# Suggestion required on salary



## Jithan (Mar 26, 2011)

Hi Friends,

This is Jithan currently based out in India. I got an offer with one of leading Investment bank as contractor. they are offering me 70k SGD as annual salary. i have 6 yrs exp in IT.

I would like to know the following,

*1.* 70k SGD salary for an IT professional with 6 yrs exp is nominal or less? a point to note here is, this is contract position not permanent.

*2.* If i get 70K SGD per annum, what would be my net annual salary after all deductions (tax , Provident fund (if any), etc.,)

*3.* Planning to come there with my wife, no kids. My primary objective is to save some money rather than churning out more . What would be the cost of living in Singapore, if i lead a average life (movie, hotel - once in a month, no too much outing)


Detailed answer would be very much helpful for me to plan before i come there.


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## simonsays (Feb 11, 2009)

short answers ..

70K is about 5.5 PM - not a bad salary, and then again, nobody can say if it is good or not .. 

Contract and perm ? That is nothing - n Perm - you can still be fired with one month notice .. so ?? 

Foreigners / WP / EP can't pay provident fund, and tax - go to www.iras.gov.sg and you can use the online tax calculator to figure out your tax.

Deductions ? unless your agent is pulling deductions, there aren't any .. 

Cost of living has been hacked enough of times - just do some read up on the past postings

Cheers


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## CyrusChang (Mar 27, 2011)

I would say is a good pay!!!


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## Jithan (Mar 26, 2011)

Thanks a lot guys, your answers were very much informative.


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