Compare Your Annual Income 2010
September 12th, 2010
We have updated our ever-popular income benchmarking tool to use Iras’ latest data.
Our income comparison tool needs no introduction. If you have not heard of it, see last year’s edition. The past 4 editions of this tool have attracted a total of more than 230 comments.
To use it, just type in your annual income (assessable income) and see how well you rank against all resident taxpayers in Singapore:
Notice that if you earned the same amount as the previous year, you will rank worse than before. People are making more money, obviously. A 100k income would give you a 79.9th percentile ranking a year before, but the same amount places you only at the 79.0th percentile this year. Guess what – four years ago, it was 83.1!
top student Says:
September 12th, 2010 at 11:57 pm
in school, i was in the top 1% of my cohort (i was told), but now my income is not even near the top 10%. i think life is fair to all in certain ways.
sgdoc Says:
September 13th, 2010 at 9:34 am
U chose the wrong career.
What to do?
Money is not the only thing that matters.
As long as you are happy, that matters.
Having said that, I have classmates who earned millions but are not happy.
Then there are those who earn much less than me but are very happy:)
clark Says:
September 13th, 2010 at 10:33 am
1) the income gap is clearly widening.
2) taking the route of ‘being happy’ and ‘being contented’ with what you have is really sad and defeatist. It is like you know you cannot make a lot of money and you find a reason to justify your existence. That’s sad.
3) you can be rich and happy as well. This myth of a trade off between riches and happiness need to be dispel. In singapore, most of the jobs sucks essentially, because options are limited, so naturally, high paying job equates miserable life.
4) the income disparity will widen over time. If your pay or income stagnants over time, you are getting poorer every year.
IT Specialist Says:
September 13th, 2010 at 9:28 pm
Happiness is a lame excuse the poor made up for not being rich.
I made more than 200k a year all over the world. I am not rich yet but I am happy just counting the money.
Money can buy your family member happiness and seeing their smile will bring you that happiness you seek.
Hence, money can find you happiness.
Work hard and smart
agreed Says:
September 13th, 2010 at 10:50 pm
I think the adage that “Money cannot buy happiness” was created by the smart Rich so the dumb Poor will never try to get rich and stay happy and contented to continue slaving away for their rich bosses.
noiser Says:
September 14th, 2010 at 1:45 am
Sister Mary: Money can’t buy happiness, Gabrielle.
Gabby: Sure it can! That’s just a lie we tell poor people to keep them from rioting.
–Eva Longoria as Gabrielle Solis
$$$ Says:
September 14th, 2010 at 8:42 am
it’s already proven by a study: “Up to 75,000 dollars, money buys some happiness”
http://www.google.com/hostednews/afp/article/ALeqM5ifI7wKHXFGL9t7-2qeGhO1th6BCA
“We conclude that high income buys life satisfaction but not happiness, and that low income is associated both with low life evaluation and low emotional well-being,” the researchers write in the Proceedings of the National Academy of Sciences.
Inflation at 3.9% Says:
September 14th, 2010 at 8:55 am
The definition of true happiness is very simple, it’s basically the fullfillment of your childhood dreams. For some people, the dream is to be super rich, so in that sense more money = more happiness, but most people mistake contentment with happiness. The poor is not happy not because they have very little money but because they know they have almost zero chance of pursuing any dreams whatsoever.
sgdoc Says:
September 14th, 2010 at 8:57 am
How can everyone be rich like doctors and lawyers?
We all just need to be realistic to be happy.
If a fringe player wants to play regular football, he has to go to division one or even division two.
If he stays in EPL, he must accept that he wont be chosen all the time.
Just be happy with what u get.
Then u be happy.
Dont strive for the moon.
There is only one CEO so if being CEO will make u happy, a lot of people will be unhappy.
noiser Says:
September 14th, 2010 at 5:29 pm
Well, a fringe player in EPL gets 50k a week and a first team player in Div 2 gets 5k a week. Which one do you want to be?
