How much are you earning per annum? - Page 754 - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




How much are you earning per annum?

Reply
 
Thread Tools
  #7531 (permalink)  
Old 10-05-2015, 08:58 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
What if I want to buy a Car during retirement? Can we afford a basic Altis?
I want to buy an Altis now before COE prices go up further. Any care salesman here to help me?

Reply With Quote
  #7532 (permalink)  
Old 10-05-2015, 10:19 PM
Unregistered
Guest
 
Posts: n/a
Default

If you live a humble, simple life, you don't need much for retirement. If you are humble and mix with lower income groups of people, you don't need much to retire. Those who need a lot to retire are those who have friends who are of the upper echelon and they have to keep up with the Joneses. They cannot retire without a car as their rich friends will look down on them. They cannot downgrade from a condo to a flat as their friends will look down on them. They cannot stop playing golf as their friends will look down on them. So since they have to keep up with their high standard of living, they will need to work very hard, day and night until they reach 75. They will then die at 80 and hence will only enjoy their retirement for 5 years. They may just spend $500k over their 5 years of retirement and will leave their millions to their children. Their children will just squander all their hard earned money.

Reply With Quote
  #7533 (permalink)  
Old 11-05-2015, 08:48 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
What if I want to buy a Car during retirement? Can we afford a basic Altis?
Hi altis salesman, your deception is too obvious. Can you perhaps try using Corolla or something else?

Reply With Quote
  #7534 (permalink)  
Old 11-05-2015, 08:59 AM
Unregistered
Guest
 
Posts: n/a
Default

The Dynamics of the COE market in Singapore

Demand for new cars and COEs = fn (replacement demand, household income, stock market, property market, unemployment rate, job security, political and social stability, good government, economic growth, population, consumer preference and attitudes, expectation of future prices)

Supply of COEs and new cars = fn (replacement COE (determined by car deregistrations) + 0.25% annual growth rate)

Price of COEs is therefore determined by BOTH demand and supply functions (fn) and NOT just supply.

We have seen recently why even though the supply of COEs released into the market has increased, prices of COEs did not fall much and in fact continue its rising trend. This is not strange or unbelievable. Many commentators, who may not be trained in the Economics sciences, just look at the supply of COEs to wrongly conclude that prices of COEs will fall.

The fact that COE prices continue to remain firm and continue rising concludes that DEMAND is STRONG, VERY STRONG. It shows that people who scrapped their old cars will buy new cars. This REPLACEMENT DEMAND takes up the REPLACEMENT COE SUPPLY. The fact that COE prices rise means that ADDITIONAL DEMAND for new cars and COEs is FAR GREATER than the 0.25% annual growth of COEs.

What determines the strong REPLACEMENT DEMAND and ADDITIONAL DEMAND for new cars and COEs?

There are many factors and these are listed in the demand function above.

1. Household income – A rising household income in Singapore means that households can afford to own cars. Household incomes have generally increased over the past 10 years. It is common today for households with working couples to earn a combined $100,000 per annum. With such income, owning a $100,000 brand new car is not difficult as this means they are only spending $10,000 per year to own a car. This is only 10% of their income. If they spend another $10,000 per year on road tax, ERP charges, insurance, parking, maintenance and petrol, this is another 10% of income. Therefore the total cost for owning and using their car is only 20% of income. Compare this with taking the taxi. If each person spends $40 per day (go to work and back including booking fees), the couple would have to spend $19,200 per year. So, the opportunity cost of owning a car versus taking the taxi is small. On top of that, they will benefit from convenience and time savings. Private car ownership and usage is affordable, relative to today’s household income and taxi expenses.

2. Stock market and property market – When the stock market and property market do well, households can monetise their gains and use proceeds of their gains to buy new cars. Many people flip their properties, especially those who bought highly subsidised BTO flats, to earn big profits and hence enabling them to buy new cars. Eligible Singaporean households can buy cheap BTO flats TWICE. So lucky.

