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Worthwhile to move from Dubai to Singapore at 7500SGD

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simplythr
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Worthwhile to move from Dubai to Singapore at 7500SGD

Postby simplythr » Mon, 15 Dec 2008 12:40 pm

Guys need your urgent views!!Have a 2 yr old daughter and wife who plans to get back to work soon.As for me, am a seasoned banker getting an internal job transfer offer at the above rate.Is it even worth a thought, since I already earn equivalent amount in Dubai??

simplythr
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Singapore at 7500 SGD or Hngkng at 45000 HKD

Postby simplythr » Mon, 15 Dec 2008 12:46 pm

Which one should one consider......I have openings for both the options...solicit your urgent views

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Postby quidsin » Fri, 19 Dec 2008 3:50 pm

depends what level and job you are doing for a bank. These are the rough level salaries for banking...

AVP: - 80 - 120k
VP: 110 - 200k
Director: 180 - 300k

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Postby CSG » Sun, 21 Dec 2008 1:55 am

It all depends on the lifestyle you had in Dubai and the one you want to have in Singapore.

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Postby quidsin » Tue, 23 Dec 2008 12:54 pm

It all depends on the lifestyle you had in Dubai and the one you want to have in Singapore.


CSG, How do you figure that?

You get paid for the job you do at the market rate not what lifestyle you want - imagine going for the job interview and them asking you what salary you are looking for and then you telling them you can pay me what you want so long as I take home loaf of bread each day.

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jpatokal
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Postby jpatokal » Tue, 23 Dec 2008 9:03 pm

quidsin wrote:You get paid for the job you do at the market rate not what lifestyle you want - imagine going for the job interview and them asking you what salary you are looking for and then you telling them you can pay me what you want so long as I take home loaf of bread each day.

That's the employer's view, but it's the other end of the equation that matters. For doing exactly the same job in Singapore and Dubai, you'll probably get paid more in Dubai, but thanks to the difference in the cost of living your lifestyle will probably be better in Singapore.

The basic rule of thumb, though, is to never accept a paycut when moving overseas, since you'll have a hard time clawing your way back if you return.
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Postby jfd » Wed, 24 Dec 2008 8:19 am

jpatokal wrote:The basic rule of thumb, though, is to never accept a paycut when moving overseas, since you'll have a hard time clawing your way back if you return.


I don't agree with this. It all depends on the cost of living in the country you are going to/from and also the tax rates.

For example, consider moving from Singapore to Australia. Even though the FX rate is not that different, there is no way you would want to move to Australia on the same SGD amount due to the much higher rates of tax in Oz. Equally, you should expect a base pay cut moving the opposite direction for the same reason.

Relative cost of living is a bit different though. Obviously you have to be careful not to cut too much even if you are going to a country that has a much lower cost of living, as it could make things incredibly difficult when traveling outside that country again.

As for this specific case, I am not familiar with Dubai's salary rates, so my recommendation would be to check with an agency that operates in both countries for banking, someone like Michael Page, and ask their advice. Another alternative is to look at online job sites, and try to compare the pay rates advertised in both locations.

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Postby quidsin » Wed, 24 Dec 2008 10:39 am

I constantly argue this point with my wife and keep telling her.

In the UK, i was earning GBP 50k per year, over here I earn SGD 150k per year which works out at GBP 68k per year. Sounds great, expecially when you consider my tax here is actually half what I paid in the UK so after tax dedcutions my net income is GBP 35k in the UK and SGD 130k (GBP 59k) here in Singapore so in theory I should be GBP 24k to good here in Singapore. But, there are things I need to shell out for here that I don't need to in the UK, extortionate rent being one of them in addition to my kids school fees...then there is the high cost of leasing a car. When i compare the net amount left at the end of every month, I actually end up with more or less the same. If I were to live in much cheaper accomodation, not have a car, send my kids to local school then I would be 'Quidsin' but since I want to give my family the best, I don't mind paying for these luxuries.....

so the moral is, yes you can earn more money here if you don't mind living in cheap accomodation and if you don't have kids basically, otherwise it's going to cost you $$$

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jpatokal
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Postby jpatokal » Thu, 25 Dec 2008 10:59 pm

jfd wrote:
jpatokal wrote:The basic rule of thumb, though, is to never accept a paycut when moving overseas, since you'll have a hard time clawing your way back if you return.