Joseph Says:
September 14th, 2010 at 11:34 pm
> top student – Cohort as in what? School? You need to peg yourself to the nation. Anyway why does it matter? As others have said there’s the rule of diminishing returns. Mo’ money doesn’t mean mo’ happiness.
top student Says:
September 15th, 2010 at 11:37 am
nation.
i was in top 1% by my SAT scores too. and that’s international.
top students usually end up as unhappy adults if they aren’t as “successful” as before. more expectations => more unhappiness.
Gahmen Says:
September 15th, 2010 at 5:20 pm
You should have become a civil servant and work for the government… You might not have been happier, but at least you can be unhappy in comfort! And it is an Iron Ricebowl
noiser Says:
September 15th, 2010 at 7:26 pm
@ top student
i agree. top students have higher expectations of themselves and when reality bites, they become unhappy.
if you are in your 20s now, don’t worry, you still have plenty of time for your income to reach top 10%.
teaengpeng Says:
September 15th, 2010 at 8:43 pm
Just a sharing of thoughts…
I belong to the bottom 5% of student in my secondary school days with total point of 39 which result in the only choice for further study is to ITE.
Today my income belong to the top 10% (In fact close to top 5%) using the calculator and I am only a poly graduate.
I am not bragging because I know of many others who earn more than me from my industry and whom are my clients. My objective is to debunk the myth of money after going through the hurdle myself.
First, a lot of people think that you have to be in the right industry but the fact is every industry has their market leader. You must be your industry leader to make the most money. You’ll still earn a lot of money if you are just the top 20% in your industry.
In my industry, the top 20% earn what the other 80% are earning.
Of course some industry earn more than the other, but if you are not in an industry that you have a genuine interest but just for the sake of money, success rate is low. I’ve seen many drop out in my industry because they came in for the wrong reasons which was wrongly painted to them.
To know how to get to the top 20% of your industry, read – http://bit.ly/9uRtP3
Second, I do not think that I am any more clever than many of my peers but I think the different is that I never stop learning from the more successful people and act on it without doubt. I eventually found out what works and what don’t after massive action.
Read – http://adamkhoomillionaire.blogspot.com
P.S. I think the blog has many good articles stating the facts which a lot of people find hard to swallow or believe that it is that simple. The denial is the only reason why you can’t reach the top. Period.
Pro Says:
September 15th, 2010 at 11:33 pm
The stats refers to tax paying residents. Given that not many working adults pay taxes in Singapore your percentage is generally higher.
confucius Says:
September 16th, 2010 at 6:02 pm
While it’s naive to think money can’t buy happiness, it’s also important to keep in mind how much money one needs, and whether you are willing to go the extra mile, whether you have the skills, temperament, aptitude, etc.
More important than the pursuit of happiness is correctly identifying the source of happiness; it’s a lot like traveling–white sand beach paradises are wonderful, no doubt, but they’re not for everyone.
For some, the pursuit of money is itself the source of happiness. While their wives find happiness in spending that money.
Financial freedom can be the key to your kingdom of happiness.
unfair Says:
September 17th, 2010 at 1:56 pm
life is always not very fair if you keep comparing income, money, wealth, lifestyle.
First Timer Says:
September 17th, 2010 at 11:14 pm
Alamak, sgdoc, coming to a site that worships $$$ and tell people here that “money does not equate happiness” is like walking into church on Sunday morning and shout “God does not exist!”
foreign talents Says:
September 19th, 2010 at 2:27 am
are foreign talents included in this comparison?
wave rider Says:
September 20th, 2010 at 7:25 am
Of course. As long as they are paying taxes, they should be.
FT Says:
September 20th, 2010 at 4:31 pm
Note that a lot of young foreign talent is now coming to SG with half-expat or even local contracts! Reason is the sluggish job market in western countries and the urge to get into Asia…
LT Says:
September 20th, 2010 at 7:00 pm
how are we protected from these “FT”? or are we going to be cheaper, better and faster to fight with them? why doesn’t the c,b,f objectives apply to our civil servants and ministers? i think we can hire 3 obamas, 10 hilary clintons, 20 hu jintaos and 100,000 of the top government servants in the world with their salaries. seriously.
