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Need your help: some queries

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rs2000
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Need your help: some queries

Postby rs2000 » Sun, 12 Dec 2010 1:06 am

Hi All.

I have been offered a job with a bank in singapore and I am in the process of deciding whether to go for it or not. I work in Hong kong and have a wife & kid who will be relocating with me.

I realize similar questions might have been asked before but I have a few queries I would really want your input in. Really appreciate your help here.

1. The base salary is 165K SG$ a year. Assuming a 20% tax & deductions, I am assuming it translates to 11K a month.
Please let me know if this assumption is ok

2. I plan to take the SG PR if & when I get a chance. I heard that PRs are supposed to contribute towards cpf and its 15%. so basically I will have to pay around 2k sg$ /month. am I right?

3. in terms of my expenses, please help me make a budget. I want to live ona 3BR condo and I am willing to travel around 30 mins in the MTR/bus to raffles. I want my kid to go to an International School and also need a maid. We dont drink but like to eat out roughl;y twice a week in a middle to upper range restaurant. The other expenses like general clothes shopping etc. I have made a list below and have entered my roughly estimates. Please help make them more accurate

Condo 3BR: 3500/month (assuming I live in places like chinese garden, lakeside etc with direct 28 mins train into CBD). is it possible?

Misc house expenses: cable, phone, utilities: 500 sgd/month

maid (inc. levy): 700 sgd/month

School fees: 1500 sgd/mont (normal internation school, my kid is 4 years old).

household grceries (we cook at home includes milk, food, other stuff): 2000 sgd/month

misc shopping + eating out+ entertainment: 2000sgd/month

car (plan to buy a 2nd normal sedan , includes gas, parking, road taxes etc):1500 sgd/month

total :11,700 sgd/month

4. the above adds to 11,700 sgd/month. now this is MORE than my monthl salary. I really want a 3br, maid, car and International School. assumign i get all these, it seems there is no room for savings :(. am i over-estimating the expenses. other expats wioth similar family structiure, please can you give your inputs. its upsetting to see i wont be able to save much.

5. my wife is expecting out 2nd child in june 2011. the bank gives basic emegrency hospitalization and expenses. but does not provide materinity coverage. for expats(not PR), is it possible to come in and get outpatient and maternity coverage (its pre-existing when we move in and i think some companies dont cover this). any companies giving such insurances? how much does the insruance cost/person? if we dont get insurance, how much is maternity cost in a decent average private hospital?

6. i am being hired at a VP level in middle office of an internation bank (product control), is the base salary equal to the market rate? any comments here

sorry for the rather long message but it will help me a lot to make up my mind.

Thanks again for your help here!

rs2000
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Postby rs2000 » Sun, 12 Dec 2010 5:50 pm

Hi All,

please can anyone look into my questions above. really appreciate the help
thanks

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Re: Need your help: some queries

Postby Strong Eagle » Sun, 12 Dec 2010 10:25 pm

rs2000 wrote:Hi All.

I have been offered a job with a bank in singapore and I am in the process of deciding whether to go for it or not. I work in Hong kong and have a wife & kid who will be relocating with me.

I realize similar questions might have been asked before but I have a few queries I would really want your input in. Really appreciate your help here.

1. The base salary is 165K SG$ a year. Assuming a 20% tax & deductions, I am assuming it translates to 11K a month.
Please let me know if this assumption is ok


Why assume? Google IRAS Singapore and get the exact tax rates you will pay.

2. I plan to take the SG PR if & when I get a chance. I heard that PRs are supposed to contribute towards cpf and its 15%. so basically I will have to pay around 2k sg$ /month. am I right?


You'll know if you are right if you Google CPF Singapore. Rates are higher but capped.

3. in terms of my expenses, please help me make a budget. I want to live ona 3BR condo and I am willing to travel around 30 mins in the MTR/bus to raffles. I want my kid to go to an International School and also need a maid. We dont drink but like to eat out roughl;y twice a week in a middle to upper range restaurant. The other expenses like general clothes shopping etc. I have made a list below and have entered my roughly estimates. Please help make them more accurate

Condo 3BR: 3500/month (assuming I live in places like chinese garden, lakeside etc with direct 28 mins train into CBD). is it possible?

Misc house expenses: cable, phone, utilities: 500 sgd/month

maid (inc. levy): 700 sgd/month

School fees: 1500 sgd/mont (normal internation school, my kid is 4 years old).

household grceries (we cook at home includes milk, food, other stuff): 2000 sgd/month

misc shopping + eating out+ entertainment: 2000sgd/month

car (plan to buy a 2nd normal sedan , includes gas, parking, road taxes etc):1500 sgd/month

total :11,700 sgd/month

4. the above adds to 11,700 sgd/month. now this is MORE than my monthl salary. I really want a 3br, maid, car and International School. assumign i get all these, it seems there is no room for savings :(. am i over-estimating the expenses. other expats wioth similar family structiure, please can you give your inputs. its upsetting to see i wont be able to save much.


