It’s little wonder that 80% of Singaporeans are unhappy with their salary.
After spending on essentials, paying off loans and paying for their monthly insurance installments, local business executives find it difficult to set aside a small sum of their wages for their savings.
That was the key finding of the latest survey from JobStreet.com, which polled 290 Singaporean candidates holding executive positions across various industries.
The report found 46% of respondents stated their salary does not leave them with any savings after spending on essentials.
Almost five in 10 (45%) were tied down by loans originating from property, car and credit card.
“With health issues being a rising concern among Singaporeans, expenditure on insurance has also risen,” the report stated.
Indeed, 25% respondents identified insurance as their biggest monthly financial commitment in the survey.
When polled on how they would cope with the situation, 42% of those polled preferred to cut down on their spending while 27% respondents preferred to pitch for a new job with a higher salary.
The remaining percentage of respondents stated would either get a part time job or make investments for side income. Only a small percentage (5%) of respondents mentioned that they have enough money to spend.
“The survey results also showed that 88% of respondents did not have any other source of income besides their salary,” the report said.
“This is the reason why candidates in Singapore are easily lured by jobs offering better compensation benefits such as salary and bonus. Salary was consistently identified as the most important factor that candidates considered when applying for a job across all position levels.”
The ideal amount of salary earnings that would be sufficient to survive living in Singapore, the world’s most expensive city, 38% of respondents cited earning a monthly salary of $4,001 and above.
This was followed closely by 37% agreeing to earn a monthly salary of $3,001 to $4,000. Only 25% of the respondents agreed that earning $2,000 to $3,000 is enough to make ends meet every month.
RELATED READ: Singaporeans are STILL feeling unhappy