Ideal salary for living in Singapore is S$6,000: survey

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More than half of people responding to a local salary survey believe that $6,000 is the ideal monthly salary in Singapore given the cost of living in the nation-state.

According to JobStreet, which conducted the survey in April this year and released the results on Friday, the $6,000 is higher than Singapore’s average monthly wage of $4,998 last year.

It seems unsurprising, therefore, that some 83 per cent of the survey’s 622 respondents said they were dissatisfied with their current salaries.

Of the pool of respondents, 42 per cent said what they earn is only sufficient to cover their basic needs — things that include housing, food, transport, family (in terms of dependents like children and elderly parents) and utilities — while 31 per cent said they could afford some luxuries over and above their basic needs.

Just 4 per cent said they were very comfortable with their salaries, while 23 per cent said they were struggling to make ends meet.

Within the 23 per cent, 7 in 10 said they earned less than $3,000 a month.

When those dissatisfied with their salaries were asked how much their pay should increase by before they are satisfied, 66 per cent said they should see an increase of between 10 and 20 per cent.

Some 622 Singaporean workers across various industries in Singapore participated in the survey, which scoped employees’ sentiment about how much they earn, what they spend their money on and how much they save each month, given that Singapore was named the costliest city in the world for expatriates.
I guess S$6,000 refers to take home salary. Which means about S$7.5K of gross monthly salary is needed. Which is abt just under S$90K gorss annual salary...
In most of case, if you current salary just sufficient to cover your expenses, very likely when your salary increased, it will just sufficient to cover your increased expenses. The salary is 4k, 5k or 6k, it really doesn't make a difference.
I wouldn't read too much into this survey.

The survey participants who most probably got engaged through surfing on JobStreet, are most probably looking for jobs. A large portion of those who are looking for jobs, would most probably be unsatisfied with their current salary. This means that the sample size would not be representative of the general population, ie. it has some bias built in.
A person who knows how to live within the means will be satisfied with whatever amount of salary. A person who always lives above the means will remain so regardless of how much the salary has increased.

I really dont't think there needs to be a figure for ideal salary because i know of people who earns $8-10k a month and yet has zero savings. The extra income just flows to luxury goods like rolex and high end dining.
ok, 6K May 2014, 8K May 2020, look at CPF minimum sum! Tongue
1) Try NOT to LOSE money!
2) Do NOT SELL in BEAR, BUY-BUY-BUY! invest in managements/companies that does the same!
3) CASH in hand is KING in BEAR! 
(31-05-2014, 09:56 AM)em2nre5u Wrote: I guess S$6,000 refers to take home salary. Which means about S$7.5K of gross monthly salary is needed. Which is abt just under S$90K gorss annual salary...

CPF contribution is capped at 5k salary. Hence, max. contribution is 1k. It's $7k and not 7.5.

6k or 8k, it doesn't matter to your CPF. it's the same contribution.

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