Salary.sg – Your Salary in Singapore

All about Income, Jobs, Career, and Investment in Singapore

 

Car Prices in Singapore

April 10th, 2014

Cars are expensive in Singapore. The most expensive by most studies. In fact, more than twice as expensive as the runner-up according to one particular report.

In a recent report done by Yahoo!, Singapore ranks 1st in the Toyota Corolla Global Price Index, which is definitely indicative of the general car prices here.

 
Yahoo! compared the prices of Toyota Corolla Altis in various countries around the world, using similar variants of the Altis model as far as possible.

We sorted the prices and found, to our horror, that the cost of Singapore’s Altis is a whopping 270% that of the second-placed Cuba! With the same amount of money, you can buy 6 similar cars in USA or Japan.

Here’s the car prices ranking table:

  1. Singapore – $135,988
  2. Cuba – $50,440
  3. Nigeria – $46,110
  4. Indonesia – $45,510
  5. Brazil – $45,388
  6. Malaysia – $43,954
  7. Germany – $38,950
  8. Thailand – $32,147
  9. South Africa – $30,303
  10. Taiwan – $30,247
  11. Australia – $30,144
  12. China – $28,583
  13. USA – $22,963
  14. Japan – $20,741

 
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See also our previous article on “High” COE prices. (It’s much higher now.)

Ways to Increase Your Income From Your Job

April 3rd, 2014

by Calvin Yeo, Managing Director of Doctor Wealth Pte Ltd

For most people, their work based compensation (i.e. salary, bonus, commission) make up most of their income. When it comes to financial planning, we are focused on managing current financials and projected financials based on status quo. Thinking outside the box though, you should also explore ways to give your income a boost.

Increase your income from your job

Ensure That You Are Fairly Compensated

All salaried workers should expect to be paid at least market rate for their work. One of the first ways to figure that out is to look for job surveys published by recruitment agencies and job classifieds. They normally have a pay scale varied by industry and position level. Make sure your pay scale is at least in the middle tier or top tier. If you are not, you should renegotiate your package or look for alternative jobs

Plan Your Career and Upgrade Yourself

Plan out where your career is going and figure out how you can climb up the corporate ladder. All Companies want individuals who are willing to step up and contribute without being asked to. Show the initiative and work hard to prove yourself to the Company that you are ready for higher responsibilities. By doing so, you will eventually get recognized and be promoted, raising your salary packages and more. It is also necessary to keep educating and upgrading yourself, be it taking new courses, getting a MBA, picking up books on the industry and management. Learning never ends.

Opt for a Variable Package as Opposed to Fixed Package

A well designed salary package is often based on variable factors as opposed to a fixed salary. A good management knows that by tying rewards to contributions, employees are well incentivized to work harder. Similarly, you can try to get a job with a variable package such as sales, work really hard every month and you will see your rewards very quickly in terms of higher commissions and so on. Even if you are a manager on a fixed salary, discuss with your employer to see if they can tweak the salary package to one which is of lower basic but higher overriding or profit shared incentive. So when your division does well by having good profits, you get a higher compensation package as well, making it a win win situation. An even more daring approach would be to take up company stock options as opposed to getting a higher salary, the potential upside is a lot higher for smaller companies.

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About the Author

Calvin Yeo is the Managing Director of Doctor Wealth Pte Ltd (www.drwealth.com), which is an online financial planning platform. He is also a Chartered Financial Analyst (CFA) as well as Certified Financial Planner (CFP).

Top 100 Jobs In Singapore (2014)

March 25th, 2014

This is Salary.sg’s early 2014 edition of the 100 Best-Paying Jobs in Singapore. This year, we include a second ranking table just for the Financial Services Industry, which is the source of many highly paid jobs here.

Wage data from Ministry of Manpower were used to generate our Top Jobs ranking tables.

The MOM wage data exclude bonuses and profit sharing. You may also wish to note that “(the) wages for certain occupations, especially those where performance-based bonuses constitute a significant portion of total wage, would be lower than expected. Examples of such occupations are brokers, dealers and senior management staff.”

Top 100 Jobs in Singapore

Without further ado, we present the 100 Highest-Paid Jobs in Singapore, as well as the Top 40 Jobs in Financial Services. The wage numbers are the third-quartile monthly gross wages.

