Working and living in London or Singapore?

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Living and working for a Bank in Singapore or Living and working for a Bank in London?

Poll ended at Wed, 20 Apr 2011 11:42 pm

London
3
43%
Singapore
4
57%
 
Total votes: 7

roni_indian
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Post by roni_indian » Sun, 17 Apr 2011 2:24 pm

Thanks Billy.. I will wait for your PM..

revhappy
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Post by revhappy » Mon, 18 Apr 2011 1:37 pm

For me the biggest gripe about Singapore is the lack of opportunities. I feel like I am in the middle of the ocean on a canoe and as long as my canoe is good I am good.

London or UK on the other hand I wouldn't feel the same. SG allows employers to bring in foreigners from India/Phillipines/China/Malaysia etc much more easily than UK. That keeps the salaries stagnant. While everything else goes up, salaries dont go up at the same pace here. If you really want to save costs you should take up PR and buy an HDB otherwise rents will kill you. But then to take up PR and stay here long term you need to have the security that you will be able to find a good job quick enough and salaries will rise proportionately, but that doesn't happen here.

If I were you I will do some checks on job sites like Monster.com.sg in Singapore and compare it's equivalent job site in the UK and then base my decision on that.

roni_indian
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Post by roni_indian » Tue, 19 Apr 2011 2:21 am

Hi,

In UK also, I think salary growth is not very high and is commensurate with inflation rate. Whereas in Singapore the growth is around 4% this year, last year there was almost a 0% hike. In UK the story is similar. Vertical growth ummm... don't you think in UK its tougher with fewer ppl trying to change job and thus no scope to grow. plus with economy growing slowly or not growing, its even more difficult for companies to create position.. Plus there is a question of job security..where do you think would be better...UK or Asia?

Finally, given tight immigration policy in UK and the recent changes to it, it will not matter if you have opportunity or not.. U cannot travel to UK under HSMP and tht means your company needs to sponsor you. With a sponsored visa immigration cap of around 20k , things would get very difficult and changing jobs in UK wont be easy anymore.. Even if you hate your current employer you'd have to stick to it because changing employer means getting new sponsorhsip and whole lot of stuff...

Atleast in Singapore its easy to get the EP and it barely takes anytime to transfer it.. I dont know how correct I am in saying this and please correct me if I am wrong.. If I hate my employer in Singapore its probably easier to change jobs and not much bureaucratic and administrative hassels around work permit?

Last point - what justifies the high tax rate and NI contribution.. What justifies the nearly 40 - 50 % contribution towards NI + Taxes in UK? Why not subsidise NI for foreigners..something similar to what they have in Singapore for CPF... No contribution from foreigners..?

I might be wrong in my views and flawed in my arguements... But am open to discussion so that I arrive at the right decision..

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sundaymorningstaple
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Post by sundaymorningstaple » Tue, 19 Apr 2011 6:58 am

roni_indian wrote: Atleast in Singapore its easy to get the EP and it barely takes anytime to transfer it.. I dont know how correct I am in saying this and please correct me if I am wrong.. If I hate my employer in Singapore its probably easier to change jobs and not much bureaucratic and administrative hassels around work permit?
That might have been the case prior to Sept 2009, but not any more. Your odds on not getting a new EP on a job change have probably quintupled. When you change jobs now, it's becoming a real gamble.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

JayCee
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Post by JayCee » Tue, 19 Apr 2011 10:19 am

roni_indian wrote:Last point - what justifies the high tax rate and NI contribution.. What justifies the nearly 40 - 50 % contribution towards NI + Taxes in UK?
3 words - National Health Service (it doesn't justify it, but it's the reason for it)

Also, on 42000 p.a. you won't be paying 40% tax, maybe for a small amount at the top end but the majority of your salary will be taxed at 20%

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BillyB
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Post by BillyB » Tue, 19 Apr 2011 10:32 am

roni_indian wrote:Hi,

In UK also, I think salary growth is not very high and is commensurate with inflation rate. Whereas in Singapore the growth is around 4% this year, last year there was almost a 0% hike. In UK the story is similar. Vertical growth ummm... don't you think in UK its tougher with fewer ppl trying to change job and thus no scope to grow. plus with economy growing slowly or not growing, its even more difficult for companies to create position.. Plus there is a question of job security..where do you think would be better...UK or Asia?

