You desire to know what’s average salary in singapore?
The price of living in Singapore is incredibly high. To compensate for this, Singaporean employers provide their employees with a handsome compensation package.
In 2024, the common salary in Singapore is approx 8,480 SGD (6,282 USD) for a month.
In this text, we are going to discuss various key points of the common salary in Singapore, comparable to the median salary. We can even take a look at the legal provisions referring to staff in Singapore.
Contents
Let’s start.
Average salary in Singapore
The common monthly salary in Singapore depends upon the worker’s experience level, field of labor, position and education level.
It also varies drastically depending on sectors comparable to IT (information technology), healthcare, banking and kind of job (full-time or part-time).
Considering all these points, an worker working in Singapore earns a median salary of S$8,480 (gross monthly income), by Salary Explorer. This corresponds to approx 6282 USD, on the exchange rate as of May 2023
Now let’s take a look at another facets of the common salary in Singapore:
1. Median salary
The average salary is the quantity of remuneration that divides the working population into two different groups. Half earn above the median income, the opposite half below the median.
Based on a salary report by Salary Explorer, the common salary in Singapore is S$7,680 for a month. This corresponds to approx 5689 USD.
2. Maximum and minimum salary ranges
The common salary in Singapore ranges from SGD 2,140 monthly to SGD 37,700 for a month.
The values ​​given above are maximum values average remuneration. The actual salary could also be much higher.
3. Average annual salary increase percentage
Based on Salary Explorer, someone working in Singapore is prone to receive a salary increase of around 9% every 15 months. The common salary increase worldwide is 3% every 16 months.
In the event you calculate the annual salary increase based on this figure, the 12-month salary increase in Singapore can be 7%.
Now let’s take a look at annual salary increases by industry and experience level:
A. Average salary increases by industry
Here’s a table summarizing average increases by industry in 2020:
| Labor industry | Average annual salary increase |
| Banking | 7% |
| Energy | 5% |
| THIS | 3% |
| Healthcare | 1% |
| Trip | 8% |
| Construction | 6% |
| Education | 4% |
Source: salaryexplorer.com
Note: Each salary amount stated in this text is a median and must be used as a general guide only. Salaries and pay increases will vary from individual to individual and rely upon many aspects, comparable to: discussed above.
B. Average salary increase based on experience level
Here’s a table summarizing average salary increases by experience level in 2020:
| Experience level | Average annual salary increase |
| Junior level | 3% – 5% |
| Medium level | 6% – 9% |
| Level up | 10% – 15% |
| Top management | 15% – 20% |
Source: salaryexplorer.com
4. Average household income
The Government of Singapore runs: Household Expenditure Survey to find out average household income and expenses every five years and understand monthly earnings and spending trends.
It found that the common household income in Singapore has increased from SGD 10,470 ($7,836) in 2012-13 to SGD 11,780 ($8,817) in 2017-18.
5. Minimum wage in Singapore
Singapore is one in every of the few countries on the earth that doesn’t have a minimum wage.
With no minimum wage law, there isn’t a mandatory minimum income for staff within the country.
Nevertheless, the Ministry of Manpower in Singapore has introduced a “progressive pay model” wherein cleaners and security guards will receive 1570 SGD AND SGD 3,509, appropriately.
Salary comparison
We’ll then compare the common salary in Singapore by education, experience, career and city:
1. Education
Higher Education often leads to the next base salary and Singapore is not any exception.
So let’s take a take a look at how your education will affect your average gross salary.
Employees with a bachelor’s degree earn 24% more in monthly salary than diploma holders in Singapore.
Nevertheless, specialists with a master’s degree will earn 29% greater than employees who’ve accomplished a bachelor’s degree.
Finally a Ph.D. their holders earn 23% greater than individuals with a master’s degree.
Source: salaryexplorer.com
2. Experience level
Experience level is crucial aspect when determining the common worker’s salary. The upper the extent of experience, the upper the salary package.
