salary conversion

[The Artful Dodger]

Any thoughts on what is now appropriate salary conversion ratios: I currently earn around 150K basic in GBP. I've been offered around 250-280K SGD, to me that seems a little on the light side - its less than the current spot (Sterling is at a decade low, though unlikely to improve over the next couple of years). In the latest 'COLA' index, Singapore is higher than London. And after tax both salaries are roughly the same.

[I wish]

Any thoughts on what is now appropriate salary conversion ratios: I currently earn around 150K basic in GBP. I've been offered around 250-280K SGD, to me that seems a little on the light side - its less than the current spot (Sterling is at a decade low, though unlikely to improve over the next couple of years). In the latest 'COLA' index, Singapore is higher than London. And after tax both salaries are roughly the same.

I realy wish I was a little "on the light side". People like you seem to live in some parallel universe to the rest of us.

Another rich, detached ex-pat.........just what Singapore needs more of!

I'd worry more about getting your kids into a decent school...if you have them.

[mortel]

You will have to check other parts of the package that may be more important than your basic salary. Housing allowance, school allowance, car, bonus?

There is another – perhaps more important aspect in the long run – and that is that saying no to assignments outside your own country will in the end halt your career in your company.
 

[SAE]

You have basically been given a wage lower than what you are earning now.  Whilst the tax is lower, it is far more expensive to live here than in it is in the UK.  I assume by your salary that you are based in London.  You should do a search here and get an idea of what things cost - the majority of your money will be spent on accommodation, car and schooling (if you have kids) and alcohol (if you drink) - this will need to be factored into your equation of whether its worth while coming out here or not.

[Depends on industry]

Conversions aren't particularly useful as what is better or worse depends on prevailing FX rate and companies are more interested in the local market rate as that is what they can hire at and which doesn't adjust in the same way.  Some jobs (e.g. nursing) pay less in SGD than GBP (i.e. conversion <1), others you get paid more here on straight FX conversion (i.e. >~2.15).

Assuming you are in banking (given salary and moving from one financial centre to another), you should be looking for about 350k, others can't really help.

[mortel]

Re:depends on industry

Do you mean 350K as a basic salary _plus_ the "normal" extras (housing, school, car etc.)?
That would be on the high side. That is why I asked the OP what more is in the offer he/she has received.

A total package value of 350K + performance based bonus seems appropriate.

[depends on industry]

In banking extras are mostly upside, certainly wouldnt deduct full value to get base anyway but maybe a bit of it. Anyway much less common now and for a shorter period. Id assumed nothing as op didnt say, even if full package id still only offset 30k to max 50k. Most banks, if they give anything, would be housing only anyway but this really isnt factored into pay much.

[The Artful Dodger]

Thanks for the advice.

[COLA]

A common misconception is that Singapore is expensive.

It need not be it depends entirely on your circumstances. I came out here from a western country as a single male, got a job in the finance industry , lived a similar lifestyle to how I lived before and found it cheaper in Singapore.

What will cost more: Booze, western food, cars, condo housing, Western style education for kids

What will cost less: Local food, public transport, local style housing, income tax

Comes down entirely to what your lifestyle choices are.

[Agree........]

As a single man, I find the cost of living here way below London (where I was living before).

Booze is more expensive, for sure....and housing a little more expensive (but I get more bang for my buck here).

But overall, I save much more of my monthly income than I did in london. Add in the amazingly low taxes, and the financial picture is very good.

[DrifterDoo]

Yep, here's a common story.

One lives in London, shares a flat, takes the tube 45 minutes a day to get to work.

He gets posted to Singapore and suddenly "needs" to live in a condo with swimming pool, gym and landscaped tropical gardens and take a taxi to work every day rather than the MRT.

Anything less (i.e living as he did in London) would be roughing it.

[other points]

Yep, here's a common story.

One lives in London, shares a flat, takes the tube 45 minutes a day to get to work.

He gets posted to Singapore and suddenly "needs" to live in a condo with swimming pool, gym and landscaped tropical gardens and take a taxi to work every day rather than the MRT.

Anything less (i.e living as he did in London) would be roughing it.

Well in London I never shared a flat.  Last place was a house with garden in a nice leady suburb.  Restaurants and bars up the road.  My toilet was not attached to the kitchen and the kitchen had hot water.  Friends or parents available to baby sit.

Singapore, no maid = no babysitter.  HDB would be large downgrade in accomodation (both in size, space and the local idiosyncracies mentioned above).  For several years bus or tube were not an option as place I lived weren't served by them as they are largely set up to serve HDBs so no choice (I now get a bus as there is one).  In London (even if I were an expat) I would not have been discriminated against in terms of getting my kids into a decent local school as I am here.  Tenants, even those sharing, have some rights against dodgy landlords (rent a room here you probably have none at all).  Wasn't an issue I owned the house anyway.

Sorry, as a single guy with a meagre income your comparisons may make some sense, as a family further down the track it is garbage.

[$Pripps]

Yep, here's a common story.

One lives in London, shares a flat, takes the tube 45 minutes a day to get to work.

He gets posted to Singapore and suddenly "needs" to live in a condo with swimming pool, gym and landscaped tropical gardens and take a taxi to work every day rather than the MRT.

Anything less (i.e living as he did in London) would be roughing it.

OTOH what is the point of coming here if one doesn't get something out of it? e.g. I could never imagine living here without access to a swimming pool.