Singapore more costly for citizens to live in than Seoul, Hong Kong: Survey

[CityFarmer]

This survey is for residents, not expatriates...

Singapore more costly for citizens to live in than Seoul, Hong Kong: Survey

SINGAPORE — The Republic was ranked 56th out of 103 major cities around the world for the cost of living for its citizens, according to the annual study by the Asia Competitiveness Institute at Lee Kuan Yew School of Public Policy.

Singapore trailed other major cities such as New York and London, which were 11th and 27th respectively, but emerged ahead of regional cities such as Seoul (65) and Hong Kong (66), according to the survey, which was released on Thursday (Nov 27). This meant it is now more costly for people to live in Singapore from two years ago, as the city-state was ranked 60th in the 2012 study.
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http://www.todayonline.com/singapore/sin...ong-survey

[pianist]

my ex-colleagues in london were telling me that cost of living is relatively lower there against sg...hmm but this survey showed different result

[CY09]

Hi Pianist,

Was in London recently (last month) and I can tell you my experience:

Eating out at cheap eats is not exactly cheap. A normal meal is about 4 pounds (s$8). Mineral Water is about 50 pence (s$1). And the tube's fare is higher than Singapore's. The only cheaper thing is of course the car. Also do note London has a congestion charge if you drive a car in the central area of London. The congestion charge is 10 pounds a day (s$21). A home at Watford (which is quite outside of London) will cost you about s$500,0000.

So yea London was an expensive place during my time there.

Similarly I was studying at Incheon and so I too can provide a guage of Seoul's prices.
Subway prices are the same as Singapore (Slighly cheaper I will say), food prices at Seoul is about 5,500 won ($6.50). All in all, the cost of living in Seoul is cheaper than SG. In addition, one can actually stay at the neighboring city of Incheon and then commute to Seoul (ppl do that everyday). The travelling time between Incheon and Seoul is about 1 hr, but Incheon's COL is much lower.

[pianist]

i see cy09 thanks for sharing yr experience

i wasstationed in london 3 years ago and the colleagues there never waanna return to sg or my cos they said cost of living relative to salary is cheaper in london compared to sg..

i think have to factor in the benefits and salary ,etc to have a meaningful comparison

korea i am not familiar but my korean tenants have been good and timely in their rental payments so far!!

[CY09]

Good point raised.

If we bring wages into the picture. A UK worker median wages is about 3,400 pounds per month while Sg worker earns $3700+ (inclusive employer CPF). Therefore, if we factor in wages, a 4.50 pound meal to a UK worker is more or less the same "damage to the wallet" to a Singapore worker paying $4.50 for his meal.

[corydorus]

Good point raised.

If we bring wages into the picture. A UK worker median wages is about 3,400 pounds per month while Sg worker earns $3700+ (inclusive employer CPF). Therefore, if we factor in wages, a 4.50 pound meal to a UK worker is more or less the same "damage to the wallet" to a Singapore worker paying $4.50 for his meal.

European taxes are very high. Need to take this into consideration else it will be very misleading. See the link.

https://www.gov.uk/income-tax-rates/curr...allowances

If we look at Korea,

Individual Income Tax Regime:
- Korea has a progressive tax rate, which in 2009 was as follows:
o Earnings up to W12million Tax Rate is 6%
o Earnings from W12 million to W46 million Tax Rate is 16%
o Earnings from W46 million to W88 million Tax Rate is 25%
o Earnings over W88 million Tax Rate is 35%

Flat Tax: Foreign residents can choose to pay a flat tax at 17.5% instead of the progressive tax as described above

Cost of living if we exclude car, Singapore living cost is actually not high. So i would say the survey is seriously flawed in Singapore aspect.

[pianist]

Good point raised.

If we bring wages into the picture. A UK worker median wages is about 3,400 pounds per month while Sg worker earns $3700+ (inclusive employer CPF). Therefore, if we factor in wages, a 4.50 pound meal to a UK worker is more or less the same "damage to the wallet" to a Singapore worker paying $4.50 for his meal.

European taxes are very high. Need to take this into consideration else it will be very misleading. See the link.

https://www.gov.uk/income-tax-rates/curr...allowances

If we look at Korea,

Individual Income Tax Regime:
- Korea has a progressive tax rate, which in 2009 was as follows:
o Earnings up to W12million Tax Rate is 6%
o Earnings from W12 million to W46 million Tax Rate is 16%
o Earnings from W46 million to W88 million Tax Rate is 25%
o Earnings over W88 million Tax Rate is 35%

Flat Tax: Foreign residents can choose to pay a flat tax at 17.5% instead of the progressive tax as described above

Cost of living if we exclude car, Singapore living cost is actually not high. So i would say the survey is seriously flawed in Singapore aspect.

hmm..true..
missed out the tax effect

[valuebuddies]

err.. what about in Indonesia, Cambodia, Myanmar, Vietnam etc? I think if we are looking at the cost of simple living for "citizens", then I would suggest that these poverty countries should rank the tops. Think about it before you really conclude that Singapore is an expensive city to live by its "citizens", if we live a simple live here, nothing is really expensive.

[gzbkel]

One thing expensive and sometimes unavoidable in Singapore is medical expense. Been getting a taste of this myself for the past few months.
For my case, not claimable under Critical Illness, hospitalization, or medisafe.

[corydorus]

err.. what about in Indonesia, Cambodia, Myanmar, Vietnam etc? I think if we are looking at the cost of simple living for "citizens", then I would suggest that these poverty countries should rank the tops. Think about it before you really conclude that Singapore is an expensive city to live by its "citizens", if we live a simple live here, nothing is really expensive.

I would say need to compare apple to apple. For example, same standard of living regardless countries before we talk about cost.

If we go to a country without internet, no hot shower, no proper medical support, no security etc The place is not what i want to go for retirement even if cost of living is cheap. Is cheap for a reason !