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Money Matters

Should you choose a job with a good salary or with great benefits?

Should you choose a job with a good salary or with great benefits?

Congrats, you’ve graduated! Now, it’s time to get employed and you’ve got a few offers lined up, each with different salaries and benefits. Which should you choose, though? A better salary with fewer benefits or a lower-paying job but with very good benefits and perks? Let’s dive into it.

The case of having a good salary

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Other than because your parents, aunties, and even nosy neighbour saying so, you may prefer a competitive salary because you might want to upkeep a certain lifestyle. Anyway, who wouldn’t want a good salary? As Singapore is constantly rated one of the most expensive countries in the world, having a good salary allows you to make sure your needs are taken care of.

Furthermore, a larger salary means more disposable income, and this can bring you closer to reaching your financial goals such as buying your first home or paying off debt. The money can also be saved for short term goals like a new phone, gifts, or treating your family to meals.

Another good argument for choosing a job with a good salary is that if the health and dental coverage you receive isn’t able to fully cover your needs, you’ll be able to get an insurance policy that ensures that you’re protected to the extent you want and at a price point you can afford.

Know your employee benefits in Singapore

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In addition to drawing a regular salary, there are statutory requirements that you are entitled to in Singapore including annual leave, sick leave, public holiday entitlements and CPF contributions. It is important to know your rights as an employee in accordance with the Employment Act.

Additional benefits that aren’t statutory but may be offered by some employers include:

  • Healthcare plans or private health insurance
  • Upskill training courses
  • Relocation packages
  • Eldercare leave
  • Option to take a sabbatical

On top of these benefits, some companies may offer other attractive perks such as flexible working arrangements, full use of a company’s Grab corporate account – for business purposes, of course, a fully-stocked pantry which you can raid or a free daily meal, fully subsidised gym memberships, or even a foosball table and console games in a designated R&R room.

Why you should choose a job with a competitive salary

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Choosing a job with a competitive salary but bare-bones benefits has its advantages. Firstly, a high salary will ensure that you’ll be able to save more and reach your financial goals faster, even more so by saving in a bank account with zero fall-below fees or monthly fees such as Standard Chartered JumpStart savings account1.

Furthermore, with more money, you should also be able to set aside more cash for your emergency fund and have a bigger safety net in case of an emergency like a car breakdown or if you were to (touch wood) lose your job.

Additionally, for those with dependents like elderly parents, having more liquid cash will help to ensure your parents’ welfare is well taken care of, and you can do more for them by gifting them an insurance plan for a comfortable retirement.

Choosing a job with awesome benefits

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A job with amazing benefits could mean less headache and fewer expenses. For instance, if your employer subsidises your student loan, or the company offers you medical insurance that also covers your immediate family members, you would be able to set aside more money to grow your savings – albeit slightly slower than having a larger take-home salary – as these benefits can take a huge financial burden off your shoulders.

Additionally, with better benefits, you may feel more appreciated and will enjoy working with the company. Money may be something you can always earn, but for an employer to go the extra mile to make the company a great place to work – that is a perk on its own.

Depending on your lifestyle and financial situation, weigh the pros and cons, and choose a job that is aligned with where you see yourself in the next 5 to 10 years. Be sure to speak to your prospective employer about your needs and if they can meet you halfway. Chances are, they might promise you a better salary with benefits after you have proven that you are worth the investment.

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1Please visit for the full terms and conditions of the JumpStart Account Product Terms


Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. 

This article is brought to you by Standard Chartered Bank (Singapore) Limited. All information provided is for informational purposes only.

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