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#1

Posted 15 June 2015 - 11:30 AM

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https://sg.finance.y...-000031337.html

 

How much do you need to earn to be above Singapore’s “average”?

 

Forbes has named Singapore as the third richest country in the world. This wealth is measured using the Gross Domestic Product (GDP) per capita. Simplistically, it adds up everyone’s income for the year – to obtain GDP – before dividing it by the country’s population.

So how much should the “average” Singaporean be making based on this calculation?

Read More: Singapore, world’s richest. At what cost?

 

The golden number is $5,943!

At end-2014, Singapore’s GDP was recorded at SGD390.1 billion with population size of 5.47 million (Singapore residents + foreign talents).

Table 1: National Accounts and Population in Singapore

 

  FY2011 FY2012 FY2013 FY2014 GDP(SGD mils) SGD 346,354 SGD 362,333 SGD 378,200 SGD 390,089 Population (mils) 5.18 5.31 5.40 5.47 GDP per Person SGD 66,816 SGD 68,205 SGD 70,048 SGD 71,318 Income per month SGD 5,568 SGD 5,684 SGD 5,837 SGD 5,943

Source: Singapore Department of Statistics

Since simplistic GDP means adding up everyone’s income for the year, we will also assume that CPF contributions are included into this number.

 

Add your gross salary (take home salary + CPF contribution) to your employer’s CPF contribution. If this number is not greater than SGD5,943, you are below the average amongst our population.

 

Is $5,943 the correct number as the average wage?

As mentioned, GDP per capita is a simple method to define how rich a country is by understanding how much everyone in the population earns per annum.

However, using the entire population is not a good gauge, as children, students and retirees are not working, and hence should be excluded from the calculation.

 

Table 2: National Accounts and Labour Force in Singapore

 

  FY2011 FY2012 FY2013 FY2014 GDP (SGD mils) SGD 346,354 SGD 362,333 SGD 378,200 SGD 390,089 Labour Force (mils) 3.24 3.36 3.44 3.53 GDP per Worker SGD 106,995 SGD 107,779 SGD 109,824 SGD 110,482           Income per month SGD 8,916 SGD 8,982 SGD 9,152 SGD 9,207

Note: The labour force comprises of people who are working or seeking work Source: Comprehensive Labour Force Survey, Ministry of Manpower

 

Using labour force instead of total population will be more accurate since we are basing our calculation only on those who are working. In this case, average wages inclusive of CPF contribution would be SGD9,207 per month per person.

 

So what are your numbers telling me?

If you are like us, then this number may appear exceedingly high to you, perhaps even unattainable. Do not worry, you’re not alone.

The median salary in Singapore is SGD3,770. That means the majority of us are not earning the average. This is normal, as wages are usually skewed towards the higher income earners and thus medium hardly ever equates to mean.

What you should make out of this number is that you have the potential to increase your wages. Unlike poorer countries, where your future growth in earnings would be easily capped by the low potential in the country, we do not lack this in Singapore. There is money to be made, somewhere and somehow, in Singapore.

 

You just need to figure our where and how.

 

If you require upgrading and improvements, do check out skillsfuture to see how can our government help you achieve better productivity and higher wage growth.


Edited by A_korusawa, 15 June 2015 - 11:31 AM.

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#2

Posted 15 June 2015 - 11:31 AM

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So is how much???


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#3

Posted 15 June 2015 - 11:33 AM

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$5943 gross mean about 72k Per annual.

 

sounds about right. 


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#4

Posted 15 June 2015 - 11:51 AM

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So is how much???

 

if u r working:  $9207

if you are not working(retire, student, homemaker,etc..): $5943

 

make sense?... [grin]


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#5

Posted 15 June 2015 - 11:52 AM

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if u r working:  $9207

if you are not working(retire, student, homemaker,etc..): $5943

 

make sense?... [grin]

 

:we-all-gonna-die: :ouch-it-hurts: :lll._.: :sick:


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#6

Posted 15 June 2015 - 11:52 AM

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T2 + Latio will tip the chart lobsided hor

better exclude a table wiper and a retiree ... lol


Edited by Wt_know, 15 June 2015 - 11:53 AM.

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#7

Posted 15 June 2015 - 11:54 AM

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Lazy too read the long story.....

 

This S$5943/- is personal income or combine income of a household ? :wut:


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#8

Posted 15 June 2015 - 11:55 AM

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incl or excl CPF and AWS? hehe

 

$5943 gross mean about 72k Per annual.

 

sounds about right. 

 


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#9

Posted 15 June 2015 - 12:00 PM

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from this analysis, I wonder who/what is in the population of salaries that hit these scales:

 - S$3,770.00 : this the base to keep up with a minimal average (if I'm not wrong)

 - S$5,943.00 : this is the average if including those not in the workforce population like students, ageds etc.

 - S$9,207.00 : this is the average for concluding with the labour only population

 

 
obviously, these are only meant for the PMETs to reach (correct me if I'm wrong)
even said so, I'm thinking how long do they need to work to reach near that scales of an average salary?
 