Try the search function at the top right hand side of this website. This question has been asked and answered many times. Try 'living costs'.

5. my wife is expecting out 2nd child in june 2011. the bank gives basic emegrency hospitalization and expenses. but does not provide materinity coverage. for expats(not PR), is it possible to come in and get outpatient and maternity coverage (its pre-existing when we move in and i think some companies dont cover this). any companies giving such insurances? how much does the insruance cost/person? if we dont get insurance, how much is maternity cost in a decent average private hospital?


No.

6. i am being hired at a VP level in middle office of an internation bank (product control), is the base salary equal to the market rate? any comments here

sorry for the rather long message but it will help me a lot to make up my mind.

Thanks again for your help here!


Who knows? My experience is that everyone above the position of teller is a vice president in a bank. Have you bothered to search the salary surveys available in Singapore? Google is your friend.

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Postby sundaymorningstaple » Sun, 12 Dec 2010 10:56 pm

Or you can start with some of the government links listed in my links page.

We don't mind researching new questions or for that matter helping find the answers. That how all the answers you will find using the search engine here came about. The problem is we all work full times jobs as well, and when 95% of the answer have already been answered and can be found using the search engine on this site, we end up regurgitating the same information over and over by doing the same thing in order to link to it to keep from duplicating information. As of late, I have to apologize, as we seemed to be inundated with people who either don't know how to use a search engine, although they found this site, or are too lazy to help themselves, instead wanting us to do all the work. We love to help people who try to help themselves.

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Postby rs2000 » Sun, 12 Dec 2010 11:19 pm

i am very well aware of the search function. trust me, i spent a lot of time on the research and then came up with those questions.
especially for question #3,4,5.

if you read my questions a bit more closely, mu situation is very particular and hence the questions are customized as well.

please can anyone spend sometime to reply me, as I said it will be very helpful

thanks a lot

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Postby JayCee » Mon, 13 Dec 2010 1:28 pm

rs2000 wrote:i am very well aware of the search function. trust me, i spent a lot of time on the research and then came up with those questions.
especially for question #3,4,5.

if you read my questions a bit more closely, mu situation is very particular and hence the questions are customized as well.

please can anyone spend sometime to reply me, as I said it will be very helpful

thanks a lot


You have a wife and kid, you want the kid to go to International School and you want to live in a condo, have a maid and drive a car.

Yeah very particular, no-one on this site could possibly have ever written about them :roll:

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Postby Strong Eagle » Mon, 13 Dec 2010 11:30 pm

JayCee wrote:You have a wife and kid, you want the kid to go to International School and you want to live in a condo, have a maid and drive a car.

Yeah very particular, no-one on this site could possibly have ever written about them :roll:


+1

rs2000
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Re: Need your help: some queries

Postby rs2000 » Tue, 18 Jan 2011 11:38 pm

rs2000 wrote:Hi All.

I have been offered a job with a bank in singapore and I am in the process of deciding whether to go for it or not. I work in Hong kong and have a wife & kid who will be relocating with me.

I realize similar questions might have been asked before but I have a few queries I would really want your input in. Really appreciate your help here.

1. The base salary is 165K SG$ a year. Assuming a 20% tax & deductions, I am assuming it translates to 11K a month.
Please let me know if this assumption is ok

2. I plan to take the SG PR if & when I get a chance. I heard that PRs are supposed to contribute towards cpf and its 15%. so basically I will have to pay around 2k sg$ /month. am I right?

3. in terms of my expenses, please help me make a budget. I want to live ona 3BR condo and I am willing to travel around 30 mins in the MTR/bus to raffles. I want my kid to go to an International School and also need a maid. We dont drink but like to eat out roughl;y twice a week in a middle to upper range restaurant. The other expenses like general clothes shopping etc. I have made a list below and have entered my roughly estimates. Please help make them more accurate

Condo 3BR: 3500/month (assuming I live in places like chinese garden, lakeside etc with direct 28 mins train into CBD). is it possible?