Finally, given tight immigration policy in UK and the recent changes to it, it will not matter if you have opportunity or not.. U cannot travel to UK under HSMP and tht means your company needs to sponsor you. With a sponsored visa immigration cap of around 20k , things would get very difficult and changing jobs in UK wont be easy anymore.. Even if you hate your current employer you'd have to stick to it because changing employer means getting new sponsorhsip and whole lot of stuff...

Atleast in Singapore its easy to get the EP and it barely takes anytime to transfer it.. I dont know how correct I am in saying this and please correct me if I am wrong.. If I hate my employer in Singapore its probably easier to change jobs and not much bureaucratic and administrative hassels around work permit?

Last point - what justifies the high tax rate and NI contribution.. What justifies the nearly 40 - 50 % contribution towards NI + Taxes in UK? Why not subsidise NI for foreigners..something similar to what they have in Singapore for CPF... No contribution from foreigners..?

I might be wrong in my views and flawed in my arguements... But am open to discussion so that I arrive at the right decision..
Ronnie - you are worrying about far too much in terms of politics and bureaucracy. Nothing is going to change anytime soon with either Country. You shouldn't be thinking with the mindset - if I need to change jobs, if I hate my current employer etc. You should be looking at the positive aspects of each Country and each offer.

Pay some attention to the macro stuff by all means, but I'd be looking at the company level of your two offers and seeing what opportunities lay ahead for the two Banks in their domestic and international markets. That way you might have the option to re-locate within the same organisation in the future should you wish.

As for our lovely taxation rates, don't get me started - The soon to be bankrupt pension system really excites me about getting old and returning to the U.K, but at least if you don't have much to live off and can't afford your heating bills you get free healthcare. The problem is you might have to wait 3 months to see someone!!

revhappy
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Post by revhappy » Tue, 19 Apr 2011 10:50 am

roni_indian wrote:Hi,

In UK also, I think salary growth is not very high and is commensurate with inflation rate. Whereas in Singapore the growth is around 4% this year, last year there was almost a 0% hike. In UK the story is similar. Vertical growth ummm... don't you think in UK its tougher with fewer ppl trying to change job and thus no scope to grow. plus with economy growing slowly or not growing, its even more difficult for companies to create position.. Plus there is a question of job security..where do you think would be better...UK or Asia?

Finally, given tight immigration policy in UK and the recent changes to it, it will not matter if you have opportunity or not.. U cannot travel to UK under HSMP and tht means your company needs to sponsor you. With a sponsored visa immigration cap of around 20k , things would get very difficult and changing jobs in UK wont be easy anymore.. Even if you hate your current employer you'd have to stick to it because changing employer means getting new sponsorhsip and whole lot of stuff...

Atleast in Singapore its easy to get the EP and it barely takes anytime to transfer it.. I dont know how correct I am in saying this and please correct me if I am wrong.. If I hate my employer in Singapore its probably easier to change jobs and not much bureaucratic and administrative hassels around work permit?

Last point - what justifies the high tax rate and NI contribution.. What justifies the nearly 40 - 50 % contribution towards NI + Taxes in UK? Why not subsidise NI for foreigners..something similar to what they have in Singapore for CPF... No contribution from foreigners..?

I might be wrong in my views and flawed in my arguements... But am open to discussion so that I arrive at the right decision..
The percentage of tax whatever it may be, you need to compare your take home salary in both countries and then see which place gives you more bang for the buck.

UK has more jobs than SG. Period. In SG you dont have jobs, what is the point of ease of getting EP, if you dont find an employer who wants to employ you. In the UK, you will have lots of companies if you have the skills and getting a visa is tough but not impossible.

As you said in your post its easy to get an EP in SG, so whats the big deal in getting something thats easy to get. I would rather go for something that is difficult to get and then feel a sense of achievement about it.

I dont have to teach you economics, you know which place is a high cost center and which is a low cost center. Where high skilled jobs exist and where low skilled outsourced jobs exist. Singapore is just an offshore center like India. Your clients are still in the UK or the US.

Did you do a search on the jobs sites that I told you? Come back and tell me how the opportunities stack up.

And like you say, its easy to get an EP in SG, if something goes wrong in UK, it would still be easy to get an EP in SG but not the other way round. Hope you got my point.

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