Thanks AngMoG!AngMoG wrote:Seems pretty fair to me. With the salary, you will not have any problems living in Singapore as long as you do not insist on owning a car, or having a house with garden.
Rent a condo, and enjoy life. Note two things:
1) Income tax is very low here, check iras.gov.sg for details
2) At that level, your chances for an employment pass are good, but nothing is 100% any more, keep that in mind.
Hi JR8 really appreciate ur analysis / feedback!JR8 wrote:It would help if you could hint at what you currently earn, and in what country you are. Plus the kind of place you'd wish to rent. Then you could put the figure into a Cost of Living Calculator (refer to the FAQ linked in SundayMorningStaple's tag-line).
Meanwhile, S$9.4*12=102.8k, = euro64k or GBP54k. Not a lot to move half-way around the world.
From that you'd be paying:
Your journey
Relocation expenses (tropical clothing, furnishings, electricals)
Your freight
Hotel on arrival until you have a flat organised
Your rent
Expenses visiting back home ('home leave')
Taxes.
I don't know how much such 'work experience' might be worth to you on your resume, but one would hope an awful lot, to even consider this.
Back of an envelope I'd reckon a *base* of euro50k p.a. on the above, but that is before tax.
That is also before, food, drink, travel, recreation and so on...
My impression is they sense they can get you very cheaply. Personally I wouldn't touch it with a barge-pole.
Just my 2C!
Wd40 wrote:Considering the Title "Senior manager" I would say the pay is on the lower side. Is it an AVP or a VP role? The salary seems to be okayish for an AVP role.
If the British bank you are talking about starts with a B, I am a bit familiar with itI dont work there though and I work in IT as a developer
If the bank indeed starts with B, then they do provide the equivalent of Employer contribution($800) to CPF to a private pension fund and you need to contribute $1000 as well.
Again really appreciate your comments!JR8 wrote:It sounds light to me. Put it like this, I had a similar'ish profile to you (but Wall street bank, internal relocations) and was offered more than you have been (as a whole package)... *and* that was 20 years ago! Please don't think I'm bragging, as I am sincerely not. That was little more than I'd have earned 'on a cost-adjusted basis' back home at that time in London.
As a starting point why not try and view/review some jobs ads/available in Singapore, to try get a level for what your skills/ position are worth locally?
Maybe many more talented westerners are willing to make such a move, as opposed to back in my days... but, somehow I doubt it. You need to look at this very carefully, that's my advice!
good luck
It's par the course (local contract) if not a bit on the low side, but portfolio management is a very good area to be in with CVA / anything collateral related being hot topics at the moment. It's one of the few areas in banking that is spending and spending big, and, with increased regulation and capital constraints, will continue to spend for the next 3-5 yearsSoren_H wrote:Hi,
I have just received an offer from a british bank in Singapore. Am not sure should I take it considering there is no relocation allowance. I have never been to SG so your advice is highly appreciated!
Here is the offer details:
Salary: SGD9.4K
Title: Senior Manager, Portfolio Management
Industry: Banking
Reloaction Allowance: None
Terms: Local contract
annual leaves: 25 days
About me:
30 Male Single, Danish
5 yrs banking experience(Risk / Capital Management) in London. 1 yr in HK. 1 yr in Amsterdam.
Does the aforementioned package fairly reflect my experience and the market benchmark in SG?
9.4k is slightly below my expectation but I do consider the experience in SG valuable to my CV.
What do you think?
Much Appreciated!
Soren
BillyB wrote:It's par the course (local contract) if not a bit on the low side, but portfolio management is a very good area to be in with CVA / anything collateral related being hot topics at the moment. It's one of the few areas in banking that is spending and spending big, and, with increased regulation and capital constraints, will continue to spend for the next 3-5 yearsSoren_H wrote:Hi,
I have just received an offer from a british bank in Singapore. Am not sure should I take it considering there is no relocation allowance. I have never been to SG so your advice is highly appreciated!
Here is the offer details:
Salary: SGD9.4K
Title: Senior Manager, Portfolio Management
Industry: Banking
Reloaction Allowance: None
Terms: Local contract
annual leaves: 25 days
About me:
30 Male Single, Danish
5 yrs banking experience(Risk / Capital Management) in London. 1 yr in HK. 1 yr in Amsterdam.
Does the aforementioned package fairly reflect my experience and the market benchmark in SG?
9.4k is slightly below my expectation but I do consider the experience in SG valuable to my CV.
What do you think?
Much Appreciated!
Soren
You'll also have good opportunities with 'H' to zip around the region.
My advice is take it and I'd be quite confident that once you have a couple of years with 'H', opportunities will open up in North Asia / China when they start to play catch up in that space.
I really don't know.....at least the hiring manager is British. Does that make any difference? It's global village now innit? =)PrimroseHill wrote:I am surprised that H is paying this low, I thought they generally pay quite well. Even within H, it depends on a few factors that determine the pay scale, the division - i.e. investment banking, capital markets, private banking etc etc.
I believe that plain vanilla investment banking/equity arent great payers at the moment but the derivatives market; now thats a different ballgame altogether.
H, are they truly British these days?
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