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Top 100 Jobs Across All Industries

  1. Managing director/ Chief executive officer – $31,800
  2. Specialist medical practitioner (medical) – $30,250
  3. Specialist medical practitioner (surgical) – $26,516
  4. Trade broker (including oil and bunker trader) – $21,667
  5. Foreign exchange dealer/ Broker – $19,083
  6. Chief operating officer/ General manager – $17,087
  7. Company director – $17,050
  8. Ship broker – $17,000
  9. General practitioner/ Physician – $16,354
  10. Commodities derivatives broker – $15,000
  11. University lecturer – $14,752
  12. Marketing and sales representative (institutional sales of financial products) – $14,167
  13. Lawyer (excluding advocate and solicitor) – $13,333
  14. Legal officer – $13,150
  15. Financial/ Investment adviser – $13,005
  16. Financial/ Insurance services manager (eg financial institution branch manager) – $12,968
  17. Software and applications manager – $12,918
  18. Marine superintendent engineer – $10,938
  19. Chief information officer/ Chief technology officer – $10,648
  20. Treasury manager – $10,530
  21. Risk analyst (financial) – $10,058
  22. Business development manager – $10,000
  23. Policy and planning manager – $9,727
  24. Ships’ deck officer and pilot – $9,679
  25. Marketing and sales representative (ICT) – $9,600
  26. Budgeting and financial accounting manager (including financial controller) – $9,500
  27. Research and development manager – $9,488
  28. Network and communications manager – $9,250
  29. Chief engineer officer (ship) – $9,250
  30. Technical/ Engineering services manager (eg shipyard manager) – $9,161
  31. Wholesale trade manager – $9,150
  32. Human resource manager – $8,930
  33. Quality assurance manager – $8,880
  34. Customer service manager – $8,800
  35. Journalist – $8,708
  36. Sales and marketing manager – $8,597
  37. Management and business consultant – $8,518
  38. Manufacturing plant/ Production manager – $8,390
  39. Information technology project manager – $8,320
  40. IT service manager – $8,250
  41. Procurement/ Purchasing manager – $7,903
  42. Health services manager – $7,848
  43. Advertising/ Public relations manager – $7,620
  44. Administration manager – $7,578
  45. Transport operations manager – $7,491
  46. Supply and distribution/ Logistics/ Warehousing manager – $7,472
  47. Petroleum/ Natural gas engineer – $7,437
  48. Database administrator – $7,359
  49. Materials engineer – $7,325
  50. Education manager – $7,300
  51. Building and construction project manager – $7,239
  52. Chemical engineer – $7,230
  53. Building architect – $7,200
  54. Musician, composer and singer – $7,042
  55. Insurance underwriter – $7,042
  56. Financial analyst (eg equities analyst, credit analyst) – $6,917
  57. Systems analyst – $6,740
  58. Human resource consultant (excluding executive search consultant) – $6,633
  59. Premises and facilities maintenance manager – $6,599
  60. Surveyor and cartographer – $6,571
  61. Author and related writer – $6,560
  62. Medical scientist – $6,489
  63. Mathematician, actuary and statistician (including operations research analyst) – $6,482
  64. Network/ Infrastructure architect and engineer – $6,468
  65. Biochemist – $6,414
  66. Industrial safety engineer – $6,412
  67. Executive search consultant – $6,398
  68. Information technology security specialist – $6,385
  69. Information technology testing/ Quality assurance specialist – $6,360
  70. Market research analyst – $6,281
  71. Telecommunications engineer – $6,089
  72. Producer (stage, film, television, computer games, video and radio) – $6,054
  73. Software, web and multimedia developer – $5,958
  74. Editor (news and periodicals) – $5,954
  75. Electronics engineer – $5,909
  76. Civil engineer – $5,899
  77. Chemical engineering technician – $5,791
  78. Network/ Computer systems administrator – $5,770
  79. Mechanical engineer – $5,706
  80. Medical diagnostic radiographer – $5,622
  81. Electrical engineer – $5,576
  82. Industrial and production engineer – $5,516
  83. Advertising copywriter – $5,500
  84. Securities and finance dealer/ Broker – $5,500
  85. Call centre manager – $5,462
  86. Librarian – $5,450
  87. Broadcasting technician and audio-visual operator – $5,419
  88. Chemist – $5,390
  89. Accountant – $5,333
  90. Marketing and sales representative (medical and pharmaceutical products) – $5,318
  91. Artistic director (stage, film, television and radio) – $5,300
  92. Film, stage and related director and producer – $5,290
  93. Application/ Systems programmer – $5,274
  94. Pharmacist – $5,258
  95. Environmental engineer – $5,250
  96. Aged care services manager – $5,189
  97. Marketing and sales representative (technical) – $5,128
  98. Pharmacologist – $5,096
  99. Biologist, botanist, zoologist and related professional – $5,093
  100. Traditional chinese medicine physician – $5,045

 

