Think longer term. Which job gives you the best career trajectory, looks best on your resume? At the start of your career, don't let silly things like a car allowance or a few hundred dollars sway your decision. Think big and longer term.

Expand your option set. Why just pub or sme? Neither sound attractive. If I were you I would apply aggressively to top tier Mncs and also look for opportunities in business or finance outside engineering. With a mnc, look for management associate type roles that will put you on track for a management position. Pure engineering is pretty much a dead end in Singapore.

If you want to work for the Govt, join a higher prestige agency like Edb (where they take many engineers) which will give you much more marketable skills and look better on your resume.

If you want to go for the sme, negotiate a better role. Ask for a sales commission if you are going to be doing sales.