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Malaysia to Singapore Salary Conversion

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Abhirupsaha

Hi All,

I am a risk management professional and currently working in Cyberjaya in Malaysia. I am in talks with a Bank in Singapore for a job opportunity. My pay here in Malaysia is around 265K gross  per annum + retirals + bonus. I am looking for a slightly upgraded lifestyle in Singapore, for example if I were to change jobs in Malaysia I would have looked for 320K per annum. How much does this work out to in SG- I am hearing conflicting reports ranging from 150K to 200K SGD. I am saving around 12K MYR per month (4K SGD per month) with a comfortable lifestyle and of course with the new job would expect this to go up to 5K SGD northwards. Can anyone help? It will be much appreciated.

surya2k

You should have mentioned which position you are currently held and which position are you looking at here. There is a salary range in Singapore.

Secondly, you didn’t tell about your family members, like how many kids? Where you want to send them for study? According to you, what’s the definition of comfort lifestyle? Etc.

You can save $4k to $5k, depends on above details. Studying in international schools would cost $2000 per child. Staying in a 3+1 condo would cost $3,500 to $4000. Having a car, will cost you additional $4,000 per month. If you have party culture, expenditure is unknown as it depends on you. To have a helper, would cost you at least $1000 (includes levy of $265). So, with above comfort lifestyle, you may not able to save $2k

But, with a basic lifestyle, you may save $4k, without car and party culture.

beppi

A general rule of thumb to keep the same lifestyle is a 1:1 conversion of M$ to S$. But there is no way you would earn that much in Singapore, at least below CEO level!

beppi

In addition, the current financial numbers you gave indicate that you are saving over half of your income. This is unheard of in Singapore!

Abhirupsaha

Thanks for the detailed responses. The designation  is Senior Vice President of a bank's retail risk management function.
I am not married and don't have plans to settle down in at least next 2 years. So my cost bracket is purely into a few heads; rent and utilities, transport,  food and groceries and entertainment. I am looking to rent a condo near the CBD area. I estimated based on some anecdotal and online research my expenses will tend to be SGD 6K per month. Working backwards with a SGD 6K savings estimate, I ought to take in SGD 12k net per month. That should mean SGD 170-180K per annum gross assuming a 10% tax. Are these assumptions correct?

Abhirupsaha

In case it wasn't clear, I am contemplating a move from Malaysia to Singapore. The savings of 4K SGD per month I mentioned is what i am experiencing in Malaysia based on an income of 8K SGD income per month (currency converted). I am glad that it is high, but this is based on a lifestyle that includes stay in a condo with facilities, eating outside, at least 1 vacation every month and 2 annual long trips. I am looking to replicate these in SG and yet have a savings target of 6K SGD per month. The idea is not to save half, the idea is to save an absolute standard of 6K when I am saving 4K here in Malaysia.

beppi

Being single of course limits expenses, but the high-flying lifestyle you mention will not come cheap in Singapore (a vacation EVERY month?!?).
- A Condo with facilities near CBD is not available in the price range Surya mentioned above (which is for the suburbs). Better budget S$5000-6000/month.
- Eating out can cost S$5 or S$50 per meal, depending on where ýou go.
- Transport can be below S$100/month (taking MRT and buses wherever you go) or over S$500 (taxis only) - or S$4000/month for your own car (bought new).
- A weekend getaway to a neighboring country resort can be had for below S$1000, longer trips will cost as much as you are willing to spend.
I don't think S$6000/month would be enough for all of this - better plan on S$8000-10000 (which makes you a HUGE spender by comparison).

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