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so I took a job

Posted: 10th Mar, '08, 15:54
by canuck
what's a good wage in Singapore? :D

Re: so I took a job

Posted: 10th Mar, '08, 17:26
by Fat Bob
Depends, what's your qualification (v imporant usually) and experience (which is usually worth jack shit) and what area you are in.

I know people on $5000/month and living well, I know others on a hell of a lot more and living well too.

Just found out there's CPF contributions on your bonuses and there's no limit! Cool! 20% of my bonus comes tax free and earns 3.5-5% until I leave Singapore! YIPEEEE!!!! Nice little nest egg building up there!

Re: so I took a job

Posted: 10th Mar, '08, 17:41
by daffodil
You took the job and now you're asking about salary? [smilie=tease.gif]

As long as it's enough to keep you in peanut cups, my dear !

Re: so I took a job

Posted: 10th Mar, '08, 20:36
by canuck
Well I kinda know about salaries just wanted a baseline,,
Daf: it will buy lots of cups :D, not like PhD level or anything, but then I don't have a phd

Re: so I took a job

Posted: 10th Mar, '08, 23:31
by Fat Bob
Well, without any info it's difficult to give any info back.

Simple websearch gives mean monthly earnings at around $3.5-4k/month

Re: so I took a job

Posted: 11th Mar, '08, 00:25
by sundaymorningstaple
Fat Bob wrote: Just found out there's CPF contributions on your bonuses and there's no limit! Cool! 20% of my bonus comes tax free and earns 3.5-5% until I leave Singapore! YIPEEEE!!!! Nice little nest egg building up there!
FB,

Not sure were you got your information from but you were given incorrect information.

Additional wages are subject to a wage cap. Rather than try to explain it here just have a read of the link to the relevant site on the CPF website.

LIMITS ON CPF CONTRIBUTIONS

Re: so I took a job

Posted: 11th Mar, '08, 08:15
by Fat Bob
Cool, thanks SMS. But still good news for this year, though only partial good news for 2010! :D

For those earning $4,500/month or over, then you get CPF contributions on upto $22,500 worth of additional wages each year.

For those earning less than $4,500/month, then you get CPF contributions on upto $76,500 wages, including both ordinary and additional wages.

Will throw those numbers into my excel sheet at work!

Re: so I took a job

Posted: 11th Mar, '08, 08:34
by Satellite
I find it rather odd that you get overly excited over CPF, FB. Most Singaporeans don't. It's not "additional" income at all! It is a cut of the gross monthly salary and the employers' portion really has already been taken into account as cost per employee - so just a matter of shifting around of money. Only difference is, someone else manages the money for you.

Re: so I took a job

Posted: 11th Mar, '08, 11:59
by Fat Bob
I suppose it's because I'm used to the UK system. I also get the option to take it out if/when I leave. And it's all tax-free, which is good, and gives a better return than any savings account in Singapore (3.5% on the first $20k in OA, 2.5% thereafter, 5% on first $40k in SA/MA/RA followed by 4% thereafter).

You can use some of it to help pay your housing costs and yeah, though you are right the company factors the costs in, I don't always realise it until a $10k bonus turns into a $8k bonus in hand and a $3.45k bonus in tax-free savings.

And thanks, Sat, you've just made me think about another tax-free retirement income thing. The SRS is tax-free on input and therefore I can use that as my mortgage reapyment vehicle! COOL!!!!

Re: so I took a job

Posted: 11th Mar, '08, 12:27
by Satellite
I suppose for you, it does come down to absolute values as well and the fact that you can withdraw it all whenever you feel like it.

Re: so I took a job

Posted: 11th Mar, '08, 13:11
by Aliya
What is the job???

Re: so I took a job

Posted: 11th Mar, '08, 13:13
by Fat Bob
Very much so. If I lose my job here then I probably won't be living here. Which means I'll rescind my PR and claim all the CPF back. Will have to look at tax implications of doing so, but think it all comes tax-free in my pocket. This means that 6-months worth of expenses all financial advisors tell you to have will be in here, locked away and doing good stuff. The rest....I'll play with a little more and maybe throw it into slightly riskier (or even really risky!) things and get it sorted from there.

So altogether it's a win-win for me.

For Singaporeans, as you can never withdraw the whole lot, then it's a lot more difficult. It's the whole 5-blade/2-blade thing, what works for some doesn't work for others.

Re: so I took a job

Posted: 11th Mar, '08, 13:18
by canuck
Aliya wrote:What is the job???
pardon? I can't hear you over FB's convo about his CPF [smilie=offtopic.gif] and the racket the contractors are making. ;)

Re: so I took a job

Posted: 11th Mar, '08, 16:00
by Bob the Builder
Since when were threads in this place meant to follow the particular topic.

Raining heavily today isn't it

Re: so I took a job

Posted: 11th Mar, '08, 16:02
by Aliya
True! when will it stop, why did it start and why is it back? Rainy season has finished!

Re: so I took a job

Posted: 11th Mar, '08, 16:04
by BoD
Just stopped

This is the post NE, pre NW monsoon season

Re: so I took a job

Posted: 11th Mar, '08, 16:07
by Tack
Got to watch driving on those slicks A!
And get back to work :P

Re: so I took a job

Posted: 11th Mar, '08, 17:12
by Jedi
It's global warming... we are all doomed.

ps. I like this [smilie=mango.gif]

Re: so I took a job

Posted: 11th Mar, '08, 17:44
by canuck
I can only hope the person who ok'd the condo reno drowns in the rising seas. [smilie=mango.gif]

ps: I like the mango too,, too many bananas round this joint

Re: so I took a job

Posted: 11th Mar, '08, 20:47
by Zephyr
Canucky, congratulations are in order. Well done and now you can make your foray into the working world there; I just hope you'll enjoy it but I guess even if you don't, you'll have gained some valuable experience and it'll look good on the resume as well. ;)

I was quite surprised when I looked at the temperatures in Sg for the week. Pretty low for there I must say. Must be on account of the rain.

Re: so I took a job

Posted: 11th Mar, '08, 21:04
by baloo
It was certainly a wet three days in Bintan. There really isn't much to do in Bintan when it rains.

Re: so I took a job

Posted: 11th Mar, '08, 21:35
by azzam
I've got two job interviews tomorrow, look at moi! Look at moi!

Re: so I took a job

Posted: 11th Mar, '08, 22:08
by canuck
azzam wrote:I've got two job interviews tomorrow, look at moi! Look at moi!
[smilie=meclap.gif] so proud I am :D

Zeph: thanks, the work pass takes time, not starting til April, we'll see how it goes :geek: