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

 

More Jobs For Locals At The New National Jobs Bank

July 29th, 2014

Keeping an eye out for better employment? Salarymen (and women) who are used to surfing through the various job portals available in Singapore will be interested to hear about the newly-launched National Jobs Bank at www.jobsbank.gov.sg, which boasts over 16,000 jobs available only to Singapore Citizens and Permanent Residents.

Jobs Bank

The National Jobs Bank launched on 14 July, and is still in its public beta phase, so users can expect to see more fixes and perhaps more functions added in the months to come. The Workforce Development Authority (WDA), which runs the site, is also working with unions, industry associations, employer groups, government and community organisations to encourage more employers and local workers to use the Jobs Bank.

Labour MP and NTUC Legal director Patrick Tay had been lobbying for this, and the rest of the Fair Consideration Framework, since 2011, after seeing how the “no quota” Employment Pass system was already putting the squeeze on local wages. He knew that an unchecked inflow of PMEs from around the world would be detrimental to workers here in Singapore and ultimately put our society on the edge.

The National Jobs Bank is supposed to be exclusively for the use of Singaporeans and Permanent Residents and is a key component of the Fair Consideration Framework – a process that employers have to go through to ensure that local candidates are considered for job vacancies first before they can apply for an EP to fill the role with a foreigner.

It’s a pretty straightforward site, and you can create a job-seeker profile by logging in with your SingPass. You can then flesh out your resume, search for jobs and set up SMS or email alerts for when suitable jobs come up.

Don’t expect anything fancy here. The Jobs Bank touts itself as a “self-help platform and will also support WDA’s career services and allow WDA to reach out a wider pool of local job seekers”. As a result it won’t have the extensive features that commercial sites boast, but nonetheless, there is some concern that it could dent the traffic flowing to other job portals.

Here, at least, you will find employers who are actively looking to hire Singaporeans and PRs. This is also partly in response to the recent concern over foreigners filling up too many vacancies because they were willing to price themselves below our market rate, and that in turn because they were working to bring money back to a home where the cost of living was lower.

The best thing to do now would probably be to sign up at the National Jobs Bank if you are looking for a job. One more fountain of opportunity never hurt anyone, and a Singaporean-first job marketplace will need the participation of both employers and local workers.

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5 Easy Ways To Save Money

July 9th, 2014

Young professionals are always on their way to a big spend, whether it is a new car, a wedding or a home. It may seem that you are no closer to your goal that you were a few months ago but this is only because you are not saving money in all the ways that you can. Some of the ways of saving money outlined here may have been ways you have never thought about before while others may be ways you had thought about and dismissed as too much work for little reward. Well, we are here to tell you that no way of saving money is too small and every little bit counts.

Save Money

1. Filling up reusable water bottles instead of buying bottled water.

The price of a bottle of water may seem like an insignificant addition to your savings but over a year or even a month, it can really add up. Start using a metal or plastic reusable water bottle that you can fill at home before going to work. You can even carry a small bottle of flavor addition to add some flavor to the water to stop your cravings for soda and so you prefer it over bottled water.

2. Wait a month before making big purchases.

Before you spend a lot of money on a luxury, wait a month and see if you still want it. This will make sure that you spend your hard earner money on only the most desirable objects that will want for a long time. Many big purchases which are made on impulse can be very damaging to your bank balances and depreciate very quickly, so selling them on can also not be a viable option.

3. Save on your car insurance by increasing your deductible.

Increasing your out of pocket pay will mean that your premium goes down and if you are a safe driver, this may be worth the added risk. You can then bank away your saved premium towards that big purchase you really want to make.

4. Get serious about customer rewards.

Airline rewards, credit card points and department store rewards should all be used to their fullest potential. This can save you a lot of money. Take the time and effort to shop at the place that will offer you the best value on points, fly on airlines that you use regularly and use the credit card with the best points structure in as many places as possible.

5. Stop one habit.

Whether it is smoking, drinking every weekend, buying a latte everyday or splurging on a big restaurant meal every day. Just cutting one habit, however small will mean big savings over the year.

With these tips you should be able to get to your dream wedding, first home or a new car quicker and they are not as painful as they seem.

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How Does CPF Compare With Other Countries’ Retirement Plans

July 1st, 2014

Hong Kong’s MPF and Australia’s MySuper are designed as retirement funds while Singapore’s CPF and Malaysia’s EPF allow parts of it to be used for Housing. In Singapore’s case, it can also be used for Healthcare and Education. Singapore’s CPF also allows for members to invest their funds through the CPF Investment Scheme (CPFIS). With this flexibility, CPF members invest their CPF savings in various instruments such as insurance products, unit trusts, fixed deposits, bonds and shares.

Contribution rates for Singapore’s CPF vary according to age group. With NTUC lobbying to increase CPF contributions, it was announced in Budget 2014 that employer CPF contribution rates will be increased by 1% for employees below 50 years old from January 2015.

Here’s a comparison chart of the four funds compiled on 1st July 2014.

Click to view:
CPF Comparison

Did you know?

There are two contribution limits to your CPF; a monthly CPF contribution limit of SGD 1,800 and an annual limit of S$30,600 for both employer and employee contributions.

Click to view:
CPF retirement plans comparison

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Civil Service Bonus Mid-2014

June 14th, 2014

The Public Service Division (PSD) has just announced that the civil service mid-year bonus will be 0.5 month. This mid-year bonus, known as Annual Variable Component (AVC), will be paid out in July 2014. Besides this, Division III and IV officers will respectively receive additional wage increments of $30 and $70 per month, over and above their [...]

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Median Household Income Increased 4% To $7,870

June 13th, 2014

3 things we learnt from the recently released Singstat report The Department of Statistics Singapore released its Key Household Income Trends report for 2013 earlier this year and it seems to suggest that all is well in the economy and most key indicators point to improvement in the income trends. So here are a few [...]

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Medishield Life Summary

June 6th, 2014

The government has just announced details about the new Medishield Life medical insurance scheme for all Singaporeans. Basically, the objectives of Medishield Life are: More payout for large bills – you pay less for large bills Coverage for everyone, regardless of age and pre-existing medical conditions, and even if your health circumstances change Claim limits [...]

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The Best Credit Cards for Singapore Petrol Stations

May 20th, 2014

While Singaporeans may not face the most unaffordable petrol prices in the world, according to Bloomberg (study of price of gas versus income), we do end up spending a significant amount at the pumps, so it should come as a relief that there are several options for credit cards that offer great rewards or discounts [...]

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CPF Minimum Sum – How To Navigate?

May 14th, 2014

The CPF Minimum Sum will be raised to $155,000 from 1st July 2014. What is the CPF Minimum Sum and how do we “navigate” it? Can we be “exempted” from the CPF Minimum Sum? Briefly, the CPF Minimum Sum is the amount of money you have to set aside for retirement. When you reach 55 [...]

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Active Income vs Passive Income

May 12th, 2014

by Calvin Yeo, Managing Director of Doctor Wealth Pte Ltd While we are all busy building our careers, we tend to focus only on our take home pay. While that is nothing wrong, we should not neglect investing as that could be very rewarding in the long run. What Is The Difference Between Active Income [...]

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3 Best Credit Cards for Frequent Flyers in Singapore

April 28th, 2014

The number of credit card options available to frequent flyers and the rewards they offer are constantly growing, which seems to be making it harder to pick the best one. While the right choice will depend on your traveling and spending habits, this article should help to find the card that is best tailored to [...]

Read the full article at 3 Best Credit Cards for Frequent Flyers in Singapore