
Location: Sister Margaret’s School for Wayward Children
Contact:

Re: COLA comparison between NY and Singapore

Postby nakatago » Mon, 03 Nov 2014 7:18 am

Sorry, nope.

Mercer seems to be a consulting company that would only provide paid information. Personally, what I'd do is gather as much information I can get from the web, get a general average (which is the spirit of what numbeo does) and see how I feel about that when comparing against me own lifestyle. This is on the assumption that I can't get anyone to tell me their own take on expenses.

User avatar
JR8
Immortal
Immortal
Posts: 16514
Joined: Wed, 24 Mar 2010
Location: K. Puki Manis

Re: COLA comparison between NY and Singapore

Postby JR8 » Mon, 03 Nov 2014 9:39 am

http://lkyspp.nus.edu.sg/wp-content/upl ... elease.pdf

Might interest you. You can also Google for the likes of 'New York Singapore COLA table' and see what you find. For ref the only hard-copy COLA tables I've seen have been produced by the big accountancy firms, E+Y, D+T, KPMG etc.

The other approach is to figure out your major costs like housing, transport (a car?), any school fees, - that's going to be the majority of most people's budget. Beer/wine etc is maybe 3-4* NYC. Quality dining out = ditto.


--- If I were to take a wild stab in the dark, and considering your housing is sorted out for you, I'd say 'pre-tax' SG is about triple the cost for an expat as NYC. When you take the generally low SGn income tax rates into account, don't know, maybe it's double.
'Do it or do not do it: You will regret both' - Kierkegaard

User avatar
zzm9980
Governor
Governor
Posts: 6851
Joined: Wed, 06 Jul 2011
Location: Once more unto the breach

Re: COLA comparison between NY and Singapore

Postby zzm9980 » Mon, 03 Nov 2014 10:58 am

JR8 wrote:http://lkyspp.nus.edu.sg/wp-content/uploads/2014/06/2014-COLA-FINAL-Press-Release.pdf

Might interest you. You can also Google for the likes of 'New York Singapore COLA table' and see what you find. For ref the only hard-copy COLA tables I've seen have been produced by the big accountancy firms, E+Y, D+T, KPMG etc.

The other approach is to figure out your major costs like housing, transport (a car?), any school fees, - that's going to be the majority of most people's budget. Beer/wine etc is maybe 3-4* NYC. Quality dining out = ditto.


--- If I were to take a wild stab in the dark, and considering your housing is sorted out for you, I'd say 'pre-tax' SG is about triple the cost for an expat as NYC. When you take the generally low SGn income tax rates into account, don't know, maybe it's double.



Wow, that's a wild stab all right.. So wild you better check your "junks" (see other thread), you might have just cut them off on accident :p

The most expensive things in Singapore are cars and housing. You don't need a car (just like you wouldn't if you lived in Manhattan or parts of Brooklyn you'd want to), and your housing is covered. I'd expect that Mercer table is going to tell your HR you should be paid a lot less. Given the quite high taxes in NYC (Not just US Fed, but state and city), you'll be saving a lot of money. So definitely make sure you get a ballpark of what your tax liabilities will be in both places before accepting or rejecting an offer.

For reference, you can google "Singapore IRAS tax rate" and get a table that will tell you what you'll pay. Ballpark - S$200k SGD is about 10%, S$100k about 6%.

If you're a US Citizen (or have a Green Card and want to come back one day), you're also supposed to pay US Federal tax. You get an earned income exemption on the first ~98k or so. That amount changes. Earned income is your salary and bonus, no other income from stocks, innvestment, rental income, etc. Google for "IRS form 2555" and "Instructions for form 2555" and read them both. That will help you get a better idea of what income you'll be allowed to take an exemption on. I think the ballpark is you save about US$20k in taxes for a family of four if you make more than the exemption limit.
Last edited by zzm9980 on Mon, 03 Nov 2014 11:41 pm, edited 1 time in total.

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 35517
Joined: Thu, 11 Nov 2004
Location: Still Fishing!
Contact:

Re: COLA comparison between NY and Singapore

Postby sundaymorningstaple » Mon, 03 Nov 2014 8:25 pm

Small Correction ZZM, I think it's 2555 not 2525. :wink:

User avatar
zzm9980
Governor
Governor
Posts: 6851
Joined: Wed, 06 Jul 2011
Location: Once more unto the breach

Re: COLA comparison between NY and Singapore

Postby zzm9980 » Mon, 03 Nov 2014 11:41 pm

Ooops, indeed it is.

Although, if you google for irs form 2525, form 2555 is higher in the results :D

Fixed my post.


  • Similar Topics
    Replies
    Views
    Last post

Return to “Relocating, Moving to Singapore”

Who is online

Users browsing this forum: No registered users and 1 guest