Average salary in Singapore in 2024 – The ultimate guide
This article covers:
- Overview – Average salary in Singapore
- Do you know?
- Singaporean salary trends: Factors affecting salary in Singapore
- Avg Salary for Full-Time Worker in Singapore: (5,783 SGD per month & 69,396 SGD annually)
- Average Salary for Part-time Workers in Singapore
- The average salary in Singapore: Citywise
- Highest paying job in Singapore
- Lowest/minimum paying job in Singapore
- Salary for experience
- Difference between median & average (mean) salary
- Before you go…
- FAQs
Singapore is one of the most thriving economies in the world. With a booming job market and competitive salary offerings, this Asian country has emerged as a popular work destination among qualified foreign professionals.
If you want to know – what is the basic salary in Singapore – before applying for a job in the country, this blog is specially for you.
Overview – Average salary in Singapore
- Singapore’s average income for a full-time worker is S$5,783 per month & S$ 69,396 annually.
- The average income in Singapore for a part-time worker is S$1,948 per month & S$23,376 annually.
- Top Job Sectors in Singapore
- Banking & Finance (avg salary: S$57,543)
- Information Technology (avg salary: S$60,432)
- Software Engineering (avg salary: S$63,000 )
- Top Companies in Singapore: Google, Apple, Singapore Airlines, KPMG, Deloitte, Goldman Sachs, Amazon, E&Y, L’oreal, etc.
Do you know?
- The employment rate in Singapore is projected to be 69.97% in 2024. [1]
- In 2023, Singapore ranked in 4th position out of 64 economies in the World Competitiveness Survey. The survey was based on four major factors: business efficiency, government efficiency, infrastructure, and economic performance.[2]
- With an average annual salary of 67,200 USD, Singapore ranks in 11th position in terms of the highest average income in the world.[3]
Singaporean salary trends: Factors affecting salary in Singapore
The following factors influence the salary of any professional in Singapore:
- Industry: It is the most common factor that impacts the salary of an individual in Singapore. For instance, the annual average salary of thriving sectors like banking and finance is higher than other sectors.
- Level of education: The difference in salary by education level is another factor that is taken into consideration when deciding the salary. Generally, professionals with master’s and doctoral degrees have higher salaries than those with a single university or high school degree.
- Work experience: Similar to the above point, the more work experience, the more will be salary.
- Job roles and responsibilities: Some job roles and responsibilities offer higher salaries than others. Some examples are surgeon, legal advisor, pilot, etc., which are roles that command higher salaries.
- Location: Some cities in the region of Singapore offer higher salaries than others. These include Singapore CBD, Woodlands, Jurong, etc.
- Company position: If the company has a good reputation in the market and is making good profits then it will offer better salaries to its employees as compared to a company that is running into losses.
- Government policies: Government regulations and labour laws may also influence the salary in Singapore.
- Global influence: Singapore’s labour market is highly influenced by the global landscape. It means, there can be changes in the salary based on the competitiveness of the country. Thus, there are various economic factors affecting the salaries of individuals in Singapore.
Avg Salary for Full-Time Worker in Singapore: (5,783 SGD per month & 69,396 SGD annually)
Singapore is a global business and innovation hub with a highly robust job market. IT, engineering, banking finance, etc., are some of the key industries of the country. Understanding the average salary in Singapore per month and year in your relevant industry will help you search for a job that matches your career and financial goals.
The following table shows the top five industries and their average income in Singapore for full-time workers:
Top Industries | Average annual salary (in SGD) |
Software Engineering | $63,000 |
Healthcare | $63,003 |
Information Technology | $60,432 |
Administration & Human Resources | $60,000 |
Banking and Finance | $57,543 |
Let’s take a look at some of the top job profiles in each of these industries:
Software Engineering: Avg Salary – $63,000 per year
Source: Talent
Administration and Human resources: Avg salary – $60,000 per year
Source: Talent
Healthcare: Avg Salary – $63,003
Source: Talent
Information Technology: Avg salary – $60,432 per year
Source: Talent
Banking & Finance: Avg salary – $57,543 per year
Source: Talent
Also Read: How to get a job in Singapore from India
Average Salary for Part-time Workers in Singapore
Part-time jobs in Singapore offer flexibility to the individual to earn and manage their other commitments. Pay scales in Singapore for such jobs are based on an hourly basis and are mostly popular among students and retired professionals.
According to the Ministry of Manpower of Singapore, an individual is considered a part-time employee if they are under a service contract to work less than 35 hours a week.
The following table shows the top part-time jobs for students and their average per-hour salary in Singapore.
Type of Job | Average Pay per Hour (SGD) |
Tutor | $20 – $90/h |
Caregiver/ Babysitter | $19/h |
Bartender | $16 – $27/h |
Receptionist | $16 – $24/h |
Food Delivery Person | $12 – $25/h |
You can check the complete list of top part-time jobs for students in Singapore, the rules associated with it and other details.
Some of the major industries/profiles where part-time recruitment for non-students with a decent per-hour salary in Singapore is offered are:
- Administration
- Hospitality
- Retail
- Delivery
- Food and Beverages
Also Read: How much does it cost to live in Singapore
The average salary in Singapore: Citywise
The table below depicts the Singaporean salary comparison between Singapore and nearby cities for general workers.