3. Low unemployment rate, job security, political and social stability, good government and healthy economic growth – These factors have given Singapore consumers the confidence to buy new cars.

4. Population – Higher population will translate to higher demand for new cars.

5. Consumer preference and attitude – New cars are generally seen as luxury goods for most people. Many people aspire to own cars, in particular new cars. Families with new cars gain respect from neighbours and family members. To be able to own a new car is a manifestation of success and social status. This has always been the case and will always be. More families are also buying two or more cars per household, given their needs. For instance, a professional couple may own two cars as each of them earn a high salary and they may need to move around in their respective jobs.

6. Expectation of future prices – In the immediate term, the expectation of a rise in car prices due to changes in the CEV scheme will drive many people at the sidelines to head to the showrooms to book their new cars now rather than in July 2015. In the longer term, there is also the expectation that COE prices will rise significantly in 2019 onwards due to the expected drought of COEs by then. Hence, those who want to avoid paying for $100, 000 Cat A COEs will change to new cars NOW rather than in 2019 to avoid the scenario.

I hope this brief economic analysis helps those with little or no Economics knowledge in understanding how COE prices are determined. In summary, COE prices are determined by BOTH demand and supply and NOT just supply. Hence, COE prices will likely continue to remain firm and continue rising, assuming no major global economic shocks in the foreseeable future.
Reply With Quote
  #7535 (permalink)  
Old 11-05-2015, 10:30 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
The Dynamics of the COE market in Singapore

Demand for new cars and COEs = fn (replacement demand, household income, stock market, property market, unemployment rate, job security, political and social stability, good government, economic growth, population, consumer preference and attitudes, expectation of future prices)

Supply of COEs and new cars = fn (replacement COE (determined by car deregistrations) + 0.25% annual growth rate)

Price of COEs is therefore determined by BOTH demand and supply functions (fn) and NOT just supply.

We have seen recently why even though the supply of COEs released into the market has increased, prices of COEs did not fall much and in fact continue its rising trend. This is not strange or unbelievable. Many commentators, who may not be trained in the Economics sciences, just look at the supply of COEs to wrongly conclude that prices of COEs will fall.

The fact that COE prices continue to remain firm and continue rising concludes that DEMAND is STRONG, VERY STRONG. It shows that people who scrapped their old cars will buy new cars. This REPLACEMENT DEMAND takes up the REPLACEMENT COE SUPPLY. The fact that COE prices rise means that ADDITIONAL DEMAND for new cars and COEs is FAR GREATER than the 0.25% annual growth of COEs.

What determines the strong REPLACEMENT DEMAND and ADDITIONAL DEMAND for new cars and COEs?

There are many factors and these are listed in the demand function above.

1. Household income – A rising household income in Singapore means that households can afford to own cars. Household incomes have generally increased over the past 10 years. It is common today for households with working couples to earn a combined $100,000 per annum. With such income, owning a $100,000 brand new car is not difficult as this means they are only spending $10,000 per year to own a car. This is only 10% of their income. If they spend another $10,000 per year on road tax, ERP charges, insurance, parking, maintenance and petrol, this is another 10% of income. Therefore the total cost for owning and using their car is only 20% of income. Compare this with taking the taxi. If each person spends $40 per day (go to work and back including booking fees), the couple would have to spend $19,200 per year. So, the opportunity cost of owning a car versus taking the taxi is small. On top of that, they will benefit from convenience and time savings. Private car ownership and usage is affordable, relative to today’s household income and taxi expenses.

2. Stock market and property market – When the stock market and property market do well, households can monetise their gains and use proceeds of their gains to buy new cars. Many people flip their properties, especially those who bought highly subsidised BTO flats, to earn big profits and hence enabling them to buy new cars. Eligible Singaporean households can buy cheap BTO flats TWICE. So lucky.

3. Low unemployment rate, job security, political and social stability, good government and healthy economic growth – These factors have given Singapore consumers the confidence to buy new cars.

