Economy

It is clear, even after a week of being in Singapore that the economy here is booming. After a 10 minute taxi drive I saw 4 super cars, Lamborghini's no less, people walk around with smiles on their faces, restaurants and bars are packed with wealthy business people and construction is present everywhere. With more people coming to Singapore to live and work the need for space has never been greater. The old low rise buildings are therefore being knocked down and replaced with high rise condos. The buildings are being constructed much closer together so don't be surprised to look out of your new, smaller, flat and be able to see a family in the other building peering down your neck. This influx of people and construction has created mix feelings amongst the Singaporeans. Some see it as good news with more money coming into the country, more jobs and larger companies moving to take advantage of the low work tax rates (check below table but average tax is about 14%). Some Singaporeans however see it as a negative as the middle class Singaporeans are left to fight for jobs and in addition public transport has become packed.

The construction has resulted in a requirement for cheap labor (Indian and Chinese men have flocked to Singapore. They then transfer money to their families back home) and the economic boom has meant that top jobs are filled not only by Singaporeans but also ex patriots. One lady I spoke to had seen a huge increase in Ang Mo's, an insult the Singaporeans have for us Westerners which literally translates as red haired shit !! I questioned this and stated that not all Westerners had red hair and it would be more appropriate to call us red skinned shits but she didn't seem to understand my point or agree !


In the workplace I get a feeling that it is not as competitive between employees. In Europe I got the impression that everyone was looking after number 1 and there was some back stabbing going on behind closed doors in a bid to remain employed. This atmosphere has been created I believe as companies offered less contract security and coupled with the crisis people were fearful of loosing jobs and it was literally kill or be killed. This atmosphere does not seem to be present here and everyone mucks in and tries to help each other out. That said I have only been here a week so will pick up on this point at a later date.

Another quick FYI, there are absolutely 0 benefits offered by the Singaporean government to unemployed people or child benefits offered to families. There is a tax allowance however if you are married and have children. This may have something to do with the very low 2% unemployment rate in Singapore. Europe (certainly Spain) take note maybe you can learn something here !

Chargeable Income	Rate (%)	Gross Tax Payable ($)
First $20,000 Next $10,000	0 2	0 200
First $30,000 Next $10,000	- 3.50	200 350
First $40,000 Next $40,000	- 7	550 2 800
First $80,000 Next $40,000	- 11.5	3 350 4 600
First $120,000 Next $  40,000	- 15	7 950 6 000
First $160,000 Next $  40,000	- 17	13 950   6 800
First $200,000 Next $120,000	- 18	20 750 21 600
First $320,000 Above $320,000	- 20	42 350