FT Says:
September 20th, 2010 at 8:12 pm
No protection needed, just play on your strengths. Singaporeans are effectively bi-lingual: English and Mandarin. You are a valuable commodity for any MNC who wants to expand to China (which is almost all of them).
You just need to be adventurous and willing to move around the world!
satisfied Says:
September 23rd, 2010 at 2:56 am
I was in the top 0.01% of the national cohort, studied in a top university which is obviously not in Singapore, and today I’m making S$180,000 a year in my 20s.
I am not elated or complacent but I can say I am fairly fulfilled. If I had been a trader I’d make a lot more but I may also burn out sooner. Moreover, the sense of purpose I feel in the work I do outweighs just dollars and cents.
It’s true that after a certain percentile you pass on the income bell curve, money really does little to motivate further. The other things do.
For people who claim money is the only factor that determines job satisfaction, they must be paid very little..like less than S$70,000 per annum in their 30s or 40s.
to satisfied Says:
September 27th, 2010 at 12:43 am
What sector are you in? Tell me so I can switch.
also to satisfied Says:
September 28th, 2010 at 5:54 pm
What’s your occupation?
Must be a good one to enable you to both earn so much and get a big kick from it as well. So envious…….
Contented Says:
October 4th, 2010 at 9:34 am
I am from NUS, bizad grad from 1996.
Starting salary was $1800 in 1996.
Salary was $5600 in 2001.
Salary dropped to $4300 in 2007
Salary increased to $10500 in 2010.
Now waiting for my next offer.
These are statistics, it pays my bills, but it does not make me happy or sad.
What makes me happy is that there is value in what I do to the relevant people. I can contribute. I feel useful.
Life is not just about myself, and my salary.
I am happiest when I don’t think about money.
Curious Says:
October 5th, 2010 at 8:51 pm
Contented, don’t mind sharing which industry are u from? Thanks.
Contented Says:
October 8th, 2010 at 11:19 am
Service provider for the Energy Industry
Strange Says:
October 9th, 2010 at 2:19 pm
Is a salary of $360000 enough to live a comfortable life
To Strange Says:
October 9th, 2010 at 7:16 pm
usd75000 is enough, according to a research. u can give me the rest since according to the law of diminishing returns, i will derive more happiness from it than you..
http://blogs.wsj.com/wealth/2010/09/07/the-perfect-salary-for-happiness-75000-a-year/
How much are you earning per annum? - Page 35 - Salary.sg Forums Says:
October 14th, 2010 at 10:48 am
[...] Originally Posted by goondo Why you believe whatever people post. I earn $200,000 per annum excluding commissions ($2million including commissions) I don't believe what people post too. But I definitely believe Iras data. They collect taxes and publish income data. (If you evade tax, you go to jail, like the recent case where this guy did not declare his rental income.) So if you believe Iras data, check the following link to see how well you compare with other tax payers: Compare Your Annual Income 2010 | Salary.sg – Your Salary in Singapore [...]
anti-IT specialist (4) Says:
October 22nd, 2010 at 9:28 am
Dear IT-specialist,
I am sad to see you wrote that seeing your family smlie means happiness and counting ONLY 200K make you happy.
Tell me again 5 years time.
Mike Says:
November 15th, 2010 at 8:52 pm
I think the bigger problem is that the survey is inaccurate. Popping your salary in produces a comparison with other taxpayers. That leaves out a large chunk of people who do not pay income tax.
No name Says:
November 18th, 2010 at 4:11 pm
If you follow the link to the IRAS report it states the number of resident tax payers at 1mil and a bit. So if your income is at 60% of all resident tax payers then you would be earning more than 4.5mil-1milx40% = 4.1mil other Singaporeans and PR. Equivalent to the top 9% of residents. However the data is based on assessible income meaning total income less any deductions you are entitled to. Most people won’t have a lot of eligible deductions but it will be skewed by people with a lot of dependants etc.
assessable Says:
November 18th, 2010 at 11:20 pm
assessable income is not the same as chargeable income. chargeable income is as what you said: “total income less any deductions”, but assessable income is your earned income plus rental plus other sources of income _before_ any reliefs, rebates and other deductions.
taxpayer Says:
November 19th, 2010 at 8:49 pm
To the NUS bizad grad, your pay took 15 years to increase to $10k (including bonuses)..That means you’re between the age of 37 and 39 (if you’re male, with NS added) and that pay at your age is really shitty man.
