Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 16th June 2009, 21:22   #46
BHPian
 
revhappy's Avatar
 
Join Date: Apr 2007
Location: Singapore
Posts: 307
Thanked: Once
Default

Quote:
Originally Posted by MadRash View Post
Revhappy:
6.5K SGD is not good if you are getting Rs. 120K. For the first 6 months more deductions will be there towards tax/welfare. But if you stay longer you can claim the money you paid earlier (something like PF).
After spending 2 years in Singapore I found (4 years back) itís not a good place to earn more money (at least in IT industry). But you can enjoy your life in a different manner in a foreign country.
Hi MadRash,

The deductions you are talking about is CPF? Isn't it only for permanent residents? The tax rate is 15% for non-residents and 5% for residents. Are you saying that before I complete 6 months I will be considered a non resident and hence the higher deduction?
revhappy is offline   Reply With Quote
Old 16th June 2009, 21:28   #47
Senior - BHPian
 
Join Date: Dec 2007
Location: Dubai
Posts: 3,854
Thanked: 123 Times
Default

^^ The tax in Singapore for foreigners (Non citizens & Non PR's) is:

- If working days > 183 days, then it is ~5%
- If working days <= 183 days, then it is ~15%

The taxable amount is calculated after deducting S$20,000 from the yearly take home (year = Jan to Dec).
HappyWheels is offline   Reply With Quote
Old 17th June 2009, 00:31   #48
BHPian
 
DocG's Avatar
 
Join Date: Nov 2007
Location: Mumbai - Singapore - Cali - Sydney - S.Korea
Posts: 870
Thanked: 6 Times
Default

I'm not too sure about the financial intricacies of the CPF for non-citizens, but I must say that the CPF is not that bad, dad actually found out that he could buy a few houses with the CPF money, and that's how we paid for our latest condo...

As far as rents are concerned, I'm not too aware, we disposed off of one of our rented apartments, and weren't getting all too much for a big apartment. So I pretty much divided the amount as per the number of rooms ...

6.5K/month (78K a year is good for someone as young as you or me, no worries, your life will be comfy, but don't expect it too be all that, you can't go overboard or anything.)

For the record, I love India, but I find that I spend more money here for the regular ghar vhar stuff than I did in Singapore. I guess that's the issue with having cheap and freely available help, you tend to overdo it and hire like 10 domestic helpers etc. Whereas you could make do with 1 or 2 in Singapore...

cheers
DocG
DocG is offline   Reply With Quote
Old 17th June 2009, 21:01   #49
BHPian
 
revhappy's Avatar
 
Join Date: Apr 2007
Location: Singapore
Posts: 307
Thanked: Once
Default

Quote:
Originally Posted by HappyWheels View Post
^^ The tax in Singapore for foreigners (Non citizens & Non PR's) is:

- If working days > 183 days, then it is ~5%
- If working days <= 183 days, then it is ~15%

The taxable amount is calculated after deducting S$20,000 from the yearly take home (year = Jan to Dec).
Hey @HappyWHeels,

Thanks a lot for your timely response. I was under the impression that the 183 day is in a financial year Apr - Mar just like India.

Now this means I have to be in singapore on or before 1st July, I think the Employment Pass processing time is 4-6 weeks which means I will fall in the Non resident category . Now I need to review my decision.
revhappy is offline   Reply With Quote
Old 17th June 2009, 22:31   #50
Senior - BHPian
 
Join Date: Dec 2007
Location: Dubai
Posts: 3,854
Thanked: 123 Times
Default

Quote:
Originally Posted by revhappy View Post
...Now this means I have to be in singapore on or before 1st July, I think the Employment Pass processing time is 4-6 weeks which means I will fall in the Non resident category . Now I need to review my decision.
Nope you don't!

Here is why - the 183 days is calculated even across the financial years when you are continuously employed there. So regardless of when you join, as long as you work continuously for 183+ day, you are safe.

By default the tax collected is with an assumption that you will be there for 183+ days. It is only when you don't you end up paying extra. And this is the same policy followed by companies when deducting tax at source.
HappyWheels is offline   Reply With Quote
Old 11th July 2009, 19:20   #51
BHPian
 
revhappy's Avatar
 
Join Date: Apr 2007
Location: Singapore
Posts: 307
Thanked: Once
Default

Hi Guys,

I am Singapore right now, having a great time. Only thing I miss is my Indica Vista. Cars here cost a bomb so not sure If I will ever buy a car here, but If I plan to stay for more than 2 years then may be I will. Lets see how it goes.

Thanks for all your suggestions,

Cheers,
Nitin
revhappy is offline   Reply With Quote
Old 16th August 2010, 03:08   #52
BHPian
 
alter.e.go's Avatar
 
Join Date: May 2009
Location: Mumbai
Posts: 131
Thanked: 46 Times
Default Singapore Superbike

Old thread I know.

I have been toying with the idea of finding a job in Singapore.
What can of salary I can expect in the Investment Banking world?

How much will I need per month to make a decent living? and buy a superbike.

I am bachelor, Have 6 years of work exp in the IB world.
I don't need a grand house or anything.

My needs would be.

1) A simple house/ not to far from work.
2) Decent VFM food around.
3) High speed Internet
4) A superbike.
5) Saving per month. If you gonna leave the family behind and stay in a foreign land it should make economical sense else why do it.
alter.e.go is offline   Reply With Quote
Old 16th August 2010, 03:17   #53
MX6
Senior - BHPian
 
MX6's Avatar
 
Join Date: Oct 2009
Location: City of seven islands.
Posts: 2,882
Thanked: 207 Times
Default

Point 4. Add another 0 to the salary which will get you the other 4 points
MX6 is offline   Reply With Quote
Old 16th August 2010, 04:01   #54
Senior - BHPian
 
SunnyBoi's Avatar
 
Join Date: Dec 2006
Location: Mysore / B'lore
Posts: 1,450
Thanked: 2,212 Times
Default

You can forget buying a superbike, unless you stay there for minimum 2 years. You'll be allowed bikes with a 200cc cap for the first year, 400cc for the second year and third year onwards you can buy any bike. Thats assuming you pass all your tests the first time.

