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Salary Increment Rate

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  #121 (permalink)  
Old 09-01-2015, 08:59 AM
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Originally Posted by Unregistered View Post
Isn't "monthly gross" just the monthly wage before minus employee CPF contribution?

Got people add employer contribution and bonuses to "monthly gross" one meh?


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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  #122 (permalink)  
Old 22-03-2015, 08:50 AM
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Quote:
Originally Posted by Bean View Post
Agree>>job switch may give you ~20% increment.

Dun not agree>>In ST Engineering, annual increment on average is ~3-4%, promotion increment on average is ~4-6%.(no such thing as +20% for promotion one), and people get promoted once every 3-4 years.

assume starting pay 3k, after 10 years with ST with 3 promotion, an engineer will get ~4.8k after 10 years with the company!!!


if you are a civil servant for 10 years average peformer, will hit between 6-7k
Skillsets are different for civil service vs engineering. Assuming the engineer has good writing/communication skills, I agree.

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  #123 (permalink)  
Old 22-03-2015, 10:02 AM
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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:
Originally Posted by Unregistered View Post
Isn't "monthly gross" just the monthly wage before minus employee CPF contribution?

Got people add employer contribution and bonuses to "monthly gross" one meh?

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  #124 (permalink)  
Old 22-03-2015, 11:48 AM
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Originally Posted by Unregistered View Post
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.
Hmm.. no wonder the salaries mentioned here are so high. When I talk about monthly salary I usually refer to all the components you have mentioned excluding the annual bonus.

A better indicator is your annual salary package, the one in your IR8A.
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  #125 (permalink)  
Old 22-03-2015, 11:49 AM
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Originally Posted by Unregistered View Post
Which industry are u in? you earns a lot. I am in engineering field.

slightly more than 5 years experience
My estimated monthly gross salary for the past 5 years and expected year 6
year 1 = $2,650
year 2 = $2,812 [job change at last quarter of year 2]
year 3 = $4,330
year 4 = $4,123
year 5 = $5,410 [job change at last quarter of year 5]
year 6 = $8,458 (expected)
if you monthly salary of $8545 includes bonuses, $8458x12 = $101k which is pretty good with 5 years experience.
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  #126 (permalink)  
Old 22-03-2015, 11:54 AM
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Originally Posted by iceman79 View Post
About 80k.
A bit low for 35 yo.... I'm 34 this year, earned $102k in 2013/2014 and expecting to get about $110+ this year. And yet this is nothing proud to boast of because there are others way ahead of me.
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  #127 (permalink)  
Old 22-03-2015, 11:58 AM
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I'm currently on an annual average of 16 months salary (including VB + AWS). My new job offer (a contract position) does not pay any VB, so I asked for a 25% annual package increment.

The recruiter computed the new monthly salary using the formula (16 months + 25% increment) / 12, and told me this will result in a 50% monthly salary increment, which is way off the market rate. He advised me to accept a lower amount.

Is he trying to bullshit me? Or my expected package is really off the mark?
I found myself in the same position as you. I told the recruiter that I won't accept less since I'm consistently getting a 17-18 month package for the past few years. This would translate into a 50-60% monthly increase if salary is calculated over 12 months for the role I was applying for. Recruiter relented and I was selected for the interview... now waiting for the outcome.
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  #128 (permalink)  
Old 22-03-2015, 01:57 PM
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Something I don't understand. Take a look at ://.careers.gov.sg/Careers/Major+Occupation+Groups/

Indicative Gross Monthly Starting Salary* - Management Executive (MX) (Policy and Strategy, Corporate Development, Operational Management, or Service Delivery)

Up to $3,260

It means max start is only $3.2K even for FCH. But why it seems that everyone in this forum get at least $4K start (based on older posts)?
for fch (male), they can usually expects around 3.5 to 3.8k.

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.
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  #129 (permalink)  
Old 25-03-2015, 11:53 PM
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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


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  #130 (permalink)  
Old 26-03-2015, 12:44 AM
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In local bank also. Pay increment 3%. Bonus average 5-7mths
Your bank increment is very high..
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