There are many reasons why it is important to get a job. Some people do it for the passion, and some people do it for fulfillment. Ultimately, most of us do it for the money. After all, money is able to provide to our fundamental needs such as shelter, food, and clothes. Salary can be a very confusing, but it shouldn’t be. Check online, and you will find so many legitimate questions that are being asked and answered. “Is base salary before or after tax?”, “Is base salary same as net pay?”, are just some of the many questions being posed. Right here, we have made A Guide To Base Salary. Hope this helps!
A base salary can be simply defined as a fixed amount of money being paid by the employer to the employee in return of the work performed. You will be happy to know that a base salary does not include benefits, bonuses, and other compensations by the employers. However, it is not the amount of money that you will be taking home. It is a total gross pay before income taxes, and CPF contribution. In Singapore, if you make $60,000, you will be paying approximately $13,950 for taxes! At the end the day, you will be bringing home $46,050. Did you know? Your employers will also be paying taxes on your salary as well.
If you are seeking employment, a base salary is the amount of money that appears on your offer letter. Additionally, you will also find other monetary aspects such as potential bonuses, and compensations. Base salary makes sure that everyone, despite the industries, titles, and job responsibilities are being paid fairly. It depends on skills, experiences, and even education level. As an example, a base salary ensure that customer service representatives with the same skills and experiences receive the same amount of pay. However, one of the customer service representatives may receive a monthly bonus due to job performances.
Here is some good news. When you are being offered a job, a base salary is negotiable. Before accepting the offer letter, you have the right to discuss the terms and conditions with your employers. If the employer is keen on hiring, the base salary can be increased in order to entice you to get the job! It highly depends on the company’s budget, and the demand for your services in the company. In order to get the right amount of pay for your skills, it is important to know the market’s approximate pay for the position. After all, you wouldn’t want to be overselling yourself, or be underpaid for the position.
After getting the job, there is always the possibility that the base salary may change. Employers are not allowed to lower down your base salary without your knowledge. However, it is possible for employers to raise your base salary without your knowledge. It is highly unlikely, but possible! Most of the time, employers will have a chat with their employees before altering the base salary. And, that’s all you need to know about base salary. Remember, upon signing an offer letter, remember to check for other compensations such as insurances, overtime wages, bonuses, and even stock options! Good luck!
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