Tue, 24 Oct 2017 by RemitGuru

cost of living in singapore: 2017 guide

Though physically small, Singapore is an economic giant. It has been Southeast Asia's most modern city for over a century. Founded as a British trading colony in 1819, since independence it has become one of the world's most prosperous countries and boasts the world's busiest port. Its unique ethnic tapestry affords visitors a wide array of sightseeing and culinary opportunities from which to choose. A full calendar of traditional festivals and holidays celebrated throughout the year adds to its cultural appeal. In addition, Singapore offers luxury hotels, delectable cuisine and great shopping. The island nation of the Republic of Singapore lies one degree north of the Equator in Southern Asia. Because of its efficient and determined government, Singapore has become a flourishing country that excels in trade and tourism and is a model to developing nations. The capital city, also called Singapore, covers about a third of the area of the main island.

Residing or moving to Singapore is something that many people dream of, because life here is considered by many to be life at its best. Singapore is an efficient and clean Asian city that retains much of the charm from its British colonial days whilst also offering a cutting edge, well-developed environment. Singapore's position on the southern tip of Malaysia has allowed it to develop into one of the most important trade and finance centers in Asia and according to GDP, today it is the fifth wealthiest country in the world. It also has the fourth largest foreign exchange trading centre in the world.

Population in Singapore - Singapore's population of 5.75 million people (as per January 2017 population statistics) largely consist of people of Chinese (almost 76%), Malay (almost 15.0%) and Indian (almost 7.4%) backgrounds. People living in Singapore often come from diverse cultural backgrounds, making for a multi-ethnic society. As an expat, you'll enjoy Singapore's diversity and its luxurious lifestyle. Internations gives you a brief insight into neighborhoods, education, and other aspects of being an expat in Singapore. As a result, Singapore has four official languages: English, Mandarin, Malay, and Tamil. In addition to citizens and permanent residents, 1 million people are in Singapore on long- or short-term passes; they are often referred to as 'foreign talent' in the press. The main religions followed in Singapore are Buddhism, Islam, Hinduism, Christianity and Tao.

Cost of Living in Singapore - Singapore is a city of very strong laws, which offers a very high standard of living but this can come at a price. In a recent survey Singapore was listed amongst the top 10 most expensive cities in the world. Expatriates who seek living conditions that are similar to that they enjoy in their home country will find that property prices are very high here, whether they rent or buy. Alcohol is also taxed at a high rate, entailing that those expats who like to visit bars and clubs will find that maintaining a social life here is expensive. It is also very expensive to own a car due to the heavy taxes that are imposed on vehicles. On the whole, food and groceries are quite reasonable and expatriates who are prepared to dine in the local hawker stalls and shopping mall food courts will find that they can dine out very cheaply.

Prices for basic necessities such as food, clothing, public transport, basic education and utilities in Singapore are said to be quite moderate. Public transport and taxis are very affordable as well. On the other hand, housing, private schooling and maintaining an automobile can be costly. If you are an expatriate whose compensation package includes benefits such as transportation or car allowances, housing, childcare, payment of school fees, entertainment allowances and other work-related benefits, these costs would be less of a concern to you and you will find that life in Singapore can be quite comfortable. Even if you do not have an extensive package, you can always find something that fits your budget; for every category, Singapore offers a wide range of available choices and prices.

Facts and Figures

Health - The World Health Organisation ranks Singapore's healthcare system as 6th overall in the world in its World Health Report. Singapore has a generally efficient healthcare system, even though their health expenditures are relatively low for developed countries. In general, Singapore has had the lowest infant mortality rate in the world for the past two decades. Life expectancy in Singapore is 80 for males and 85 for females, placing the country 4th in the world for life expectancy. Almost the whole population has access to improved water and sanitation facilities in Singapore.