Misc house expenses: cable, phone, utilities: 500 sgd/month

maid (inc. levy): 700 sgd/month

School fees: 1500 sgd/mont (normal internation school, my kid is 4 years old).

household grceries (we cook at home includes milk, food, other stuff): 2000 sgd/month

misc shopping + eating out+ entertainment: 2000sgd/month

car (plan to buy a 2nd normal sedan , includes gas, parking, road taxes etc):1500 sgd/month

total :11,700 sgd/month

4. the above adds to 11,700 sgd/month. now this is MORE than my monthl salary. I really want a 3br, maid, car and International School. assumign i get all these, it seems there is no room for savings :(. am i over-estimating the expenses. other expats wioth similar family structiure, please can you give your inputs. its upsetting to see i wont be able to save much.

5. my wife is expecting out 2nd child in june 2011. the bank gives basic emegrency hospitalization and expenses. but does not provide materinity coverage. for expats(not PR), is it possible to come in and get outpatient and maternity coverage (its pre-existing when we move in and i think some companies dont cover this). any companies giving such insurances? how much does the insruance cost/person? if we dont get insurance, how much is maternity cost in a decent average private hospital?

6. i am being hired at a VP level in middle office of an internation bank (product control), is the base salary equal to the market rate? any comments here

sorry for the rather long message but it will help me a lot to make up my mind.

Thanks again for your help here!


Hi All,
I know i have asked this before and was advised to search the forum and I havent still found the information I need.
Please can someone look into my question above, especially #3,4 and 5 (if you have time). I will really appreciate yout help here as it would guide me to make the right decision.

Thanks again!

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Re: Need your help: some queries

Postby sundaymorningstaple » Wed, 19 Jan 2011 12:45 am

rs2000 wrote:Hi All.

I have been offered a job with a bank in singapore and I am in the process of deciding whether to go for it or not. I work in Hong kong and have a wife & kid who will be relocating with me.

I realize similar questions might have been asked before but I have a few queries I would really want your input in. Really appreciate your help here.

1. The base salary is 165K SG$ a year. Assuming a 20% tax & deductions, I am assuming it translates to 11K a month.
Please let me know if this assumption is ok more like 13K/mo

2. I plan to take the SG PR if & when I get a chance. I heard that PRs are supposed to contribute towards cpf and its 15%. so basically I will have to pay around 2k sg$ /month. am I right? it's 20% based on an income cap of 4,500/mo or around $900/mo on the 3rd year (graduate the 1st & 2nd years)

3. in terms of my expenses, please help me make a budget. I want to live ona 3BR condo and I am willing to travel around 30 mins in the MTR/bus to raffles. I want my kid to go to an International School and also need a maid. We dont drink but like to eat out roughl;y twice a week in a middle to upper range restaurant. The other expenses like general clothes shopping etc. I have made a list below and have entered my roughly estimates. Please help make them more accurate

Condo 3BR: 3500/month (assuming I live in places like chinese garden, lakeside etc with direct 28 mins train into CBD). is it possible? possible but easier at $4K

Misc house expenses: cable, phone, utilities: 500 sgd/month

maid (inc. levy): 700 sgd/month Total all in costs with incidental allow $1000/mo across annualized

School fees: 1500 sgd/mont (normal internation school, my kid is 4 years old).

household grceries (we cook at home includes milk, food, other stuff): 2000 sgd/month

misc shopping + eating out+ entertainment: 2000sgd/month

car (plan to buy a 2nd normal sedan , includes gas, parking, road taxes etc):1500 sgd/month

total :11,700 sgd/month

4. the above adds to 11,700 sgd/month. now this is MORE than my monthl salary. I really want a 3br, maid, car and International School. assumign i get all these, it seems there is no room for savings :(. am i over-estimating the expenses. other expats wioth similar family structiure, please can you give your inputs. its upsetting to see i wont be able to save much.

5. my wife is expecting out 2nd child in june 2011. the bank gives basic emegrency hospitalization and expenses. but does not provide materinity coverage. for expats(not PR), is it possible to come in and get outpatient and maternity coverage (its pre-existing when we move in and i think some companies dont cover this). any companies giving such insurances? how much does the insruance cost/person? if we dont get insurance, how much is maternity cost in a decent average private hospital?

6. i am being hired at a VP level in middle office of an internation bank (product control), is the base salary equal to the market rate? any comments here

sorry for the rather long message but it will help me a lot to make up my mind.

Thanks again for your help here!

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Postby beppi » Wed, 19 Jan 2011 12:45 am

Your salary is top level in Singapore (the average household income is S$4-5k and many of them have two kids and no financial problems), but it's always possible to live a highflyer lifestyle and have no money left.
Condo, car, maid, International School are considered luxury and cost much.
There's no local insurance covering birth and child. These are (with some justification, I must say) considered not sickness, but private decision.
International insurances cost more and usually exclude birth and child for an initial time (longer than a pregnancy).
The costs of childbirth have been discussed here before. Search!

