Compare Your Annual Income 2023

[admin]

If you make $100k yearly, you are at the 73.1th percentile.

To be in the top 10%, you need an annual income of $191k.

If you aspire to be in the top 5%, your annual income has to be $284k.

An income of $439k places you in the top 2%, and an income of $696k places you in the top 1%.

Benchmark your income at:
https://www.salary.sg/2023/compare-y...l-income-2023/

bombardment gogogo

Originally Posted by Unregistered

bombardment gogogo

I am a fresh grad 26M and earning 200k p.a.

Originally Posted by admin

If you make $100k yearly, you are at the 73.1th percentile.

To be in the top 10%, you need an annual income of $191k.

If you aspire to be in the top 5%, your annual income has to be $284k.

An income of $439k places you in the top 2%, and an income of $696k places you in the top 1%.

Benchmark your income at:
[s://.salary.sg/2023/compare-your-annual-income-2023/[/

Do we input assessable income from 2023 or 2022?

Is this inclusive of employer CPF? How about bonuses?

For example, if someone's has:

Base salary: $10,000
Employee CPF: $1,200
Take home salary: $8,800

Employer CPF: $1,020

Annual bonus: $20,000 (For simplicity, I'm going to pretend there is no CPF on this bonus)

Does this mean his total income is calculated as:

A) $10,000 x 12 = $120,000

B) ($10,000 x 12) + $20,000 = $140,000

C) ($10,000 x 12) + ($1,020 x 12) + $20,000 = $152,240

D) $8,800 x 12 = $105,600

E) ($8,800 x 12) + $20,000 = $125,600

Which value (A to E) is correct?

You never add CPF into TC or total income comparisons. It makes 0 sense.

Originally Posted by Unregistered

You never add CPF into TC or total income comparisons. It makes 0 sense.

The vast majority of online resources reporting on median income in SG clearly state that the figures are INCLUSIVE of employer CPF contribution. Hence, it is fair to ask if this is the case here too.

Originally Posted by Unregistered

You never add CPF into TC or total income comparisons. It makes 0 sense.

+1

Cpf cannot be immediately liquidated and used.

Originally Posted by Unregistered

The vast majority of online resources reporting on median income in SG clearly state that the figures are INCLUSIVE of employer CPF contribution. Hence, it is fair to ask if this is the case here too.

This tool uses YA2022 data published by IRAS. And the data is about "assessable income", which is the income you report to IRAS when you file tax. In other words, it should not include CPF. It's all gross income.

For example, my case for YA2022 would be:

Gross salary from day job filed by employer in auto-inclusion scheme -- $102,000
Rental income with 15% assumed expense -- $24,480
Total = $126,480

Originally Posted by Unregistered

Is this inclusive of employer CPF? How about bonuses?

For example, if someone's has:

Base salary: $10,000
Employee CPF: $1,200
Take home salary: $8,800

Employer CPF: $1,020

Annual bonus: $20,000 (For simplicity, I'm going to pretend there is no CPF on this bonus)

Does this mean his total income is calculated as:

A) $10,000 x 12 = $120,000

B) ($10,000 x 12) + $20,000 = $140,000

C) ($10,000 x 12) + ($1,020 x 12) + $20,000 = $152,240

D) $8,800 x 12 = $105,600

E) ($8,800 x 12) + $20,000 = $125,600

Which value (A to E) is correct?

I think you should use (B), which is what your employer would submit to IRAS as your assessable income.