Liquorice wrote: ↑Sat, 21 Nov 2020 12:52 amHi all,
Due to a company re-organisation, there is a very real possibility that a posting to Singapore may be offered to me. I would like your advice on what you think is an acceptable package for moving to Singapore.
I believe my package should be as follows:
1. Basic annual salary SGD 350K, which covers International Schooling for 2 kids (SGD 70K), housing allowance (SGD 96K per year), car allowance for 1 car (SGD 25K per year). I estimate Singapore taxation at around 18%;
2. Annual bonus of ca. SGD 100K, based on hitting the KPIs at 100%;
3. Full medical and dental insurance, including coverage for pre-existing conditions;
4. Insurance coverage for life, critical illness and disability for spouse and I;
5. 5 weeks holiday per year;
6. Moving expenses;
My current household package (we live in Scandinavia):
1. My gross salary (incl. annual bonus) is SGD 250K;
2. My wife is a dentist, and has a gross salary of SGD 200K. I have checked with the Singapore Dental Council, and she will be required to take a qualifying exam to be entitled to practise in Singapore. In other words, I cannot count on her working in Singapore in the 3-4 years we plan to be there. As a side remark, her university is recognised in Singapore for the medical profession;
3. 6 weeks holiday per year, not including public holidays;
4. Life, Critical illness and disability insurance premiums only cost us SGD1500 p.a.;
5. Schooling, including university is free for my children;
6. Medical and dental treatment is free at point of purchase (Medical is covered by the hefty taxation - around 45% of my gross income; and dental is free due to my wife being a dentist);
7. Some other facts - we own 2 cars, and can afford 3 overseas holidays a year. We put aside 12% of our gross income in a private pension. On top of that we have a state pension. Any years spent outside of the country will mean that we lose qualifying years and our state pension will be reduced;
8. I am able to put aside another SGD 20K p.a. for investments;
My questions is: Is this a realistic package to ask for? I work in a niche area of renewables that is about to explode in APAC over the next decade. There are no locals who can do the job I do, as the industry does not exist in Singapore.
Yes, I can believe that. What drives people, what motivates people and how people were raised here... it’s very different than the West. This is Asia, even if it is considered a lite version. There are are certain sacrifices, trade offs and irritants that will grind on many, depending on how adaptable they are. To be honest, the vast majority of people here from the West are not going to find living here tolerable unless there are major financial incentives (company paid housing, schooling, car, home leave & cost of living allowance, etc.). Even then, I know full package expats who would be the envy of many that told me frankly, it is not enough, they are not able to enjoy the same lifestyle as back home and they still ended up spending more money than they would back home - all because they were unwilling to make any sacrifices - they even brought their horses with them to Singapore! Needless to say, they were very happy to leave, in spite of how amazing their life may have appeared by local standards - for them, they had an even more amazing life back home for a small fraction of the cost.
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