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SGD 7k monthly offer

Hi,
I am a sofware engineer with 8 years of experience and am getting an Permenant opportunity in Singapore.
The annual salary offered is 7K.
I have a school going kids and my spouse is a housewife. Am aware that accommodation and schooling is expensive; hence wanted feedback if the annual salary is good enough for having a decent lifestyle with sufficient savings and the objective is to  maximize savings over the next 5 years.

Hello pavanallanki,

Welcome to Expat.com

I invite  you to browse through Cost of living in Singapore on the forum. You will find interesting points about cost of living which may help you.

Naomi.

An ANNUAL salary of S$7000 (i.e. S$7000 per year) is not nearly enough to survive at all.
If you mean monthly salary (S$7000/month) it is o.k. for your level, but might be tight depending on your spending choices. There won't be much savings. You should budget S$3000/month for rent (and be happy if you find a cheaper place) plus S$1500-3000/month for school fees (international school, since it's difficult to get a place in local schools that cost S$500/month). Other than that you need S$600-1000/month per person for daily living expenses.

Beppi i have a question,
Is it correct that income tax on 6000 SGD per month salary (as i read on MOM that 20 % income tax is applicable) is 1200 per month ?
if u have more info on taxes please share.

You can find authoritative information on the website of the Singapore tax office:
    www.iras.gov.sg
Income tax rates for residents are quite low: On S$72000/year (12 months of S$6000 each) you'd have to pay a maximum of S$2800 after the end of the year - that is below 4%!

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Efshan :

Beppi i have a question,
Is it correct that income tax on 6000 SGD per month salary (as i read on MOM that 20 % income tax is applicable) is 1200 per month ?
if u have more info on taxes please share.

20% is CPF and not tax...it is like Pension.

Salary of 6k per month, you may pay max 1400 to 1600 SGD as tax per annum. You can see the tax slab available at iras website.

20% is not CPF, for PR n citizens below is the details:

https://www.cpf.gov.sg/employers/employ … tion-rates

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