4. Population – Higher population will translate to higher demand for new cars.

5. Consumer preference and attitude – New cars are generally seen as luxury goods for most people. Many people aspire to own cars, in particular new cars. Families with new cars gain respect from neighbours and family members. To be able to own a new car is a manifestation of success and social status. This has always been the case and will always be. More families are also buying two or more cars per household, given their needs. For instance, a professional couple may own two cars as each of them earn a high salary and they may need to move around in their respective jobs.

6. Expectation of future prices – In the immediate term, the expectation of a rise in car prices due to changes in the CEV scheme will drive many people at the sidelines to head to the showrooms to book their new cars now rather than in July 2015. In the longer term, there is also the expectation that COE prices will rise significantly in 2019 onwards due to the expected drought of COEs by then. Hence, those who want to avoid paying for $100, 000 Cat A COEs will change to new cars NOW rather than in 2019 to avoid the scenario.

I hope this brief economic analysis helps those with little or no Economics knowledge in understanding how COE prices are determined. In summary, COE prices are determined by BOTH demand and supply and NOT just supply. Hence, COE prices will likely continue to remain firm and continue rising, assuming no major global economic shocks in the foreseeable future.


Are you serious?? To be able to own a(one) new car is a manifestation of success and social status??

Please go over to Malaysia, you will see 5 or six cars all park at the garage and nobody going to envy you.....

Poor Singaporean, earning big but not enough to spend. Buying a car has to think and think and think ...........
How to buy a car for your wife? How to buy cars for your children when they go to college??
Reply With Quote
  #7536 (permalink)  
Old 11-05-2015, 10:40 AM
Unregistered
Guest
 
Posts: n/a
Default Earning big, living poor

I really pity the Singaporean. In order to make 100k a year, he has to forgo his family life.
Those who make 100k a year still have to stay in HDB flat. If they want to "upgrade" to shoe-box EC, living in 650 sf breathing space, at the end of the day, they may not have sufficient money to put in minimum CPF Life at 55.

On paper, Singaporeans are rich. In real life, they are the living poor...........
Reply With Quote

  #7537 (permalink)  
Old 11-05-2015, 02:26 PM
Unregistered
Guest
 
Posts: n/a
Default

For retirement planning, it is prudent to aim for a higher savings and longer time in retirement. It is precisely because we dont know how long we can live that we need to put in buffers in the amount to be saved.

The moment you aim low, you are setting up yourself to fail. When you have enough saved up and more, you can choose to live humbly or to reward yourself once in a while. When you dont have enough saved up, you have no choice but to live humbly all the remaining days of your retirement. It is a no-brainer which scenario we should plan for.

If you have prepared yourself well, each day in retirement can be and should be spent not worrying about money matters but to truly enjoy life. On the other hand, when you dont have enough saved up, you will be constantly worrying about money, worry about medical bill when you fall sick, worry about being invited to weddings, parties, funerals, etc.....

You will find yourself avoiding others. People will also start avoiding you and gradually you become isolated.

And the biggest irony is that the guy who saved more and wants to work longer actually has the real option of retiring early. On the other hand, the guy who planned for a humble retirement lifestyle may need to work longer to accumulate more, because he didnt plan and invest early.

Always planned for a higher goal while we are still able to.

Quote:
Originally Posted by Unregistered View Post
If you live a humble, simple life, you don't need much for retirement. If you are humble and mix with lower income groups of people, you don't need much to retire. Those who need a lot to retire are those who have friends who are of the upper echelon and they have to keep up with the Joneses. They cannot retire without a car as their rich friends will look down on them. They cannot downgrade from a condo to a flat as their friends will look down on them. They cannot stop playing golf as their friends will look down on them. So since they have to keep up with their high standard of living, they will need to work very hard, day and night until they reach 75. They will then die at 80 and hence will only enjoy their retirement for 5 years. They may just spend $500k over their 5 years of retirement and will leave their millions to their children. Their children will just squander all their hard earned money.
Reply With Quote
  #7538 (permalink)  
Old 11-05-2015, 03:34 PM
Unregistered
Guest
 
Posts: n/a
Default

"Most of the High-Speed rail line will be underground."

