Few question before signing my contract

[jtotlani]

Hi All,
Can you pls ans my queries:

I have secured a job in an investment bank and they have offered me following:

Base salary 75k, Joining Bonus-5K, relocation cost.

I am missing here on anything? Wat is AWS? should i ask for that too?

Is health insurance offered by default by all employers?

Relocation cost: Do i have to pay for my flights/furniture moving first and then the employer would re-emb the money? or they would arrange this for me? wht is the standard practice?

tax would be less that 10%.. is this true?

Thanks in advance for the answer!!

[sq009]

Is health insurance offered by default by all employers?

A: Most employers offer the basics, singaporean companies are not known for employee benefits. Be sure to customize ur plan with a local consultant.

Relocation cost: Do i have to pay for my flights/furniture moving first and then the employer would re-emb the money? or they would arrange this for me? wht is the standard practice?

A: Unless your company offers to pay for shipping, and I do not recommend bringing ur furnitures over. Might not suit the local climate.

tax would be less that 10%.. is this true?

A: In general that is partially
true. Singapore is one of the lowest tax paying countries among developed nations. But be sure that you are not double taxed by your government and local government.

[jtotlani]

Can some one answer my AWS question pls?

[Jeppo]

AWS is an Annual Wage Supplement, also known as 13th month payment. Most people receive this, that I know of, so I would make sure it's part of the package. If you get really lucky you may even get a 14th, and if extremely lucky, a 15th month payment. But I wouldn't count on those

[sundaymorningstaple]

The AWS is almost a thing of the past with a lot of companies. It is NOT required by law and if it is not written into your contract (amount), your company may pay it or not in any quantum they deem necessary.

Originally, it was given to people as they were paid based on 4 weeks to a month. At the end of the year there were +/- 4 weeks which was an additional "Months" pay. (e.g., 13th month).

Now, only company's that have traditionally paid this (and are under NTUC union employees contracts) can enforce payment of this (except if it is written into your contract). A lot will often add the codicil "depending on the profits of the company" which is another way of saying it just depends on how the owner feels at that time.

[Marlowe]

mate, you need to ask your prospective employer all of these questions.

the answer is "probably" yes to most of your Qs about what stuff you would be getting, but you have to find out for sure. and for relocation, you have to be really clear about what you're getting and not getting, because that does tend to vary depending upon company, industry and whether they're hiring you on a local package, what level you are, etc.

also, need to make sure everything's cool on your employer sponsoring your work visa, and that they'll contribute to provident fund for you if you secure permanent residency.

you need to factor into the equation that you will (likely) not be getting any retirals at first because you wont' be tied to your home country and not eligible for Singapore. and that will reduce your total remuneration, all things being equal.

one thing a lot of places offer is a tax consultation for people who are moving in. you might want to ask if they have that available. saying, "taxes are 10%" is too much of a sweeping statement and it could vary depending upon where you're from.

[keepitreal]

jtotlani,
what type of position have you secured within the bank , clerk / management etc?

The reason i ask is that I too am in the same position as you and all my re-location costs are being covered inc. business class flights for my family and 1 months Service Apartment usage until we find my own place.

I calculate that a 75k salary will carry about 4k in tax - workings below. Can anyone out there who is alittle more familar with Sng tax confirm that the below working is correct?

Amount Rate Tax
20,000 0% -
10,000 3.50% 350
10,000 5.50% 550
35,000 8.50% 2,975