My experience was different. Got a Analog IC design job right after I graduated with a BEng only! Many of my classmates also got IC design related jobs fresh out of school. Yes, initial salary is on the low side if you compare to US (but which country isn't on the low side compared with the US :) ). Pay rise is good if you perform well though.
Another thing to consider when working Singapore is the education system for your kids (if any) I think Singapore has a very rigorous education system from Primary 1 all the way to Junior College (7-18 years old). Stressful? yes. But it will prepare you for what is to come at the top universities.
Considering the rampant corruption and lawlessness in many other countries, there is hardly any society that is not artificially controlled to a large extent. Perhaps Singapore does not promote as wide an income disparity as many other countries but that is good for the majority. Yes, after the initial step up the greedy, without sense of gratitude, would sure want to get out.
Singapore is an artificially controlled society. Freedom (entrepreneurial and social) is severly curtailed. Everything in singapore is based on a master plan. I know if may folks from neighboring countries who did see Singapore as a step up initially but were anxious to get out in a few years.
the same is true of Europe (Germany, Netherlands etc) where there are manufacturing and related jobs are available. The pays are not high post tax as compare to US but enough to live a good life and post retirement benefits.
One good thing about Singapore is that it is much safer to live in Singapore as the law breakers face heavy punishment .
My daughter worked there for 1 year and found it the safest place to work, live, travel for single women
And BTW, you cant afford to buy a car in Singapore. A 20KUS$ car costs around 150K S$ in Singapore (I am not joking!) http://www.sgcarmart.com/new_cars/newcars_overview.php?CarCode=11105
Public transport is quiet efficient though!
"Singapore is also a good place for IC design as far there are still many MNCs."
I am sorry to say that you are totally misguided. The truth is there are not many jobs in IC design(http://www.jobstreet.com.sg/) and the salaries suck compared to US/Europe. A fresh BS/MS EE in IC design will get ~3-4KS$ and after paying the rent/housing you will be left out with 1-2KS$ to live. The only good thing is that the taxes are low compared to US. But for jobs in finance/banking SG is a great place.