I don't agree with this. It all depends on the cost of living in the country you are going to/from and also the tax rates.


No, it doesn't matter. Say you're making US$100K a year (I'm using nice round numbers here), and you accept a 33% pay cut to S$100K because life's cheaper here. Two years later, you move back to the US. Is HR really going to buy your argument that they now need to double (200%) your salary, from S$100k (US$66K) to US$132K, to make up for the difference in the cost of living and the extra experience gained? :o

Also, cost of living is one things, but savings are another. Even if the purchasing power of S$1 in Sing equals US$1, 10% of US$100K is more cash in the bank than 10% of S$100K.
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Postby ching » Sat, 27 Dec 2008 3:57 pm

jpatokal makes a good point.

Lower cost of living and lower tax rate means it may be ok to accept a pay cut when moving overseas - IF you are planning to stay in the new country permanently (or stay in countries with similar cost of living).

But if you're eventually planning to move back to a high-cost country, or if you plan to retire in a high-cost country -- most people can't afford to take a pay cut, because of the repercussions it will have on your salary negotiations and cash-in-bank when you move back.

Just my two cents. My spouse and I had a similar discussion about this topic some time ago...
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Postby SunnyinDubai » Sun, 28 Dec 2008 1:20 pm

Having lived in Singapore and Dubai, I would personally choose Singapore over Dubai for a number of reasons - firstly, if your wife was looking at going back to work, you have the options of daycare centres. In Dubai, the choices are limited re looking after children and it is pretty much have a maid at home to look after the kids and not much else. Yes, there are some nurseries but these are def not for working parents as they close early. Secondly, education - the education is much better in Singapore - schooling in Dubai is all private - and the standard of education is just not there - despite the high fees - give me a Singapore school anyday. Thirdly, the efficiency and just general day to day living - more efficient, cleaner, less manic on the roads, no extreme summer weather, etc. Finally, the lifestyle - there is only so much you can do in Dubai before it gets tiresome - how many brunches can you go for or how many malls do you need to visit. I feel that there is so much more going on in Singapore - from street theatres, good parks, good food, more family oriented activities, etc - something that Dubai does not have.

Finally though, I would look at it from a career perspective - will a stint in Singapore add to my CV. If it does, I personally would take the plunge - even if it means a pay cut (tho in this case, I would think it would not be a huge pay cut) as eventually the experience would increase your value in terms of future salary.

Good luck :)

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Postby xtasy010 » Fri, 02 Jan 2009 1:30 pm

In the current economic condition I would think Dubai would be more stable as compared to Singapore which is badly effected by the downturn.

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Postby Bakulii » Fri, 02 Jan 2009 5:52 pm

And what makes you think Dubai will not be affected by the economic downturn?

I have worked in both places and will say that I prefer Spore for it's facilities and efficiencies.

Cost of accomodation in Dubai is not cheap; I was already paying around S$3k for a one-bedroom apartment in downtown BurDubai about 2 years ago. Furthermore, you will have to pay the full one-year rental in advance.

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Postby xtasy010 » Fri, 02 Jan 2009 6:40 pm

I never said it will not be affected, it will surely be affected but less compared to Singapore thats all.

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Postby Bakulii » Fri, 02 Jan 2009 7:46 pm

Sorry if I sounded rude in my last post, no intention of doing so.

Dubai/UAE relies very little on Oil & Gas revenues and is largely a trading hub, hence they will definitely be affected by the downturn as bad as, if not worst than, Singapore.


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