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Postby rs2000 » Wed, 19 Jan 2011 10:39 am

Thanks a lot Beppi.

The problem is that I work for an international bank here in HK. and using the xurrent exchange rate of 1s$=6 hk$ I am getting a 30% raise , supposedly!

Now when I factor in the costs as I described in q#3 above, it turns out that the 30% raise does not result in savins. In HK, they have esf where government subsidizes Internatonal schools a bit (around aroud 900 s$ per month fee). then my bank here covers all outpatient + pregnancy costs. So its a very difficult decision for me. They are taking me at one level higher to where I am in terms of designation, in singapore. but that so called salary raise is not showing up!

if you or anyone can please go through the Budget I made in q#3 and let me know if I can reduce the costs somewhere? I still want to have maid, International School and car but just wondering if the expenses of all items could be less that what I have put in there.

Please let me know. I have to decide sooon
Thanks a lot

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Postby beppi » Wed, 19 Jan 2011 1:31 pm

> if you or anyone can please go through the Budget I made in q#3 and let me know if I can reduce the costs somewhere?

I'll try, but you probably don't want to hear my suggestions below. In the end, you make your own decisions and pay for them.

> condo 3BR: 3500/month (assuming I live in places like chinese garden, lakeside etc with direct 28 mins train into CBD).
You can find apartments below S$2000/month. You may not like them, but they are definitely not shitholes.

> Misc house expenses: cable, phone, utilities: 500 sgd/month
We are around S$150/month, but don't use aircon and have no TV.

> maid (inc. levy): 700 sgd/month Total all in costs with incidental allow
SMS remark above is probably right (I never had a maid).

> School fees: 1500 sgd/mont (normal internation school, my kid is 4 years old).
Local schools are almost free and not bad (see related threads).

> household grceries (we cook at home includes milk, food, other stuff): 2000 sgd/month
Eat local style and you need less than half of this.

> misc shopping + eating out+ entertainment: 2000sgd/month
Can be cut to almost zero, if you are disciplined.

> car (plan to buy a 2nd normal sedan , includes gas, parking, road taxes etc):1500 sgd/month
You don't need a car in Singapore: Public transport is very good and taking taxis is cheaper than having your own car.

> total :11,700 sgd/month
As I said, the average household income is S$4-5k and with that, Singaporeans fare pretty well in quality of life comparisons. You want more than this, you pay more than this!

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Postby revhappy » Sat, 22 Jan 2011 11:09 am

What kind of a house do you stay in HK? And what was the cost? I heard HK properties prices are much higher and most stay in mickey mouse studios. In fact my Indian colleague used stayed there said the beds there are so small that he had to keep a stool next to the bed to stretch his legs, lol

So you are saying that inspite of 30% raise you wont save more. So is that with similar lifestyle as HK? Or are you thinking you are coming to a relatively cheaper country and hence looking for more luxury?

Since you know HK costs Can you do a comparison for each of the items on how much you spend in HK and how much you think it will cost in SG? I would be really interested

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Postby happygal74 » Sun, 30 Jan 2011 9:09 pm

Car is not a must - Singapore is not a big island, hence travelling by Cab is cheaper.
household groceries - you stated $2000/mth!!! too steep. If you do cooking at home you can cut more than half of it.

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Postby BillyB » Sun, 30 Jan 2011 10:06 pm

SMS is correct - your assumption for tax deductions on just your basic are wrong. The rate is approx 10%. Given you will likely be getting bonus too, and working on 300k as your total if you have a good year, then your overall tax rate is going to be around 13%. So you are well up on your original estimations in terms of your disposable left over each month.

The other contributors on this thread make good points - everyone is different with what they spend. I live in a one bed place near orchard and spend $500-600 on utilities, starhub, singtel etc. I can't speak for International Schools and maids as its just me and my girlfriend. As for transport, i guess with a family it does make things much easier. But I did want to look at getting a car when I came here and realised within 1 week there is no need at all.

My advice would be not to get too strung-up on the tax element if you are working in the banking space. Most of my colleagues just wait for bonus and allocate from that, given personal tax returns don't need to be filed until April. For those not bonus-ed, or rather the more diligent amongst us, would probably stick their monthly contributions in an interest bearing account or 1 year bond and then use the principal to pay the tax and have a nice holiday on the interest!!

When most people first get to Singapore they tend to budget quite high, and soon realise that you can comfortably get by on $10-15 per day for food and travel, providing you don't smoke (unlike me) and dont have a preference for Michelin starred food every day!! Like HK you can great food at some of the food courts for $5 a time, and if you are near Raffles Quay there are plenty of options within walking distance.

Good luck on the move. Singapore is a great place to live and work


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