Author: Salary.sg - Your Salary in Singapore

Benchmark Your Monthly Pay By Age & Gender 2014

Our extremely popular income comparison tool has been updated with the latest data from Ministry of Manpower’s Report on Labour Force in Singapore 2013 (released in 2014). This income comparison calculator lets you compare your gross monthly income against other Singapore residents in your age group AND gender group. You may also compare with all age groups and/or both gender groups. As stated in the MOM report, here’s the definition for gross monthly income: For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages,...

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More Jobs For Locals At The New National Jobs Bank

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. 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,...

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5 Easy Ways To Save Money

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...

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How Does CPF Compare With Other Countries’ Retirement Plans

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...

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Median Household Income Increased 4% To $7,870

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 of the more important indicators that are explored in the report. 1. Median Household income has grown over the last year The report indicates that the median household income from work has increased for households with at least one working person. Household income is...

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Medishield Life Summary

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 (e.g. for surgery) will be adjusted upwards – a good thing. The current lifetime claim limit of $300k will be removed entirely. Co-insurance, aka co-payments, will be lowered…...

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The Best Credit Cards for Singapore Petrol Stations

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 at the pumps. For the purposes of this article we shall examine the rewards offered by cards at the three major petrol providers- Esso, Shell and Caltex. The best option for you will depend on which company provides most of your fuel and the...

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CPF Minimum Sum – How To Navigate?

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 years old, savings from your Special Account and Ordinary Account, up to the Minimum Sum, will be transferred to a new account called the CPF Retirement Account, aka CPF RA Account. After setting aside the Minimum Sum, you can withdraw the remaining amount in...

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Active Income vs Passive Income

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 and Passive Income? While we are working in a job or a business, the income we get is known as Active income. When we invest in investments and receive income, it is known as Passive Income. The difference is that you give up time...

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3 Best Credit Cards for Frequent Flyers in Singapore

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 the kind of spender and traveler that you are. These are given in no particular order and the choice between them is entirely subjective, but we have made an effort to highlight their best rewards. 1. The Citibank PremierMiles Card (link) The Citi PremierMiles...

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Car Prices in Singapore

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...

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Ways to Increase Your Income From Your Job

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. 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...

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Top 100 Jobs In Singapore (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...

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How Much Savings Should You Have By Now?

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 Should Already Have Refer to the table below (click to see a bigger version), go to the intersection of your current age and closest current annual salary, and note the number at that intersection. Take that number and multiply it with your current annual...

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Graduate Employment Survey 2013 (Published 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, TCM Biomedical Sciences and Nursing. If you compare employability, the following 4 have full-time permanent employment rate of 60% and below: Industrial Design, Sociology, Sports Science and Bioengineering. Data used in this article are based on the 2013 Graduate Employment Survey Results consolidated and...

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