City | Average annual salary (SGD) |
Bedok | $29,205 per year |
Ang Mo Kio | $26,987 per year |
Singapore | $26,943 per year |
Pioneer | $26,296 per year |
Woodlands | $24,589 per year |
Source: Indeed
Highest paying job in Singapore
The highest-paying jobs in Singapore mostly involve leadership and management roles, such as C-level executives, directors, presidents/vice presidents, and so on. These are senior-level roles and require a higher qualification, vast work experience, strategic vision, and exceptional leadership qualities. Here are some of the highest basic salaries in Singapore.
Job title | Industry | Average annual salary (SGD) |
Managing Director | Banking & Finance | $600k – $700k |
CFO – Financial Services | Accounting & Finance | $250k – $600k |
Direct sales | Technology | $350k – $550k |
President/vice-president | Sales & Marketing | $320k – $520k |
Channel sales | Technology | $300k – $500k |
Pre Sales | Fintech – IT | $250k – $500k |
Business Development | Technology | $350k – $450k |
Source: Morgan Mckinley
Also Read: Complete list of startup schemes and grants in Singapore
Lowest/minimum paying job in Singapore
Most entry-level jobs and those in service sectors offer minimum wages to the workers. These include job roles such as janitors and cleaners, retail assistants, kitchen helpers, dishwashers, etc. Most of these are labour jobs and don’t require any qualifications or skills. For these reasons, they are quite popular among students and those with little or no educational qualifications.
Industry | Job types | Average annual salary |
Retail | Sales assistant | S$30,000 |
Food & beverage | Waiter, kitchen helper | S$26,400 |
Cleaning | cleaner | S$19,761 |
Construction | General labourer | S$21,600 |
Source: Talent
Salary for experience
Similar to most job markets, employers in Singapore prefer candidates with relevant work experience over freshers. This is reflected in the pay structure, as experienced individuals tend to have average wages in Singapore than inexperienced professionals who are just starting.
Years of work experience (in years) | Average salary per year (SGD) |
0 – 1 (freshly graduates or interns) | $34,571 |
1 – 2 | $41,828 |
2 – 4 | $46,315 |
4 – 8 | $65,580 |
8 – 12 | $79,699 |
12 – 16 | $100,151 |
16 – 20 | $123,243 |
20+ | $121,528 |
Source: Average Salary Survey
Difference between median & average (mean) salary
Many times, mean and median salaries may be used interchangeably. However, the difference between the two is quite significant.
Let’s understand the difference between both methods with the help of an example. Consider the following set of salaries:
Person 1 | $3,000 |
Person 2 | $4,000 |
Person 3 | $5,000 |
Person 4 | $6,000 |
Person 5 | $12,000 |
To find an average through the mean method, we need to add all the salaries and divide by the number of persons.
($3,000 + $4000 +$5000 + $6000 + $12,000) / 5
= the average is $6,000.
To find the median average, we need to arrange the salaries from lowest to highest order. The salary that comes in the exact middle is known as the median. In the above example, $5,000 is the Singapore median income. This is the best method for calculating the average income because it states that 50% of people are earning more than the median, and 50% are earning less than the median figure.
Before you go…
The job market in Singapore is robust and diverse. Hence, the average salaries in Singapore vary across industries and job roles. Generally, highly qualified professionals in the fields of banking, finance, IT, and healthcare earn higher salaries as compared to others. However, many other factors influence the salary of an individual in Singapore. These include education, experience, industry demand, and so on.
Learning about the pay scale in Singapore is important before applying for a job. It helps you mindfully shape your financial landscape. Another important consideration is having a trustworthy international fund transfer application like Instarem.
For example, if you are from India, upon reaching Singapore, you might need to send money to India from Singapore. This is where it is strongly recommended to use only a trusted platform like Instarem for all your overseas transactions. Instarem is widely known for its affordable# cost, fast* transactions, and secure transaction methods.
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FAQs
1. What is the latest average salary in Singapore?
According to Morgan Mckinley, the yearly average salary in Singapore is 69,396 SGD.
2. What is a good salary in Singapore?
A salary ranging between 70,000 SGD to 100,000 SGD is generally considered to be good for sustaining a comfortable life in Singapore. However, it is important to note that a “good” salary for an individual depends on his financial circumstances, requirements, job type, and a few other factors.
3. Which job has the highest salary in Singapore?
Jobs in industries such as banking and finance, engineering, sales and marketing, healthcare, etc., have the highest salaries in Singapore.
4. Which job has the lowest salary in Singapore?
Some of the jobs with the lowest salaries in Singapore include cleaners and janitors, waiters, retail assistants, housekeepers, etc.
5. What is the average salary in Singapore for IT?
The Singapore median income for IT is 60,432 SGD per year. It can be more or less depending upon the specific job role and responsibilities.
6. What is the average salary in Singapore per month for Indians?
The average salary in Singapore per month for Indians varies based on job type, industry, education level, and experience. It can range anywhere from 3,500 SGD to 7,000 SGD per month.
7. How do you find a job in Singapore?
There are many online job portals in Singapore where you can find thousands of job postings from different sectors and industries. You can register yourself on such platforms and find a job as per your educational qualifications and skills.
Other related blogs:
Germany – Average Salary in Germany
Australia – Average Salary in Australia
USA – Average Salary in USA
Canada – Average Salary in Canada
UK – Average Salary in UK
Disclaimers:
This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.
* Fast meaning 75% of our transactions are completed in 15 minutes. Depending on the funding method.
#When it comes to affordable exchange rates and fees, it’s worth noting that the cost will vary depending on how you choose to fund your transactions. Credit card funding and bank transfer fees can differ significantly.
Citations:
Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.
