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Is S$11,000 a month on contract better than a S$120,000 package? Enter an annual package or a monthly rate to see its equivalent, with AWS, bonus, gaps between contracts and benefits taken into account.
The result is an estimate for comparing offers, not tax or financial advice. Your real numbers depend on your contract, your benefits and your tax position.
Find contract jobs with a stated monthly rateHow do I convert a salary into a monthly contract rate?
Take your full annual package, including the AWS (13th month) and your usual bonus, add the value of the benefits you would lose, then divide by the months you expect to be paid as a contractor. With one month between contracts a year, that is 11 paid months. The calculator above does exactly that.
Is CPF included in the calculation?
No, because it is the same on both sides. A contract employee is an employee: for Singapore citizens and permanent residents, CPF is calculated on the contract salary just as on a permanent salary. Foreigners on an Employment Pass or S Pass do not contribute.
What is S$10,000 a month as an annual package?
At 11 paid months a year, S$10,000 a month is S$110,000 a year. Once you take out S$3,000 of benefits that a permanent role would have provided, that compares with an annual package of about S$107,000, including AWS and bonus.
Does the monthly rate include GST?
On an employment contract through an agency there is no GST: the rate is a salary. A self-employed contractor only adds GST (9%) to invoices if they are GST registered, which is compulsory above S$1 million of taxable turnover a year.
