Singaporeair Captain recruitment
Join Date: Nov 2000
Location: PNH
Posts: 37
Likes: 0
Received 0 Likes
on
0 Posts
Singapore Inflation
Singapore inflation probably climbed to 25-Year High
Singapore's inflation probably accelerated in January to the highest since 1982, adding pressure on the central bank to curb price gains even as the economy weakens. The consumer price index jumped 5.6% from a year ago, after gaining 4.4 percent in December, according to the median estimate of 16 economists surveyed by Bloomberg. The Department of Statistics will release the report at 1 p.m. on Feb. 25.
The Monetary Authority of Singapore last week increased its forecast for inflation this year, predicting consumer prices will gain at more than double the 2007 pace. Rising prices may increase pressure on the central bank to allow faster gains in the currency in its next review in April, economists said. "It's a difficult time for the central bank", said Tetsuo Yoshikoshi, an analyst at Sumitomo Mitsui Banking Corp. in Singapore. "It cannot tolerate an excessively strong Singapore dollar but at the same time the central bank needs to bring down inflation from these high levels.''
Prices probably rose last month as the government raised property valuations for public housing, the island's biggest power company increased electricity tariffs and the advent of Chinese New Year, celebrated by the majority of Singaporeans, boosted food costs.
Currency Factor
Finance Minister Tharman Shanmugaratnam last week said Singapore will use its currency and diversify its sources of food supply to curb inflation. Still, the government warned there is a limit to the Singapore dollar's appreciation because it reduces the island's competitiveness. The currency has climbed 2.1% against the U.S. dollar this year, adding to a gain of 6.7% last year. It reached the highest in 11 years today, gaining 0.2% to S$1.4074 against its U.S. counterpart. Singapore's central bank expects inflation to average between 4.5% and 5.55 in 2008, after gaining 2.1% last year.
Source: bloomberg.com
Publication date: 2/22/2008
Singapore's inflation probably accelerated in January to the highest since 1982, adding pressure on the central bank to curb price gains even as the economy weakens. The consumer price index jumped 5.6% from a year ago, after gaining 4.4 percent in December, according to the median estimate of 16 economists surveyed by Bloomberg. The Department of Statistics will release the report at 1 p.m. on Feb. 25.
The Monetary Authority of Singapore last week increased its forecast for inflation this year, predicting consumer prices will gain at more than double the 2007 pace. Rising prices may increase pressure on the central bank to allow faster gains in the currency in its next review in April, economists said. "It's a difficult time for the central bank", said Tetsuo Yoshikoshi, an analyst at Sumitomo Mitsui Banking Corp. in Singapore. "It cannot tolerate an excessively strong Singapore dollar but at the same time the central bank needs to bring down inflation from these high levels.''
Prices probably rose last month as the government raised property valuations for public housing, the island's biggest power company increased electricity tariffs and the advent of Chinese New Year, celebrated by the majority of Singaporeans, boosted food costs.
Currency Factor
Finance Minister Tharman Shanmugaratnam last week said Singapore will use its currency and diversify its sources of food supply to curb inflation. Still, the government warned there is a limit to the Singapore dollar's appreciation because it reduces the island's competitiveness. The currency has climbed 2.1% against the U.S. dollar this year, adding to a gain of 6.7% last year. It reached the highest in 11 years today, gaining 0.2% to S$1.4074 against its U.S. counterpart. Singapore's central bank expects inflation to average between 4.5% and 5.55 in 2008, after gaining 2.1% last year.
Source: bloomberg.com
Publication date: 2/22/2008
Join Date: May 2007
Location: Singapore
Posts: 74
Likes: 0
Received 0 Likes
on
0 Posts
$6k mo is a bit high imo. $4500-$5500 should be adequate depending on family size. Downtown/Orchard road you're looking at $6k+. Airport, much less. East Coast in between. You can go north and west but what you save will be offset by higher cab fare. Then again, if you have children you may want to cut down on their bus ride by living closer to the school.
The idea that you must live near expats of your own nationality is a personal choice. It was not a prime consideration for me.
The training bond is what it is. Learn about it, and make your decision accordingly. I can honestly say it had no bearing on my decision.
Good luck!!
The idea that you must live near expats of your own nationality is a personal choice. It was not a prime consideration for me.
The training bond is what it is. Learn about it, and make your decision accordingly. I can honestly say it had no bearing on my decision.
Good luck!!
Last edited by ArkPilot; 25th Mar 2008 at 05:24.
Join Date: May 2003
Location: Nearby
Posts: 26
Likes: 0
Received 0 Likes
on
0 Posts
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.