No wonder you’re happiest when you don’t think about money.
hahaha Says:
December 3rd, 2010 at 2:29 pm
To post #38,
My pay is less than $7k and I graduated in 1998.
Tried to get an offer that will bring me above $100k pa, but hey, FTs are cheaper, though not better. So, still stuck here. And bear in mind, the last 12 years have been a decade of crisis. Happy just to be alive!
Almost NUS drop-out Says:
December 28th, 2010 at 3:31 pm
As my nick suggests, I played too hard during my 4-year stint in NUS. There is no doubt that i belong to the top 5% of my cohort from the bottom. Luck was on my side when i managed to join a mega MNC right after my graduation in 2004. Otherwise I cannot imagine ending up being a insurance/property agent or even being a half-bucket MOE teacher as most screwed-up NUS graduates would end up. So Work really hard to prove my worth. After 6.5 years, I’m still in the same company, earning S$160K a year. Planning to do my EMBA in INSEAD or Chicago Booth as my next step.
Fighter Says:
March 4th, 2011 at 1:52 am
Money and happiness are correlated up to only a certain level and thereafter, not much. Do you think a person with $101mil is much happier than another with $100mil?
haha Says:
March 4th, 2011 at 2:04 am
but i’m sure i’ll be happier with $101mil than with $100k! give your spare millions to me please…
kenichi Says:
March 4th, 2011 at 8:38 am
A better example may be: would a person with 50 million be much happier than another with 500 million?
75000! Says:
March 4th, 2011 at 3:19 pm
WSJ says u only need 75k usd a year. Give me the rest if you are earning more since it will not make you happy. I earn less than 75k usd a year.
siera Says:
March 28th, 2011 at 1:13 pm
Money does make you happy. It doesn’t necesarily mean that when you have money or you earn more, your life gets miserable.
Ganesh Kanse Says:
May 21st, 2011 at 1:11 pm
Hi,
I am planning to immigrate to Singapore in banking sector.
I have international qualification viz. CAMS and stand a good chance to gain a senior management level in good banks in singapore.
I would like to know what should be my expectation per month.
Whether SGD12500 per month is good enough?
Regards
Ganesh
Welcome Says:
May 21st, 2011 at 1:51 pm
12.5k is analyst pay. Since you are going for senior management role, ask for 25k base and a 4k car allowance per mth.
To: Ganesh Kanse Says:
May 23rd, 2011 at 10:53 pm
Please do not immigrate to singapore. overcrowded.
to To: Ganesh Kanse Says:
May 23rd, 2011 at 11:00 pm
you have not been to India.
To: Ganesh Kanse Says:
May 24th, 2011 at 6:51 pm
eh, have we met b4? else how would you know that i have never been to india? anyway this place is really too overcrowded with foreign talents. Try HK or China. Happening places.
How To Ask For Pay Increment | Salary.sg - Your Salary in Singapore Says:
September 25th, 2011 at 2:12 am
[...] Compare Your Annual Income – this uses very reliable data from the tax authority Iras. [...]
moot Says:
October 12th, 2011 at 9:52 am
top 1% in SATs or results doesnt mean u are the top 1% effective worker dude
a good student doesnt always = to a good worker/boss/manager/leader.
analyst Says:
October 24th, 2011 at 2:45 pm
Median, 50th percentile, is at 53400 per annum.
That’s 4450 monthly salary.
That means many fresh grads these days who’re offered between 30-60k per annum pay package are
doing pretty OK, considering the relative age of fresh grads vs all tax payers
Unhappy Says:
February 11th, 2012 at 11:21 am
When i typed in mine, it didnt work. Why is this so sheesh was so interested in doing this you know. So upset now