Getting the Right Pay Package – Expectations vs Reality

lowwage4 (1)


High living standards should ideally beget high paychecks; however, status quo does not dance to the tunes of utopian economic ideals, and people often end up being sacrificial lambs to the monster of inflation. Thanks to saturation in the job market and rising inflation, the see-sawing struggle for financial prosperity in Singapore is heating up more and more every day as people are finding it hard to cope up living in the world’s most expensive city.

Yes, no one can deny that Singapore is a bastion of economic progress in Southeast Asia; however, recent trends in its working class population has revealed some disturbing trends simmering under the skin-deep veneer of financial affluence. A recent survey carried out by exposed that nearly 83% of Singaporeans were unhappy with their pay packages and felt more entrapped by the chokehold of debt than ever before. According to the report, the majority of Singaporean workers felt that their pay package should be enlarged by at least 10 – 20 percent and be entitled to a minimum monthly remuneration of $6,000 in order to meet their basic living requirements.

The test group used for this study possessed 70 percent members that earned below $3000 per month, and nearly 23 percent of them had major problems in being able to afford the bare essentials. Living from paycheck to paycheck is a sad reality for such Singaporeans as there is no room left for savings anymore in their portfolio. Aside from meticulous household budget trimming, 16 percent of Singaporeans in the test group reported taking up second jobs to cover their monthly living expenses.

According to the Singapore Statistics survey conducted in 2013, the average monthly salary in Singapore was shown to be $4,998. This figure falls short of the ideal $6,000 monthly average figure preferred by most Singaporean working professionals. Although inflation and lack of opportunities are contributing factors to the dampened dreams of Singaporeans, it is important to not let your ambitions devolve into delusions and cloud your perception of your own abilities. People who get stuck in menial dead-end jobs are not just unlucky, but victims of their own misaligned job priorities that could have avoided their mediocre fates.

Hence, it is vital to ask yourself the following questions in order to determine the vitality of your job and keep your financial spirit alive and kicking at every step of your career:

How Far Has Life Caught Up With You?

No, this is not an undignified way to ask how old you are, but to determine what stage of life you are currently involved in. For instance, a newlywed or new parent will have to considerably alter their budget goals in order to address the additional expenses that will inevitably come up. For a family man, a small commute and great family health insurance coverage may be two perks attractive enough to seal the deal.

On the other hand, a single fresher in the industry may be comfortable pursuing a job involving extensive travel and long working hours if it means his chances for career advancement will be significantly enhanced.

Is the Money Worth the Effort?

With great power comes great responsibility, which means that your job needs to be more than just a paycheck for you. If you hold a creative position in the company you are a part of and get promoted to a management-focused position, then your motivation may dwindle down quickly and you will put a performance block over your head due to your lack of interest.

You must thoroughly analyze the job profile and the work culture of the organization you are thinking of joining in order to get a clear idea of your skill valuation and the scope of growth for an employee. Singaporeans should ideally opt for companies that conduct regular workshops and programs that help sharpen the skill set of employees and continue grooming them into a valuable asset in the industry.

Apart from pondering over the obvious pay package, you must also pay heed to the overall perks offered by a company in return for your services. A job with a high salary and bare minimum benefits is not as attractive as a job with a lower paycheck and numerous perks including health insurance, housing facilities and retirement schemes.

For more financial tips and tricks to optimize your financial lifestyle, visit and learn all the best moves to make with your money.

For more financial tips and tricks to optimize your financial lifestyle, visit and learn all the best moves to make with your money.

(Visited 92 times, 1 visits today)

Leave your comment