I own a NSR150 since 1 years and 7 months now. Bigger bikes are useless in Singapore, atleast with my bike I can redline first 4 gears and ride around happily. With a superbike, you will have to ride it like a diesel everywhere

Insurance costs a LOT for bigger bikes. Give the small bikes here a try and attempt to max their capabilities

Most of the investment banking offices are located in CBD. Be prepared to dish out money for ERP and huge traffic jams. Jams worse than what i've seen in Bangalore. If your work place is in the CBD, i'd strictly suggest sticking to public transport.

Housing, its advisable to find colleagues and rent an apartment together rather than stay alone.

Internet, well a 8Mbps line is around 55-60$ per month. I have 100Mbps at office and 100Mbps at home, I work for the biggest ISP in Singapore

Food, simple sambar and rice from neighboring aunty shopfor lunch, costs $2 to $2.50.

Savings, a LOT. also depends on how much you spend.
SunnyBoi is offline   Reply With Quote
Old 16th August 2010, 05:02   #55
BHPian
 
alter.e.go's Avatar
 
Join Date: May 2009
Location: Mumbai
Posts: 131
Thanked: 46 Times
Default

Quote:
Originally Posted by SunnyBoi View Post
You can forget buying a superbike, unless you stay there for minimum 2 years. You'll be allowed bikes with a 200cc cap for the first year, 400cc for the second year and third year onwards you can buy any bike. Thats assuming you pass all your tests the first time.
Didn't know this. Good info Sunny.

From a safety point of view it makes perfect sense.200 > 400 > what ever.


Anyway putting the bike a side for now, coming to the more important thing of getting there in the first place.

What the best way to find a job there ?
What should I expect as a minimum salary? keeping my 6 years of experience in mind.

Is there anything else I should be wary of.
alter.e.go is offline   Reply With Quote
Old 16th August 2010, 06:02   #56
Senior - BHPian
 
SunnyBoi's Avatar
 
Join Date: Dec 2006
Location: Mysore / B'lore
Posts: 1,450
Thanked: 2,212 Times
Default

Get in touch with consultants. You will never get a permanent job in S'pore. Nowadays people give you 3 months, 6 months contracts.

Usually you contact an agent/consultant. They will tell you to take so and so interviews. Once you passed them, consultants will then tell you to sign a contract with them, hence you will be an employee of that consultancy. You will be then given a contract to work with the final company and there begins your journey. The consultant will be paying your salary and not the company.

For 6 years experience, you should get ~5.3 to 5.8K per month on paper. Tax deductions of 15% for first 6 months of the year applies, next 6 months will be tax free.
SunnyBoi is offline   Reply With Quote
Old 16th August 2010, 08:04   #57
BHPian
 
Join Date: Dec 2006
Location: Singapore
Posts: 52
Thanked: 8 Times
Default

I have been living in Singapore for 2 years now. PM me if you need any info/help.

Couple of points to note

1. Check with the consultancy that you are signing the contract with, If they would help Sign your PR documents. This will help if you are planning to stay for a long time. Many COnsultancies don't. The reason is once you get your PR then you can switch jobs easily.

2. Negotiate for a high pay now. Unless you are in a specialized role, the average industry hike is about 8-10% max, if you are switching jobs. (I made this mistake)

3. Gear up for a totally new work culture. It's just the opposite of the S culture.

4. Housing is very expensive though, rental in HDB is almost the same as condos these days and get ready to shell out altleast 35% of your salary for rent.

5. Saving potential is not all that great, but will give you a good gateway to move to the US or use this move to travel SEA(Like me).

OT : With so many Bhpian's in SG, How about a meet here. This would be a first meet.
evo8 is offline   Reply With Quote
Old 16th August 2010, 09:26   #58
BHPian
 
prateekm's Avatar
 
Join Date: Nov 2009
Location: Mumbai & BLR
Posts: 756
Thanked: 307 Times
Default

Here's something to tempt you, clicked in S'pore

Relocating to Singapore, need information ! any BHPians there?-dsc00401.jpg
prateekm is offline   Reply With Quote
Old 16th August 2010, 13:20   #59
BHPian
 
Jaguar's Avatar
 
Join Date: May 2006
Location: Bangalore
Posts: 556
Thanked: 141 Times
Default

Quote:
Originally Posted by evo8 View Post
OT : With so many Bhpian's in SG, How about a meet here. This would be a first meet.
Why don't you plan for one during the F1 weekend? I'd be there and I guess so would many other Bhpians.
Jaguar is offline   Reply With Quote
Old 16th August 2010, 13:54   #60
Newbie
 
Join Date: May 2006
Location: bangalore
Posts: 18
Thanked: 0 Times
Default

Good idea, we can have a team bhp meet up during the F1 weekend...
swifts is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
2010 Singapore F1. Any other BHPians going? GreaseMonkey The Team-BHP Meet Section 30 22nd September 2010 07:32
Relocating to Hyderabad - Need inputs. snaronikar Shifting gears 14 16th September 2010 15:06
Swine Flu Information - Important Information in post#102 on Page 7 loving_alaap Shifting gears 206 25th August 2009 14:02
R there any "NFS 5" fans out there!!! Shan2nu Shifting gears 71 16th May 2004 16:12


All times are GMT +5.5. The time now is 23:49.

Copyright ©2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks