If the local contract is similar to the one in SLK or TGW, it's not that bad. You still earn something in the 160 - 200 k S$ range. The only thing that's missing is the housing and the schooling fees. If you don't have a bunch of children, you wont realise it.
You also get CPF, medical and the bonus.
OK, it's not the same as it used to be, but it's still good. Problem was that those old expat contracts where too good...
Dani