An ideal example; 
a typical fresh graduate joins the workforce with basics at S$2500 - S$3000?
annual increment (4-5%) for 2 years at S$2755 - S$3300
get promoted to manager or 'jump ship' with 25% increment for the 3rd to 4th year; S$3440 - S$4130
 
I may be wrong, but it will take at least 3-4 years in above scenario for an average freshie to reach S$6000 scale salary
and by then with our predicated GDP growth . . . the average would hit S$10,000 liao!
 
I c**t imagine what its like for them (with working spouse) to have a family that consists of  . . . a flat, a car, with 1 - 2 kids, a maid (necessary or luxury) with supportting the elders (if any or needed) . . . .
 
if these genZ PMETs are struggling to survive the labor market (at least to own a living); not to mention competing with the 'FTs' . . . .and worse, to live an average sillyporean wealth with the 'average' pay........... high chance that they will forsake starting a family if they wanna continue to stay above the 'average' lifestyle and limelight in sillypore!
 
sigh . . . .

 


Edited by A_korusawa, 15 June 2015 - 12:05 PM.

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#10

Posted 15 June 2015 - 12:01 PM

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I am below average Singaporan


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#11

Posted 15 June 2015 - 12:11 PM

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from this analysis, I wonder who/what is in the population of salaries that hit these scales:

 - S$3,770.00 : this the base to keep up with a minimal average (if I'm not wrong)

 - S$5,943.00 : this is the average if including those not in the workforce population like students, ageds etc.

 - S$9,207.00 : this is the average for concluding with the labour only population

 

 
obviously, these are only meant for the PMETs to reach (correct me if I'm wrong)
even said so, I'm thinking how long do they need to work to reach near that scales of an average salary?
 
An ideal example; 
a typical fresh graduate joins the workforce with basics at S$2500 - S$3000?
annual increment (4-5%) for 2 years at S$2755 - S$3300
get promoted to manager or 'jump ship' with 25% increment for the 3rd to 4th year; S$3440 - S$4130
 
I may be wrong, but it will take at least 3-4 years in above scenario for an average freshie to reach S$6000 scale salary
and by then with our predicated GDP growth . . . the average would hit S$10,000 liao!
 
I c**t imagine what its like for them (with working spouse) to have a family that consists of  . . . a flat, a car, with 1 - 2 kids, a maid (necessary or luxury) with supportting the elders (if any or needed) . . . .
 
if these genZ PMETs are struggling to survive the labor market (at least to own a living); not to mention competing with the 'FTs' . . . .and worse, to live an average sillyporean wealth with the 'average' pay........... high chance that they will forsake starting a family if they wanna continue to stay above the 'average' lifestyle and limelight in sillypore!
 
sigh . . . .

 

 

dont worry, many many coming [laugh]

 

105.jpg

 

20110321.100303_new.jpg

 

newcitizen2_2.jpg

 

singapore-s-new-citizens-4.jpg

 

016.jpg


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#12

Posted 15 June 2015 - 12:13 PM

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#13

Posted 15 June 2015 - 12:13 PM

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I am below average Singaporan

 

after deduction from my salary for my home loan, renovations, kids, supporting my spouse, domestic expenses, cars etc. . . .

I'm worse than the banglahs . . . 


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#14

Posted 15 June 2015 - 12:16 PM

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With the median at $3,770 I guess the majority of Singaporeans and residents are below average.


Edited by Myxilplix, 15 June 2015 - 12:16 PM.

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#15

Posted 15 June 2015 - 12:21 PM

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Who is the writer of this average salary of Sillyporean ????  :serious-business:

 

Any thesis to support or another erection coming gimmicks .... :lll._.:

 

Just like telling us that S$1000/- per month income can own a HDB flat.   :chilling:    


Edited by Picnic06, 15 June 2015 - 12:23 PM.

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"Genius is One Per Cent INSPIRATION, Ninety-nine Per Cent PERSPIRATION"


#16

Posted 15 June 2015 - 12:24 PM

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With the median at $3,770 I guess the majority of Singaporeans and residents are below average.

 

 

you mean  100 people + T2 / 101  =  $3,770   ??


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#17

Posted 15 June 2015 - 12:26 PM

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No point look at the wage numbers alone. Must factor in housing, tax, annual inflation, tax(I know but S'pore got a lot of tax) etc etc. You earn more you also spend more. Dun talk about what average, no matter how much you earn you will never feel it's enough.


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#18

Posted 15 June 2015 - 12:33 PM

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Where's our table wiper? Sure got good stuff to say wan.

Paging T2!!
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#19

Posted 15 June 2015 - 12:36 PM

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after deduction from my salary for my home loan, renovations, kids, supporting my spouse, domestic expenses, cars etc. . . .

I'm worse than the banglahs . . . 

 

Bangalah eat rice + curry, cooked the night before, sleep in worker dorms with 10-20 other people, no family to go home to at night or even on the weekends.

 

It's easy to say that others have it better in some ways. But, we too are better than others in other ways.

 

You got a home to go home to daily, got a car to drive around, got a (hopefully, loving) wife and kids to kiss goodnight and you get to see them grow up. It's not all that bad...


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#20

Posted 15 June 2015 - 01:03 PM

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$5943 gross mean about 72k Per annual.

 

sounds about right. 

 

it includes employer cpf contribution as well..

 

so will be gross income x 1.17 ..

 

means gross income around 5080 ...


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