Really depends what kind of engineer you are...

If you are a civil/mechanical engineer who works in a shipyard/manufacturing plant, I bet life will suck.

I'm a computer engineer graduated in 2010. I work for a US MNC in the city. Pay is 80k+ SGD. I'm sure the pay I'm getting for my experience is a lot better than an average junior analyst at many local/foreign banks. ( my sis works in a foreign bank as an analyst and makes 2.5k less than me a month).

However only about 10% of my colleagues are Singaporeans. Sometimes i wonder, my pay not bad, office is sleek, work-life balance is excellent, free lunch perks, but why are there no qualified singaporeans who want to do this job? Yet there are so many Singaporeans who fight over bank jobs that pay 3k-5k a month?