I've been musing about this issue for quite awhile.
Has Singapore become more expensive to live in than other first world countries?
Let me do a simple comparison of the 2 big ticket items, namely, Car and Property, for Singapore versus UK-excluding London.
for the motorcar, a Toyota Vios in Singapore costs S$89,000
A Toyota Yaris (a Vios equivalent) in the UK costs £11,495 (S$23,000)
Insurance is roughly the same.
Petrol is S$1.95 for RON 95 here, £1.25 (S$2.50) in the UK.
For Property, the average Singaporean stays in a 4 room which he bought for S$250,000 to S$350,000. In the UK, a 1,500 sq ft Semi D costs in the region of £150,000. (Manchester suburb)
someone over at hardwarezone forums, who is living in the UK, has done a detailed comparison of day-to-day living costs here
From what I've gleaned, it seems day to day stuff in the UK is actually also cheaper than Singapore! Not to mention one of the biggest costs, healthcare, is pay for by taxes in the UK.
Wages wise, I shall take a medical doctor as an example.
A houseman here earns S$3,800 per month, after bonus, is somewhere in the region of S$50,000+. This is subject to an income tax band of 7%. A houseman working in the NHS earns £30,000, not including bonuses. This is subject to income tax band of 20%.
A consultant in public service in Singapore earns in the region of S$150,000, subject to 15% income tax (effectively S$127,500) , whereas a consultant in the NHS earns £100,000, subject to 40% income tax. (Effectively £60,000- S$120,000).
Not to mention that the working hours are alot more in Singapore...
This is just a simple comparison; but could it be that Singapore's cost of living has caught up, or indeed exceeded other first world countries?
Has Singapore become more expensive to live in than other first world countries?
Let me do a simple comparison of the 2 big ticket items, namely, Car and Property, for Singapore versus UK-excluding London.
for the motorcar, a Toyota Vios in Singapore costs S$89,000
A Toyota Yaris (a Vios equivalent) in the UK costs £11,495 (S$23,000)
Insurance is roughly the same.
Petrol is S$1.95 for RON 95 here, £1.25 (S$2.50) in the UK.
For Property, the average Singaporean stays in a 4 room which he bought for S$250,000 to S$350,000. In the UK, a 1,500 sq ft Semi D costs in the region of £150,000. (Manchester suburb)
someone over at hardwarezone forums, who is living in the UK, has done a detailed comparison of day-to-day living costs here
From what I've gleaned, it seems day to day stuff in the UK is actually also cheaper than Singapore! Not to mention one of the biggest costs, healthcare, is pay for by taxes in the UK.
Wages wise, I shall take a medical doctor as an example.
A houseman here earns S$3,800 per month, after bonus, is somewhere in the region of S$50,000+. This is subject to an income tax band of 7%. A houseman working in the NHS earns £30,000, not including bonuses. This is subject to income tax band of 20%.
A consultant in public service in Singapore earns in the region of S$150,000, subject to 15% income tax (effectively S$127,500) , whereas a consultant in the NHS earns £100,000, subject to 40% income tax. (Effectively £60,000- S$120,000).
Not to mention that the working hours are alot more in Singapore...
This is just a simple comparison; but could it be that Singapore's cost of living has caught up, or indeed exceeded other first world countries?