Top 40 Jobs in Financial Services Industry

  1. Managing director/ Chief executive officer – $47,333
  2. Lawyer (excluding advocate and solicitor) – $23,180
  3. Company director – $21,667
  4. Foreign exchange dealer/ Broker – $19,167
  5. Policy and planning manager – $16,000
  6. Customer service manager – $15,834
  7. Chief operating officer/ General manager – $15,833
  8. Marketing and sales representative (institutional sales of financial products) – $14,583
  9. Software and applications manager – $14,209
  10. Business development manager – $14,140
  11. Technical/ Engineering services manager (eg shipyard manager) – $13,532
  12. Sales and marketing manager – $13,384
  13. Financial/ Insurance services manager (eg financial institution branch manager) – $13,320
  14. Network and communications manager – $13,303
  15. Human resource manager – $13,259
  16. Financial/ Investment adviser – $13,109
  17. Budgeting and financial accounting manager (including financial controller) – $11,990
  18. Chief information officer/ Chief technology officer – $11,791
  19. Auditor (accounting) – $11,640
  20. Risk analyst (financial) – $10,834
  21. Database administrator – $10,316
  22. Administration manager – $10,167
  23. Management and business consultant – $10,016
  24. Insurance underwriter – $9,690
  25. Quality assurance manager – $9,583
  26. Software, web and multimedia developer – $9,167
  27. Systems analyst – $8,845
  28. Author and related writer – $8,761
  29. Network/ Infrastructure architect and engineer – $8,173
  30. Application/ Systems programmer – $7,492
  31. Financial analyst (eg equities analyst, credit analyst) – $7,327
  32. Network/ Computer systems administrator – $6,698
  33. Procurement/ Purchasing manager – $6,600
  34. Market research analyst – $6,400
  35. Accountant – $5,958
  36. Securities and finance dealer/ Broker – $5,610
  37. Secretary – $5,600
  38. Operations officer (except transport operations) – $5,112
  39. Human resource associate professional – $4,800
  40. Management executive – $4,598

 

Reference: MOM Occupational Wages Table (released June 2013)

Compare the above with our previous Top Jobs List, which garnered a respectable 2,199 likes from Facebook.

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How Much Savings Should You Have By Now?

March 23rd, 2014

We previously mentioned that graduate couples should have no problem saving $1 million. Now, here’s a more precise way to calculate how much you should already have in savings based on your current age and current income. This method is taken from JP Morgan Asset Management’s Guide to Retirement 2014. Calculate How Much Savings You [...]

Read the full article at How Much Savings Should You Have By Now?

Income Tax Calculator YA2014

March 14th, 2014

To help our Salary.sg readers get ready for paying income tax, here’s our income tax calculator for this year (YA2014). Just enter your chargeable income (assessable income minus all applicable reliefs): The above calculator is based on information from Inland Revenue Authority of Singapore (IRAS). Even though the maximum individual tax rate is 20%, most [...]

Read the full article at Income Tax Calculator YA2014

Graduate Employment Survey 2013 (Published 2014)

March 2nd, 2014

Law, medicine, business and IT are tops again in the latest Graduate Employment Survey Results. Fresh lawyers earn an average gross monthly salary of $5k+, while fresh doctors and dentists make $4k+. IT, business graduates and almost all the rest get $3k+. At the bottom of the table are: Art, Design & Media, Linguistics, Science, [...]

Read the full article at Graduate Employment Survey 2013 (Published 2014)

Median Household Income is $7,870 Per Month

February 28th, 2014

In a recent Singstat’s press release, it is stated that Singapore households earn a median monthly income of $7,870. This is a 4% increase from last year. Note that this is the median of households that have at least one person employed. We understand that some households have three or more members who are employed and [...]

Read the full article at Median Household Income is $7,870 Per Month

Personal Finance App – An Interview with the Developer of “Clara”

February 22nd, 2014

by Mark Schreiber, Salary.sg guest contributor Salary.sg is pleased to interview the software developer of a new mobile personal finance app. Meiwin Fu is a software engineer with 10 years of experience under his belt. Currently working at a small startup in Singapore, he builds software products for enterprises. The name of Meiwin’s personal finance app [...]

Read the full article at Personal Finance App – An Interview with the Developer of “Clara”

Anton Casey and Wealth in Singapore

February 3rd, 2014

by Mark Schreiber, Salary.sg guest contributor Had Anton Casey castigated Bangladeshi construction workers or Filipina maids he would be just another wealthy expat banker revving his Porsche on Orchard Road, taking his ex-Miss Singapore wife shopping at Cartier, teaching his young progeny how to hit a boast on the squash court. But instead he is [...]

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Chinese New Year Ang Bao Market Rate

January 28th, 2014

As the lunar new year is coming, those who are involved in it in one way or another have to be prepared to give out the customary red packets aka “Ang Baos”. We saw the following “market rates” in social media and it was attributed to PerfectWeddings.sg: High Income - Combined income of $150k and above [...]

Read the full article at Chinese New Year Ang Bao Market Rate