Yeah, confirmed is SIM type.
The talk big yaya papaya, don't know anything about the world. So typically SIM hahahahhaha. |
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But I must say, wow. I didn't expect the overall package to be that high. And 300k+ after 10 years, not to mention breaking the 500k barrier, is almost unimaginable to me for a salaried individual in Singapore. Thanks for the insight. |
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I used to work in one of the oil majors mentioned in the trading function.
Yes, basic is higher and bonuses are good, but times have changed. There were some org restructuring and the result has been a pressure to be more equitable to all employees, not just to trading. Consequently, some have left out of frustration. It is true that expatriation yields a lot of benefits. At times, it can be close to doubling your pay if you have a property to rent out back home. As well, the high packages mentioned in the oil cos are possibly true, but only applies to hi-po employees who have reached a v senior lvl. A local senior fella getting sgd$200K+ is already considered good. Hitting 500K will be likely a v senior regional/global role. We are talking about basic only of course. On the average, if you are mediocre, you can still live comfortably, but do not expect such high packages. |
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As far as I know none of the other major energy trading houses have changed their salary structure to more equal to the rest of the staff. Don't seem to make sense if you ask me. |
I work in an oil major, so I hope I can help provide some insights since I see some healthy discussions about O&G here.
Not everyone working in O&G industry will be drawing obscenely high salary. The bulk of the employees will retire with a last drawn salary of ~$150-200k/year as a mid level manager (based on the company I work in and not referring to the technician roles). I think that's more than sufficient to live a good life in Singapore. There will be a small handful (around 5% of the population) who are deemed to have higher capacity and will end up with more senior roles (department managers for huge manufacturing sites; regional managers etc). These people end their career drawing ~$3-400k/year. There is this other special group of people (<1%) who are over achievers and they are promoted to senior roles early in their career and eventually end up as senior executive leaders (general managers of manufacturing sites, product lines, VPs, directors and what nots etc). I do not know their remuneration packages but it is definitely some heavenly figures. So no, O&G starting salaries are not as fantastic as some of the banking jobs that are described in this thread but the potential to rival some of the best banking jobs is there if you are a high flyer. Even if you aren't a high flyer, you would still live a comfortable life in Singapore. I do not think there is such a big difference in life style between someone earning $200k/year and $300k/year. At the end of the day, we should just be happy doing what we are doing (be it banking or other industries). |
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Secondly I think the fact that you even refer to the bulk of normal employees being able to retire at 200k salary a year so nonchalantly maciam like it's an everyday occurrence just goes to show how out of whack some of the people in O&G industry are. I am very interested to know except for O&G and banking which other industry out there can claim that most people will retire at 150-200k. In some low margin industries like manufacturing, hospitality, retail etc. most people don't even hit 100k when they retire. |
I work in a local blue chip co and looking at those colleagues about to retire at >50 years old, hard to imagine most of them are now drawing ~$150-200k/year as a mid level manager. Even the minority that reach Director level also not all will draw 200k. O&G must be really good, if I can just get in I really wont mind being a mediocre staff if they can let me retire with 200k salary.
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