Quote:
Originally Posted by Unregistered
I feel like most people keep comparing SG and UK salary are not factoring the tax and property rent costs into account. In many areas, SG is much more favourable than the UK. And when one reaches partnership, the tax implications (20% difference) have a much more significant role - and you may actually earn more as a senior lawyer in SG than in the UK (maybe that's why so many of them come here, aside that they get comp-ed in housing and schooling for kids, etc).
In the UK, NQ salary is subject to 40% tax (until £125k) and a max tax rate of 45% after that
Compare that with SG's NQ salary being subject to 11% tax (assuming <S$80k a year, based on $6.5k a month) and a max tax rate at 24%
Aside from this, most Singaporeans can stay with their parents to save money, or perhaps get loans for HDB (which while expensive can be paid over the rest of the next 20-35 years at a low cost).
In comparison, in London, most people would have to rent an apartment (which can be quite pricey). |
On the point of rent, I get that being a lawyer is something which attracts the 'privileged'/upper-middle class in SG, but please don't forget that not everyone in SG is privileged enough to have nice parents to live with. there are people who have to rent in SG as well, and some of these people are lawyers.
And we all know SG rent has gone up by quite a bit over the past 18 months, even for subpar
HDB rentals.