This is very good news as residents of Jurong will not be worried about train noise.

I predict property values in Jurong East and Lakeside will rise by 50% at least when the HSR terminus is fully developed. There will also be a mixed development which will create a boom time charlie for Jurong Lakeside District.

My top condominium project picks:

1. J Gateway (Jurong East MRT)
2. The Lakefront Residence (Lakeside MRT)
3. Caspian (Lakeside MRT)
4. Centris (Boon Lay MRT)
5. Lakeshore (Lakeside MRT, need to cross road)

Huat Ah for Jurong Lakeside District !!!!!!!!!!!!!!!!!!!!!


------------------------------------------------------------------

Jurong Country Club to be acquired for High-Speed Rail terminus

By Imelda Saad, Channel NewsAsia
POSTED: 11 May 2015 15:02
URL: ://.channelnewsasia.com/news/singapore/jurong-country-club-to-be/1838956.html

The Jurong Country Club will be acquired in November 2016, and the site will be comprehensively redeveloped for new mixed-use developments and community facilities, together with the High-Speed Rail terminus.

SINGAPORE: The Kuala Lumpur-Singapore High Speed Rail terminus will be located at the current site of Jurong Country Club, announced the Singapore Land Authority, the Land Transport Authority and the Urban Redevelopment Authority in a joint news conference on Monday (May 11).

This follows the announcement Prime Minister Lee Hsien Loong made last week after a bilateral retreat with his Malaysian counterpart Najib Razak. Mr Lee said then that Singapore will site its terminus in Jurong East.

Some analysts earlier suggested that Jurong Country Club was the most likely location for a terminus.

The authorities said Jurong Country Club will be acquired in November 2016, ahead of its lease expiry in 2035. The site will be comprehensively redeveloped for new mixed-use developments and community facilities to serve Jurong residents, travellers and visitors.

Future developments will include offices, hotels, retail and entertainment facilities, including possible residential development.

Authorities said the Jurong Country Club site is "ideal due to its high connectivity, with close proximity to the existing two MRT lines (East-West and North-South Lines) at Jurong East MRT station, a new MRT line (the Jurong Region Line and Cross Island Line) being planned around the area, as well as the future integrated transport hub in Jurong East".

"The terminus will also be located close to Jurong Gateway, which is already shaping up well as a vibrant mixed-used precinct. Hence the terminus location is compatible with the surrounding land uses and well-supported by infrastructure and amenities," added the three authorities.

The terminus will occupy about 20 per cent of the 67 hectare site while the rest will be reserved for the mixed development. Most of the High-Speed rail line will be underground.

The High Speed Rail, described as a "game changer" by leaders from both Singapore and Malaysia, aims to cut down travel time between Kuala Lumpur and Singapore to just 90 minutes. The target for completion which was initially 2020, has been pushed back due to the complexity and scale of the project.

Leaders will decide on a new timeframe for when the train will start running, at the end of the year.

CLUB NOT GIVEN NEW SITE FOR GOLF COURSE

When fully developed, the entire Jurong East site, including the lake districts, the Jurong East Gateway - billed to be Singapore's second Central Business District, and the site for the new terminus will occupy an area of about 360 hectares - about the size of the current Marina Bay area in downtown Singapore.

The Singapore Land Authority gazetted the acquisition of the affected land on Monday morning. It said it will work closely with the management of Jurong Country Club and help it with the acquisition process.

The club will not be give a new site for a golf course, but authorities said it will work with the club to identify other possible sites for social purposes.

