You’re at that point of your life where you want to advance your career. At the same time, you’d appreciate a change of environment, which means relocating is something you might be considering. With many options available when it comes to migrating, it can be tough to pick the best country to make that great move to.
In this article, we’ll look at why the city-state of Singapore just might be the perfect place for you to relocate to and build your career.
Higher earning power
Singapore is one of the richest countries in Asia with a GDP of almost 60,000 USD (as of 2020). Besides the fact that the median salary is $3,500 a month, Singapore’s Finance Minister Lawrence Wong recently announced that there would be a hike in minimum pay for expats.
As of September 2022, the minimum salary for white-collar expats will increase from $4,500 to $5,000 per month, while the pay for workers in the finance sector will rise to $5,500 a month–a 10% increase. If salary is an important factor in your decision to relocate, now is a good time to move considering the fact that expat pay and benefits had dropped in 2020.
Progressive tax system
Speaking of salary, like everywhere else, you’ll need to declare your earnings during tax season. If you’re a non-resident in Singapore, you’ll be charged between 0%-22%, depending on how much you earn (no taxes for those earning less than $22,000 a year). Whereas if you don’t have a resident pass, your tax rate will be between 15%-22%. However, take note that foreigners need to pay tax only if they’ve been residing in the country for at least 183 days preceding the tax year.
Filing your tax returns is also a hassle-free, 6-step process that can be done online through the myTax portal.
Diversity in the workplace
Moving to a new country can be daunting, but settling into a place that has people from all walks of life can be a comfort. Relocating to a melting pot like Singapore means you will meet people from various cultural backgrounds everywhere you go.
But besides ethnic diversity, workplaces in Singapore also strive to give everyone an equal opportunity regardless of gender, religion, or disability. And while Singapore does not have specific laws on diversity yet, companies can opt to follow guidelines outlined by the Tripartite Alliance for Fair & Progressive Employment Practices. These guidelines cover, among other things, how employees should be rewarded fairly based on their contributions, how employees should be recruited based on merit, and how employers can abide by labor laws in Singapore.
Great higher education opportunities
You’re relocating to Singapore for work, so how does higher education come into the picture, you ask? Well, if you want to further improve your credentials and take a course or two that will help you in your career, Singapore is also the best place for this.
In the QS World University Rankings 2022, two of Singapore’s top universities–the National University of Singapore and Nanyang Technological University–ranked 11th and 12th in the world, respectively.
With even smaller institutions providing top-notch education online, you’ll be able to get an extra qualification at your own pace and convenience.
Strong labor laws to protect you
Problems can arise during your employment in any country, so it’s important to have a solid legal system that can back you up. Singapore’s Employment Act contains basic yet crucial rights that employers must grant their employees, such as fixed working hours, annual leave, and paid maternity leave.
And if unfortunately, you get wrongfully dismissed from your job or you don’t get paid your salary as you should, you can file a claim at an Employment Claim Tribunal. A tribunal works like a court, where both parties’ claims will be heard and an award or judgment will be given. If the tribunal finds that your claims are valid, your employer will be ordered to pay you compensation or give you your job back.
If you would like to learn more about relocating to Singapore for work, our immigration experts are at the ready to assist you. Contact us today!
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