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Job offer in Singapore

Discuss about getting a well paid job or career advancement. Ask about salaries, expat packages, CPF & taxes for expatriate.

mick33
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Job offer in Singapore

Postby mick33 » Tue, 07 Feb 2006 5:09 pm

Hi ...

I recieved a job offer paying 130k working for an investment bank in singapore. I have a few questions:

1) How much tax would I be paying?
2) is my employer likely to contribute to a pension fund?
3) what are the expected living costs? I am looking to find an apartment for 2-2.5k a mnth? will I be able to save substantial amount of cash (i.e. over 50k?)
4) does anyone know what bonuses are like in sg? (I work in a finance role but not front office sales, rather accounting/corporate finance)
5) how is the dating life for expats? Im early 30s, single from Australia and not that interested in asian girls (prefer western girls cos of cultural similarities)...

any help to any of the above questions would be highly appreciated!!!

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Re: job offer in singapore.....

Postby Bremen » Tue, 07 Feb 2006 6:57 pm

mick33 wrote:Hi ...

I recieved a job offer paying 130k working for an investment bank in singapore. I have a few questions:

1) How much tax would I be paying?
2) is my employer likely to contribute to a pension fund?
3) what are the expected living costs? I am looking to find an apartment for 2-2.5k a mnth? will I be able to save substantial amount of cash (i.e. over 50k?)
4) does anyone know what bonuses are like in sg? (I work in a finance role but not front office sales, rather accounting/corporate finance)
5) how is the dating life for expats? Im early 30s, single from Australia and not that interested in asian girls (prefer western girls cos of cultural similarities)...

any help to any of the above questions would be highly appreciated!!!


Well, I earn much less than half of that...
1. Look here:
http://www.contactsingapore.org.sg/oppo ... tion.shtml
http://www.iras.gov.sg/ESVPortal/iit/ii ... iduals.asp

2. Only if you are a Permanent Resident (mandatory CPF), or if your contract specifies it. Other than that, it's up to you.

3. Nice apartments in great condos can already be had for about 1.5k a month. If your budget is up to 2.5k, you can get a really great, central place.

4. Would depend on your employer.

5. Join the regular expat outings organized here on the forums and you may be pleasantly surprised. But most of the girls who'll approach you will be the asians.
"Build a man a fire, and he'll be warm for a day. Set a man on fire, and he'll be warm for the rest of his life."
- Terry Pratchett

mick33
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singapore job.....

Postby mick33 » Tue, 07 Feb 2006 7:22 pm

looks like taxes are low...and alcohol is expensive in Singapore....

I have to say the Australian governmet has it right....alchy is cheap and taxes are high....I guess u need to drink alot of beer to accept such high taxes...

anyhow, thanks for response...

still wonder if any1 out there knows what typical bonuses for finance staff in international banks in sg are like?

Cheers, M

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Re: singapore job.....

Postby Bremen » Wed, 08 Feb 2006 12:11 am

mick33 wrote:looks like taxes are low...and alcohol is expensive in Singapore....


Exactly. But if you don't drink too much, you'll be able to save quite a lot.

Note: according to a bank-employee friend of mine, some senior management types in a large singapore-based multinational bank earn 1 year's salary as a bonus. others don't earn any bonus, but their salary is 7 figures.
"Build a man a fire, and he'll be warm for a day. Set a man on fire, and he'll be warm for the rest of his life."

- Terry Pratchett

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Postby Bonbon » Wed, 08 Feb 2006 9:13 pm

Mick, I can't be sure...from what I know that

1. if you're over a certain grade, a targeted bonus figure should be given in your contract, if not you should contact your HR, and if HR doesn't know (which is always the case), should insist them to contact the person who recruited you to provide some more info.

2. most of investment banks have a *ranking* *rating * systems. It depends how much has been allocated to your department, ie a total of say 100 is offered , 50% to Whole Sale Banking, so $50. Your department gets allocated say 10% . and out of $5, $1 for junior grade 1, $1.5 for junior grade II, say your grade gets $3.

And from your performance, you are rated, and then compares to the people in your grade/band...then they decide whether you get $3...or whatever...

Bonus also varies, I have heard, that a bank could choose to pay $NIL to you. Also it depends on your salary as I said. For a teller, a bonus maybe 3 months, for you, given your salary is what 10 times higher, porportion wise, you may only get 1 month worth of your salary...

Very hard to tell you how to benchmark!

B

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Postby serendipity » Sun, 12 Feb 2006 8:54 pm

5. Join the regular expat outings organized here on the forums and you may be pleasantly surprised. But most of the girls who'll approach you will be the asians.


I don't know...
I haven't been here for a year yet, but I noticed that actually there are much less non-Asian girls who seem to be attracted to the local guys here, so I would think that these non-local ladies would focus more on the available non-local guys.
And considering the Asian girls have different pool to consider, so both the non-local and the local pools, unless it's very typical so-called SPG type of women, I would have to argue that mostly it would be Asian girls who would approach the original poster...
Being an Asian woman, I actually found it rather a prejudice to have that kind of view like the quoted line. I for one can't understand why one would want to limit oneself when there are so many different flavours and types with its own characteristics that can be interesting even just for the name of viva la difference! :P

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Re: Job offer in Singapore

Postby fsc » Sun, 12 Feb 2006 10:44 pm

mick33 wrote:Hi ...