Founded in 1975, the Jurong Country Club began as a nine-hole golf course before further development into an 18-hole course. In 2012, it completed a redevelopment project to remodel the golf course at a cost of S$24 million, and the remodelled course was re-opened to members in Jul 10 of that year.

The Government has been reclaiming land from golf courses for redevelopment. In February last year, the two golf clubs - Keppel Club and Marina Bay Golf Club - were told that they would not have their leases renewed when they expire. Three others - Tanah Merah Country Club, National Service Resort and Country Club and Singapore Island Country Club - will have their leases extended but they will be giving up part of the land they now occupy.

Keppel Club's lease expires Dec 31, 2021, and Marina Bay Golf Course's lease expires Jul 13, 2024.

- CNA/av


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


Bursa Stocks Android App - check share prices
Bursa Stocks [Android] App - check latest share prices on the go


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote
  #7539 (permalink)  
Old 11-05-2015, 03:54 PM
Unregistered
Guest
 
Posts: n/a
Default

Ha! Ha! Ha! The idiot property agent strikes again. Still trying to post when I'm waiting for him. Real goondu!!
Reply With Quote
  #7540 (permalink)  
Old 11-05-2015, 05:08 PM
Unregistered
Guest
 
Posts: n/a
Default

Huat his backside la.

Government will put ERP at Jurong East central area. Maybe he will enjoy listening to the Beep Beep sound.
Reply With Quote
Reply

Bookmarks

Tags
bond, bond breaking, income pa, lawyer, saf

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Industries with Highest Proportion Earning 5-Figure Monthly Income Salary.sg Income and Jobs 25 23-04-2021 10:40 PM
Lawyer earning $25k/mth forged $65k payslip to get job Salary.sg Income and Jobs 2 30-12-2011 02:42 PM

» 30 Recent Threads
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
18,735 Replies, 5,603,429 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,964 Replies, 1,580,366 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,694 Replies, 1,519,761 Views
Compare civil service salary ( 1 2 3... Last Page)
16,532 Replies, 13,023,191 Views
GovTech ( 1 2 3... Last Page)
6,680 Replies, 2,669,076 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,606 Replies, 4,028,768 Views
PSA International ( 1 2 3... Last Page)
112 Replies, 105,645 Views
Best Stat board/Ministry ( 1 2 3)
25 Replies, 39,512 Views
when you quit how many days do you... ( 1 2)
19 Replies, 7,955 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
6,130 Replies, 4,965,310 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
2,357 Replies, 1,201,748 Views
Career as Teacher ( 1 2 3... Last Page)
11,831 Replies, 7,270,071 Views
Lawyer Salary ( 1 2 3... Last Page)
21,482 Replies, 10,916,439 Views
For those with 2-5 YOE, what is... ( 1 2 3... Last Page)
1,209 Replies, 483,415 Views
Rakuten Software Engineer (Fresh... ( 1 2)
14 Replies, 6,751 Views
Roles in accenture singapore ( 1 2 3... Last Page)
8,193 Replies, 2,605,662 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,627 Replies, 3,678,380 Views
ST Electronics ( 1 2 3... Last Page)
3,973 Replies, 1,716,499 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
1,004 Replies, 512,091 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
930 Replies, 495,666 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,441 Replies, 731,652 Views
JP Morgan ( 1 2 3... Last Page)
215 Replies, 196,105 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,591 Replies, 1,275,242 Views
Any Ministry or Statboard still... ( 1 2 3)
29 Replies, 15,016 Views
New Employer asked for CPF...
5 Replies, 19,496 Views
MFA- Foreign Service... ( 1 2 3... Last Page)
67 Replies, 91,689 Views
Keppel Associate Programme 2018 ( 1 2 3... Last Page)
42 Replies, 53,285 Views
Salary for JPM Summer Analyst
2 Replies, 212 Views
DSO (under Mindef) ( 1 2 3... Last Page)
55 Replies, 72,372 Views
INL Agency? Brand Communication...
6 Replies, 848 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 07:20 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2