Average Salary in Singapore - Singapore is among the top 10 cities in the world with the highest average salaries. The average salary after deducting income tax of people working in a particular city was covered in one aspect of the report. Singapore has the ninth highest salaries in the world, while Zurich, Boston, and New York occupy the top three places respectively. Forbes has named Singapore as the third richest country in the world. This wealth is measured using the Gross Domestic Product (GDP) per capita. Simplistically, it adds up everyone's income for the year - to obtain GDP - before dividing it by the country's population. As per a report by Trading Economics, Wages in Singapore decreased to 4939 SGD/Month in the second quarter of 2017 from 5586 SGD/Month in the first quarter of 2017. Wages in Singapore averaged 3239.20 SGD/Month from 1989 until 2017, reaching an all time high of 5586 SGD/Month in the first quarter of 2017 and a record low of 1302 SGD/Month in the second quarter of 1989.

Cost of Education in Singapore - As a working expat in Singapore, you have the choice of sending your child to a government or private school. Government schools are also called local public schools while private schools are also called international schools. Education standards in Singapore are very high and you can't go wrong with either one of the two. A local school will follow a curriculum as approved by the Ministry of Education whereas an international school will follow a curriculum that's more widely accepted internationally such as the well-known International Baccalaureate high school diploma. One of the key advantages of local school education in Singapore is that it is very affordable. In contrast, sending a child to an international school can cost anywhere between $1,000 - $3,000 + per month.

Travel & Transportation in Singapore- Transport within Singapore is mainly land-based. Many parts of Singapore are accessible by road, including islands such as Sentosa and Jurong Island. The other major form of transportation within Singapore is rail: the Mass Rapid Transit which runs the length and width of Singapore, and the Light Rail Transit which runs within a few neighbourhoods. The main island of Singapore is connected to the other islands by ferryboat services. Singapore's public transport system is fast and efficient and will move you to most places without fuss.

Train- Singapore's MRT (mass rapid transit) system is probably the fastest way to zip around the city. The extensive rail network means that most of Singapore's key attractions are within walking distance from an MRT station. You can buy tickets for single trips, but if you intend to use the MRT and basic bus services frequently during your visit, you can buy a Singapore Tourist Pass, a special EZ-Link stored-value card which will allow you unlimited travel for one day (S$10), two days (S$16) or three days (S$20). Singapore's trains and stations are accessible to wheel chair users and the visually impaired, as well as families with strollers.

Taxi - Taxis are comfortable and especially handy if you want to go to places not accessible by the bus or MRT. Cabs here are metered, but there may be surcharges depending on when, where and which company's taxi you board. To get a rough idea of the final fare, check with the driver on the surcharges and ask for a receipt at the end of the trip. You can hail a taxi by the roadside at most places, or by queuing for one at taxi stands found at most shopping malls, hotels and tourist attractions. If you wish to book a cab, you can call a common taxi booking number, 6-DIAL CAB (6342-5222), and your call will be routed to an available taxi company's call centre.

Bus - Most buses in Singapore have air-conditioning - a welcome comfort in a tropical city. Singapore's bus system has an extensive network of routes covering most places in Singapore and is the most economical way to get around, as well as being one of the most scenic. You can pay your bus fare using an EZ-Link stored-value card or the Singapore Tourist Pass, which you tap on the card reader located next to the driver as you board. Do remember to tap your card again, on the reader located at the rear exit, when you alight. You can also pay in cash but you need to have exact change.

Yes, life here is easy. The conveniences and social opportunities associated with expat life in Singapore are plentiful. English is the language of commerce and education, and most of the products and conveniences found in the West are commonly available, though sometimes in unexpected places. Many multinational companies have offices in Singapore, giving rise to a large expatriate population and an equally large amount of social opportunities. Singapore is also an excellent destination for expatriate families, as it is safe and child-friendly, boasts highly reputable international schools, and offers employment and social opportunities for accompanying partners. So, get ready for a life that won't disappoint but make sure you are armed with all the information you need to make the Lion city your own.

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