I recieved a job offer paying 130k working for an investment bank in singapore. I have a few questions:

1) How much tax would I be paying?
2) is my employer likely to contribute to a pension fund?
3) what are the expected living costs? I am looking to find an apartment for 2-2.5k a mnth? will I be able to save substantial amount of cash (i.e. over 50k?)
4) does anyone know what bonuses are like in sg? (I work in a finance role but not front office sales, rather accounting/corporate finance)
5) how is the dating life for expats? Im early 30s, single from Australia and not that interested in asian girls (prefer western girls cos of cultural similarities)...

any help to any of the above questions would be highly appreciated!!!


Hi Mick,

1. On 130k you'll pay around 10% all up, but you pay at year end, not as you go. SG has a sliding scale like aus, but the scale is lower and starts later. For example, the top tax bracket is 21% (as of 2006) and it starts at something like SG$320k (yes, 320,000).

For the whole deal on tax rates, see:
http://www.iras.gov.sg/ESVPortal/iit/ii ... iduals.asp

2. No. You'll come over on an EP and receive CPF Encashment. That's like super in oz, but you receive it cash in hand, after paying tax on it. What you then do with it is up to you. If you went Singapore PR then CPF works different, but that's a long story. If you're interested, ask here, and someone will explain it to you that knows better than i do.

3. I have a 1600sq ft. unfurnished apt (condo) in town for $2200, but I got that for a steal. You can get places anywhere from $1500-[how big's your wallet] that would be up to your living standards, but whether you want it furnished and where/how you wanna live will drive costs up.

4. Like investment banks around the world. Hmm, somewhere in excess of three months is about right, yeah? I dunno, I don't work for a minted investment bank, you lucky sod :-)

5. I know what you mean about cultural similarities. To me it's just about relating to the person, no matter what their heritage. I'm late 20s, I've been here for a few years, I seperated from my missus (an aussie) last year. I'm prolly gonna upset a few people by saying this, but there's a general stigma attached to young single western blokes over here (that you've got "yellow fever" and all you wanna do is get your rocks off), and it's hard to shake that perception with the ladies, no matter what their background.

There are plenty of single girls from a variety of backgrounds, but i dunno, they don't seem as approachable as back in oz. The ratio of single vs. couple when it comes to western girls is v. low.

That's a starting point, if you've got more q's, just reply here or drop me a PM.

HTH...

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Postby fsc » Sun, 12 Feb 2006 10:51 pm

serendipity wrote:
5. Join the regular expat outings organized here on the forums and you may be pleasantly surprised. But most of the girls who'll approach you will be the asians.


I don't know...
I haven't been here for a year yet, but I noticed that actually there are much less non-Asian girls who seem to be attracted to the local guys here, so I would think that these non-local ladies would focus more on the available non-local guys.
And considering the Asian girls have different pool to consider, so both the non-local and the local pools, unless it's very typical so-called SPG type of women, I would have to argue that mostly it would be Asian girls who would approach the original poster...
Being an Asian woman, I actually found it rather a prejudice to have that kind of view like the quoted line. I for one can't understand why one would want to limit oneself when there are so many different flavours and types with its own characteristics that can be interesting even just for the name of viva la difference! :P


with all due respect, to me it's about how you relate to the person, not where they come from that counts. i'm open minded and would happily date anyone who i click with. i just know that i relate better with certain types. hell, i relate well with girls that i work with when i travel to india for example, so it's not so much about dating someone from home. if that makes sense?
Feeling frisky, are we?

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Postby Bonbon » Sun, 12 Feb 2006 11:08 pm

dating scene, there are so many dating sites.....

4.5 mil population in Singapore, think more girls than guys here, such a man's heaven... :shock:


No lack of fish in this sea or should i say pond....

B :D
Last edited by Bonbon on Sun, 12 Feb 2006 11:17 pm, edited 1 time in total.

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Postby Bonbon » Sun, 12 Feb 2006 11:11 pm

fsc wrote:
serendipity wrote:
5. Join the regular expat outings organized here on the forums and you may be pleasantly surprised. But most of the girls who'll approach you will be the asians.




with all due respect, to me it's about how you relate to the person, not where they come from that counts. i'm open minded and would happily date anyone who i click with. i just know that i relate better with certain types. hell, i relate well with girls that i work with when i travel to india for example, so it's not so much about dating someone from home. if that makes sense?


I hear you loud and clear

B :cool:

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Postby fsc » Mon, 13 Feb 2006 8:11 am

Bonbon wrote:
fsc wrote:
serendipity wrote:
5. Join the regular expat outings organized here on the forums and you may be pleasantly surprised. But most of the girls who'll approach you will be the asians.




with all due respect, to me it's about how you relate to the person, not where they come from that counts. i'm open minded and would happily date anyone who i click with. i just know that i relate better with certain types. hell, i relate well with girls that i work with when i travel to india for example, so it's not so much about dating someone from home. if that makes sense?


I hear you loud and clear

B :cool:


but with that said, experience tends to suggest that its people from home that i relate to best :-)
Feeling frisky, are we?

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Re: job offer in singapore.....

Postby MusicFever » Sat, 25 Feb 2006 11:12 am

3. Nice apartments in great condos can already be had for about 1.5k a month. [/quote]


I currently live in a condo near east coast park but would like to move, still prefer near east coast park tho. In my impression, it's hard to find a nice apartment in great condo for only 1.5k. May I have your recommendations?
Thank you.


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