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.
Last edited by locblue; 25th Mar 2008 at 04:25.
Join Date: May 2007
Location: Singapore
Posts: 74
Likes: 0
Received 0 Likes
on
0 Posts
KK,
I was going to apologize for the humor(less) comment. But given your response I find I may have touched a raw nerve.
In any event, I offer my sincerest apologies. I will remove the offensive part of the post.
I was going to apologize for the humor(less) comment. But given your response I find I may have touched a raw nerve.
In any event, I offer my sincerest apologies. I will remove the offensive part of the post.
Join Date: Jul 2005
Location: Somewhere between MSL and the Stratosphere
Posts: 231
Likes: 0
Received 0 Likes
on
0 Posts
National terms....???!!
Great replies locblue,Arc and KK.Many many thanks.Just got a couple of morre q's or you guys...
.
1)If one is offered an interview on expat terms can one change to national terms.How...
2)If on expat terms,is ther ANY internal career growth whatsoever....ie Cp/TRI/TRE within the framework of the contract.Any upgrades possible to management positions at all(not that i'm looking for any,but would make very interesting equations).
3)What licence do you fly on.Do you keep your licence of origin(ICAO)current all the time....??
4)Hypothetically,if say another SARS happens(touch wood),what are the chances of just getting laid off.What are the company's obligations towards you and your family.And would it be any different if you were on national terms(do u have a choice to begin with).
5) Lastly,KK u said in post #122 that "if not,don't sign the bond".....just wondering,IS THAT an option available at all...??!! That is to join up(non type)and STILL work around the bond.Cause although all intentions are honourable,just coming up with that kind of money( 56K+ SD ) would be SUICIDE.....to say the least....!!! So wondering if at all any detour is available.Rather, is the bond negotiable at all such as "collateral in lieu of"or other reasonable terms for both parties.
Please....honest replies only.Will be duly rewarded by a six pack of your fav brew.....
.1)If one is offered an interview on expat terms can one change to national terms.How...
2)If on expat terms,is ther ANY internal career growth whatsoever....ie Cp/TRI/TRE within the framework of the contract.Any upgrades possible to management positions at all(not that i'm looking for any,but would make very interesting equations).
3)What licence do you fly on.Do you keep your licence of origin(ICAO)current all the time....??
4)Hypothetically,if say another SARS happens(touch wood),what are the chances of just getting laid off.What are the company's obligations towards you and your family.And would it be any different if you were on national terms(do u have a choice to begin with).
5) Lastly,KK u said in post #122 that "if not,don't sign the bond".....just wondering,IS THAT an option available at all...??!! That is to join up(non type)and STILL work around the bond.Cause although all intentions are honourable,just coming up with that kind of money( 56K+ SD ) would be SUICIDE.....to say the least....!!! So wondering if at all any detour is available.Rather, is the bond negotiable at all such as "collateral in lieu of"or other reasonable terms for both parties.
Please....honest replies only.Will be duly rewarded by a six pack of your fav brew.....
Last edited by boeingdream787; 26th Mar 2008 at 20:15.
Join Date: Sep 2007
Location: confused
Posts: 39
Likes: 0
Received 0 Likes
on
0 Posts
BD787,
Will try an answer, ALL PLS FEEL FREE TO CORRECT......
1) You can just tell them you want National terms, but no education or housing allowances.
2)No internal growth on expat as far as i know... may be wrong,
3) Fly on Singapore ATPL, your own licence you renew yourself....
4)Expats are the first to get laid off, then expats on national terms and so on...
5) Basically if not type rated.. No Chance, you have to bring the money with you.
Hope this helps,
OFF to,
RnR...
Will try an answer, ALL PLS FEEL FREE TO CORRECT......
1) You can just tell them you want National terms, but no education or housing allowances.
2)No internal growth on expat as far as i know... may be wrong,
3) Fly on Singapore ATPL, your own licence you renew yourself....
4)Expats are the first to get laid off, then expats on national terms and so on...
5) Basically if not type rated.. No Chance, you have to bring the money with you.
Hope this helps,
OFF to,
RnR...
