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Rents are peaking!

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Wd40
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Re: Rents are peaking!

Post by Wd40 » Mon, 04 Mar 2024 9:55 pm

I was just looking at the salary benchmarks for various industries.
https://www.mom.gov.sg/-/media/mom/docu ... hmarks.pdf

I just happen to be in the maximum age of the maximum paid sector in Singapore :)

A 45 year old in financial services industry, so I am competing with the best of the best in Singapore :)

Although it is a bit unfair to compare with industry benchmark, because what you do within the financial services industry matters. An back office operations person vs a front office trader, the gap is huge.

So a 45 year old financial services guy in the 65 percentile earns $17700 to get 10 points and 90 percentile guy earns $31384 to get 20points.

My salary is slightly less than $11000 and I work in IT and this salary is in the 65 percentile for IT sector. So I am paid appropriately in my opinion, it is just unfair to group IT guys working in financial services as financial services guys.

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raptor_from_vietnam
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Re: Rents are peaking!

Post by raptor_from_vietnam » Mon, 04 Mar 2024 11:58 pm

These numbers dont seem right. At below 23 years of age, most people are still in college, and their salary must be like 9-10k for some industry?

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Re: Rents are peaking!

Post by NYY1 » Tue, 05 Mar 2024 8:12 am

raptor_from_vietnam wrote:
Mon, 04 Mar 2024 11:58 pm
These numbers dont seem right. At below 23 years of age, most people are still in college, and their salary must be like 9-10k for some industry?
<= 23 should pick up some people that have (just) started working but I get your point (a few years out is easier to understand). I think it depends on what all is included in "Other Financial Services Activities." If you look at "Fund Management Activities &....," the figures are even higher.

There have been some comments from other posters here about ex-classmates, friends, etc in these roles. For better or worse, these industries just pay a lot, and I think the opportunity set here has grown immensely in the last decade or so. As I've mentioned before, that has both its opportunities and challenges.

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Re: Rents are peaking!

Post by NYY1 » Mon, 18 Mar 2024 6:28 pm

12/2023 EPs issued > 12/2019 EPs issued. S Pass is still lower and the combined EP + SP is somewhere between 2018 and 2019.

Obviously, the rental market is also impacted by the supply of new units...

https://www.mom.gov.sg/documents-and-pu ... ce-numbers

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Wd40
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Re: Rents are peaking!

Post by Wd40 » Thu, 21 Mar 2024 8:03 am

NYY1 wrote:
Mon, 18 Mar 2024 6:28 pm
12/2023 EPs issued > 12/2019 EPs issued. S Pass is still lower and the combined EP + SP is somewhere between 2018 and 2019.

Obviously, the rental market is also impacted by the supply of new units...

https://www.mom.gov.sg/documents-and-pu ... ce-numbers
I am quite surprised. Salary requirements have increased, especially for older employees and compass framework for new applications came into effect from September 2023(for renewals, it will come into effect in September 2024)

My EP was downgraded to S Pass in last year during renewal and I know a few others as well. Yet EP numbers are higher and S pass numbers are lower.

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Re: Rents are peaking!

Post by NYY1 » Thu, 21 Mar 2024 6:27 pm

Wd40 wrote:
Thu, 21 Mar 2024 8:03 am
NYY1 wrote:
Mon, 18 Mar 2024 6:28 pm
12/2023 EPs issued > 12/2019 EPs issued. S Pass is still lower and the combined EP + SP is somewhere between 2018 and 2019.

Obviously, the rental market is also impacted by the supply of new units...

https://www.mom.gov.sg/documents-and-pu ... ce-numbers
I am quite surprised. Salary requirements have increased, especially for older employees and compass framework for new applications came into effect from September 2023(for renewals, it will come into effect in September 2024)

My EP was downgraded to S Pass in last year during renewal and I know a few others as well. Yet EP numbers are higher and S pass numbers are lower.
There may be a few different things going on here. First, there is the movement from EP to S Pass. I am not 100% sure if the EP qualifying salary or Compass is more of a constraint? If it is the latter, give it two or three years from Sept of this year. Second, some shifts in the opportunity set here have probably resulted in more EP job openings. Lastly, some eligible for S Pass may be weighing the cost of living vs. opportunities elsewhere (of course, the decision here will depend on a number of factors).

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Re: Rents are peaking!

Post by malcontent » Thu, 21 Mar 2024 8:37 pm

What surprised me is the low number other which includes LOCs, would have guessed it much higher.
It is impossible for a man to learn what he thinks he already knows - Epictetus

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