Boeingdream787,
Cubby has explained the 13th month "bonus".
"The profit sharing" bonus varies, obviously in keeping with the company's performance. In a "good" year such as last year and perhaps this year, one can expect approx 6 months of basic+mvc+a portion of avc, paid out in July in a lumpsum. In a "normal" year 3 months can be expected. In a "bad" year such as 2003 when the region was racked by the effects of SARS and travel collapsed, one can expect between 0-1 month, depending on the extent of the crisis. Historically, and from a planning perspective, plan on 3 months profit sharing bonus.
The joining bonus is optional. Company will only use it if it has difficulty recruiting. This has rarely been the case.
Everything is taxable, with the exception of meal allowances. Tax rates at
http://www.iras.gov.sg/irasHome/page...=1190#resident
Click on "for YA 2007 onwards".
To elaborate slightly on the intricacies of MVC and AVC...MVC is determined at the end of every financial quarter. If the co makes a profit, you are paid the MVC for the next quarter. I shall not go into full details of the exact numbers, suffice to say that the co has only once made a quarterly loss in its history. The AVC is paid out in a lump sum in June, if the co makes a profit for the full financial year. The co has never made an annual loss. The sweetener for retaining your AVC until June is a 15% premium, i.e., you are paid $767 x 12 months x 1.15.
One of the annoying aspects of the pay structure is that when you are on leave, you are only paid the basic and mvc for the month. No PPA or meal allowances, since you did not fly. However, the figures i have quoted are averaged out for the 6 weeks that you are on leave, meaning that for some months PPA and meal allowances can be quite high, just as they will be low for the month when you are on leave.
Inflation in Singapore has historically averaged 2-3%. This year has peaked at 6.6% in Jan, and 6.5% in Feb, partially as a result of the GST (VAT) increase by 2% mid last year, and partially based on calculation from a low base. Of course, commodity prices have shot up world-wide, and that inflation has been imported into Singapore. Property prices and rents too have shot up in the past 12 months, having laid dormant for almost 10 years previously.
The outlook on inflation is for it to moderate to approx 4-5% by mid year on the basis of adjustment of the calculated base. Inflation, however, remains a worry not just for Singapore, but for most industrialized countries.
The good news is that interbank rates are falling, likely resulting in cheaper mortgages.
Eating out can be an inexpensive affair if you want just a regular meal without the fancy trappings. A meal with a soft drink at a foodcourt in any mall, even on Orchard Road, will only set you back S$5-7 at most.