Join Date: Jun 2003
Location: Belgium
Posts: 81
Likes: 0
Received 0 Likes
on
0 Posts
BD787
Point 5 :
If your bank has a Singapore office (and only then) you can place the
money in a locked account in your home country (i.e. a fixed deposit). Your bank (Singapore Branch) will then issue a bank guarantee to SIA. (So no need to bring the cash to Singapore)
It requires some paperwork, but in this way your money will at least generate
some interest. Worked fine 7 years ago.
gb
Point 5 :
If your bank has a Singapore office (and only then) you can place the
money in a locked account in your home country (i.e. a fixed deposit). Your bank (Singapore Branch) will then issue a bank guarantee to SIA. (So no need to bring the cash to Singapore)
It requires some paperwork, but in this way your money will at least generate
some interest. Worked fine 7 years ago.
gb
Join Date: Mar 2007
Location: seoul
Posts: 4
Likes: 0
Received 0 Likes
on
0 Posts
BOND
One Question On Bond.
If You Have To Leave Unwillingly Before Your Contract Finishes, Say Due To Health Problem Or Loss Of Licence So On, Do You Still Have To Pay For The Training For The Remaining Term? Does Sia Take It From Your Bond?
If You Have To Leave Unwillingly Before Your Contract Finishes, Say Due To Health Problem Or Loss Of Licence So On, Do You Still Have To Pay For The Training For The Remaining Term? Does Sia Take It From Your Bond?
Join Date: Jun 2001
Location: Formerly resident of Knoteatingham
Posts: 957
Received 116 Likes
on
57 Posts
Very good question. I stand to be corrected here but I think each case is taken on its merits. But there are no guarantees of course.
Join Date: Jan 2007
Location: united arab emirates
Posts: 370
Likes: 0
Received 0 Likes
on
0 Posts
Gents
Just a question , are they flexible with the 3000 hr pic requirement on commercial jets ? What if 2000hrs on A332/A340 and B777 all command time. Have more than 3000 hrs pic if you can count Kingairs and Cessna,s.
Just curious. I guess no harm in applying.
Also if one has say 300 hrs pic on 777 ( increasing monthly) , and one were to join , would you be regarded as type rated , or will they not wiaver the 1000hr requirement.
Thankyou la.
Just a question , are they flexible with the 3000 hr pic requirement on commercial jets ? What if 2000hrs on A332/A340 and B777 all command time. Have more than 3000 hrs pic if you can count Kingairs and Cessna,s.
Just curious. I guess no harm in applying.
Also if one has say 300 hrs pic on 777 ( increasing monthly) , and one were to join , would you be regarded as type rated , or will they not wiaver the 1000hr requirement.
Thankyou la.
Join Date: Jan 2007
Location: united arab emirates
Posts: 370
Likes: 0
Received 0 Likes
on
0 Posts
Gents
Another question. Could somebody publish the " local terms"
I heard a rumour that if you are employed on local terms after a period you are elligible for permanent residency and eventually citizenship. Can anyone confirm or is this an old wives tale.
Lets say I caome from a part of the world that offers very little future to ones offspring.Aslo is it feasable to live in Malaysia , are there any SQ pilots commuting to Johor or even KL.
TKS.
Another question. Could somebody publish the " local terms"
I heard a rumour that if you are employed on local terms after a period you are elligible for permanent residency and eventually citizenship. Can anyone confirm or is this an old wives tale.
Lets say I caome from a part of the world that offers very little future to ones offspring.Aslo is it feasable to live in Malaysia , are there any SQ pilots commuting to Johor or even KL.
TKS.
Join Date: Jun 2001
Location: Formerly resident of Knoteatingham
Posts: 957
Received 116 Likes
on
57 Posts
Yes you can commute but I would not recommend JB. It's not the safest city in the world by a long way.
I believe some guys commute from KL, Penang etc and don't have too many problems. You just need a mate in SIN with a spare room so you can cover your stand by duties etc.
I believe some guys commute from KL, Penang etc and don't have too many problems. You just need a mate in SIN with a spare room so you can cover your stand by duties etc.
Join Date: May 2007
Location: Singapore
Posts: 74
Likes: 0
Received 0 Likes
on
0 Posts
Concur with BB on the bond exception issue. In fact, I believe the wording allows for discretion on the part of SQ.
Four Golds,
"Local terms" are the same as expat, minus the housing allowance and children's education allowance. You can become a PR or citizen while you are on "contract terms". However, if/when you become a PR or citizen you are automatically placed on "local terms". Suggestion, as a DEC start on "contract" terms. Then switch to local as your status changes.
As for the hours requirements, you don't know unless you apply.
Good Luck!!
Four Golds,
"Local terms" are the same as expat, minus the housing allowance and children's education allowance. You can become a PR or citizen while you are on "contract terms". However, if/when you become a PR or citizen you are automatically placed on "local terms". Suggestion, as a DEC start on "contract" terms. Then switch to local as your status changes.
As for the hours requirements, you don't know unless you apply.
Good Luck!!
