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Gross Monthly Income From Work refers to income earned from employment. For employees, it refers to the gross monthly wages or salaries before deduction of employee CPF contributions and personal income tax. It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. For self-employed persons, gross monthly income refers to the average monthly profits from their business, trade or profession (i.e. total receipts less business expenses incurred) before deduction of income tax. Yes. I added all in for the computation. |
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You're right. Most people will not include the employer CPF contribution when referring to their salary. There are 3 simple reasons for this:
1. Most, if not all companies do not include this component in the salary scales. When they quote a salary for a certain position, they don't include the employer CPF contribution component. 2. This component is also dependent on the employee's age. Older employees' have a lower employer CPF contribution rate. 3. Most people don't know how much their employer CPF contribution is. Only people desperate to show off, include this component in their salary when comparing with others. However, if people are considering striking out on their own, they should include this component as the overall opportunity cost that they have to forgo. The other things are : medical insurance, annual and medical leave, company benefits, etc.. Most people made the mistake of not considering all the above when deciding to strike out on their own. Quote:
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A better indicator is your annual salary package, the one in your IR8A. |
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for engineers or other specialist tracks they r usually paid higher as well. for eg, fch engineers can expect a low 4k in engineering related roles. for statisticians with DOS, they r paid more through better bonus. uniform groups, needless to say, r very well paid. Even for civilian positions within such organization r being paid a premium. eg. commercial affair officers are paid up to 4.3k teacher is another well paying job. a fch earns about 3.8k there are also various professional schemes such as economist and legal officers which pays >4.8k and >5.6k for fch respectively. |
local bank, 4 years exp (no job switch), average increment 17% p.a., albeit from low base
year 1= 3250 year 2 = 3750 year 3 = 4700 year 4 = 5350 current = 6000 avg 5.6 months bonus |
In local bank also. Pay increment 3%. Bonus average 5-7mths
Your bank increment is very high.. |
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