On this table we are going to check how the common salary increases depending on the extent of experience:
| years of experience | Salary comparison |
| Lower than two years (trainees or recent graduates) | Starting salary |
| 25 years | +32% greater than professionals with lower than two years of experience |
| 5 – 10 years | +36% greater than professionals with 2 – 5 years of experience |
| 10 – 15 years | +21% greater than professionals with 5 – 10 years of experience |
| 15 – 20 years old | +14% greater than professionals with 10 – 15 years of experience |
| +20 years | +9% greater than professionals with 15 – 20 years of experience |
Source: salaryexplorer.com
3. Occupation
Here is the national average salary in Singapore by occupation:
| Occupation | Estimated average salary (annual) |
| Software Engineer (IT) | S$82,470 |
| Schedule | SGD 33,120 |
| Digital marketing | SGD 113,000 |
| Accountant | SGD 134,709 |
| Financial analyst | S$89,657 |
| Market Development Manager | SGD 144,000 |
| Security specialist | S$94,419 |
| Human resources hunter | SGD 107,000 |
| Project manager | SGD 121,000 |
| Civil Engineer | SGD 87,800 |
Accounting is the highest-paid career in Singapore, with digital marketing coming in second.
Source: mediumsalarysurvey.com
Laws referring to staff in Singapore
Whether you must outsource work to Singapore or explore the country’s employment landscape, knowledge of Singapore’s employment practices is important.
Here is a listing of the regulations that apply to staff in Singapore:
- Work hours: Based on Employment Actthe worker shouldn’t work greater than 44 hours per week. The service contract should include this point.
- Time beyond regulation: Singapore allows additional time, but employers cannot allow their employees to work greater than 72 hours a month. Employers should pay their employees a minimum of 1.5 times their basic hourly wage as additional time pay.
- Working week: Most firms provide a five-day working week, with an allowance for weekend working days.
- Paid holidays: Employees in Singapore are entitled to 7-14 days of paid annual leave.
- Other leaves: Employees can take sick leave, public holidays and paid annual leave, in addition to other emergency leave for family bereavement, parental leave and marital leave.
- CPF (Central Provident Fund) contribution: An employer sanctiones his worker’s CPF contribution every month if he earns greater than SGD 50 per month. CPF Contribution is a pension plan that helps working Singaporeans finance their retirement and healthcare needs. Nevertheless, employer CPF contributions are only payable in case you are a Singapore citizen or if the worker is permanently resident within the country.
Singapore’s economic prospects
The Heritage Foundation Index The Economic Freedom Organization ranked Singapore in 2017 because the second most open economy on the earth. With no public debt, high incomes and a consistent positive surplus, Singapore has built one of the vital advanced economies on the earth.
Now let’s have a look what drives Singapore’s economy:
1. World-class infrastructure
Singapore has a well-developed infrastructure because it was a military and business port throughout the colonial era.
The country has 9,310 km of paved roads and a 19.6 km railway network. Moreover, easy accessibility to buses, taxis, and ride-sharing options (Uber and Lyft) make the transportation system reliable and punctual.
Additionally it is home to one in every of the busiest docks on the earth, with nearly 1,000 ships docked at any given time.
Exceptional connectivity makes Singapore a desirable workplace for each worker.
2. Highly expert workforce
Singapore has a comparatively small working population of just below 6 million people.
To make up for labor shortages, the country is counting on constructing a pool of highly expert local labor and attracting expert staff abroad.
Furthermore, the literacy rate amongst people over 15 years of age in Singapore has increased steadily over the past few a long time and in 2020 stood at 97.3%.
All of the above-mentioned numbers indicate a rise within the education level of residents. In the event you are an organization seeking to hire employees in Singapore, you won’t ever lack for quality candidates.
3. Singapore’s GDP (Gross Domestic Product)
In the primary quarter of 2024, Singapore’s economy was growing 2.7% year-on-year, up from 2.2% growth within the previous quarter. On a quarter-on-quarter, seasonally adjusted basis, the economy grew 0.1% after growing 1.2% within the fourth quarter of 2023.
What advantages are you able to gain from Singapore’s advanced economy?
A rapidly growing economy and advanced infrastructure development will all the time attract the very best quality talent.
Outsourcing to Singaporean firms won’t negatively impact the standard of business operations. Furthermore, when a rustic’s GDP growth is powerful, firms grow faster, finding more customers.
1. Accurate time tracking
2. Productivity insights
By analyzing productivity data, employers can discover high-performing employees and those that might have additional support or training. This information is important to creating informed decisions regarding salary increases and bonuses.
3. Payroll integration
4. Cost management
5. Distant work management
Final thoughts
Singapore is an amazing destination if you must start a business in a stable and vibrant ecosystem.
Due to a friendly work environment, healthy employment rate and above-average compensation packages, start a business in Singapore can be useful in some ways.
Use the knowledge here to realize insight into the common salary and economy in Singapore.