The unemployment rate in Singapore is dramatically low at only 1.9% and the economy really is booming. Because of this the employment opportunities in Singapore are extensive and the expat community is huge. English is the language spoken throughout most areas of industry and so it is relatively easy for expats to fit straight in and get to work. However on average most of the expat jobs reside within the growth industries. These industries refer to sectors such as biomedical science, banking and finance, electronics and precision engineering. Jobs in these fields are highly sought after by expats and Singaporeans alike.
The Government is extremely involved in all aspects of business in Singapore and actually financially supports some of the largest corporations. The government in Singapore is fully focused on their industrial prowess and because of this they are constantly looking out for highly skilled talent in the form of expats. This industrial prowess is directly linked to the performance and development of the core growth industries. These growth industries are doing exactly what is says on the tin, growing rapidly and it is for the reason that you can expat to see expats working within these industries. Foreign talents are a highly important resource for Singapore especially where business expansion is concerned.
The financial sector within Singapore is one of the most developed in the world, and has managed to keep itself from being sucked into the worldwide economic crisis that has decimated most developed countries. It is for this reason that expats can expect to find a wide variety of job opportunities in this field, especially for young graduates that wish to work their way up the financial ladder. Some common jobs that expats take in the financial sector are:
- Risk Management
- Funds Management
- General Debt Issuance
- Investment Analysis
- Investment, Banking and Tax Planning.
Most expats in Singapore will be working in relatively high paid jobs and will likely benefit from lower taxes and a high amount of disposable income. Most expats that are employed in a growth industry field will also be able to claim certain allowances which can be used to cover the cost of food, housing and transport. They will also likely receive overtime payments and commissions, all of which will dramatically increase their average wage. However, this extra income is well deserved. Industry in Singapore is a 24 hour world and employees can expect long hours in an extremely fast paced environment. If expats are employed in lower paid roles, such as bar work, retail or service industry then this will likely be due to one of three reasons.
- They are a student studying abroad and working part time
- They are travelling and so are only interested in short term work
- They are the spouse of a higher paid worker and may have childcare responsibilities or don’t have the skills to secure a more highly paid position.