Introduction
Are you considering working in Singapore, but not sure what constitutes a decent salary? Singapore is an attractive destination for many job seekers, with its thriving economy and diverse job opportunities. However, it’s essential to understand the average salaries in Singapore and how they compare to the cost of living in the city-state.
Understanding Salaries in Singapore
The median salary for full-time work in Singapore is $5,170 per month in 2023, and it’s expected to rise to $7,310 per month in 2024, including the employer’s CPF contributions. However, the salary you can expect to earn can vary depending on your industry, job role, education level, and experience. It’s also worth noting that the cost of living in Singapore is relatively high, so it’s essential to consider this when assessing whether a salary is decent or not.
Key Takeaways
- Understanding the average salaries in Singapore is crucial when considering whether a salary is decent or not.
- The cost of living in Singapore is relatively high, so it’s essential to consider this when assessing whether a salary is decent or not.
- The salary you can expect to earn can vary depending on your industry, job role, education level, and experience.
Understanding Salaries in Singapore
If you’re considering working in Singapore, it’s important to understand how salaries work in the country. In this section, we’ll cover the main components of salaries, median salary insights, and the relationship between age and income.
Salary Components
In Singapore, salaries are usually expressed as gross monthly income, which includes the employee’s basic salary plus any allowances or bonuses. It’s important to note that CPF contributions, which are mandatory contributions to a retirement savings plan, are also included in the gross monthly income.
The CPF contributions are split between the employer and employee, with the employer contributing 17% of the employee’s gross monthly income and the employee contributing 20% of their gross monthly income. The employee’s CPF contributions are deducted from their gross monthly income, which means that their assessable income is lower than their gross monthly income.
Median Salary Insights
According to recent data, the median salary for full-time work in Singapore is $5,170 monthly in 2023, and is projected to be around $7,310 monthly in 2024, including the employer’s CPF contributions. However, it’s important to note that the median income varies depending on factors such as industry, job level, and experience.
It’s also worth noting that household income is often used as a measure of income in Singapore, as many households have multiple earners. According to the Department of Statistics Singapore, the median household income in 2020 was $11,000 per month.
Age and Income Relationship
In general, it’s expected that employees will see an increase in salary as they gain more experience and progress in their careers. However, the relationship between age and income is not always straightforward.
According to a survey by the Ministry of Manpower, the median income for residents aged 25 to 29 was $3,500 per month in 2020, while the median income for residents aged 50 to 54 was $5,000 per month. However, it’s important to note that this relationship can vary depending on factors such as industry and job level.
Overall, understanding salaries in Singapore is important for anyone considering working in the country. By understanding the components of salaries, median salary insights, and the relationship between age and income, you can make informed decisions about your career and negotiate for fair compensation.
Sector-Specific Salary Benchmarks
If you’re looking for a decent salary in Singapore, it’s important to know the salary benchmarks for your sector. In this section, we’ll look at the salary benchmarks for three key sectors: finance and banking, information technology, and sales and marketing.
Finance and Banking
If you’re interested in finance and banking, you’ll be pleased to know that the sector offers some of the highest salaries in Singapore. According to the Ministry of Manpower, the median monthly salary for professionals in the finance and insurance industry was $6,500 in 2023. However, salaries can vary widely depending on your role, experience, and qualifications.
To give you an idea of the salary benchmarks in finance and banking, here are some figures from the C1 Salary benchmarks by Sector:
| Age | Required salary for 10 points (65th percentile of local PMETs) | Required salary for 20 points (90th percentile of local PMETs) |
|---|---|---|
| ≤23 | $4,182 | $4,980 |
| 24-29 | $5,000 | $6,000 |
| 30-39 | $6,000 | $7,200 |
| 40-49 | $7,200 | $8,640 |
| ≥50 | $8,640 | $10,368 |
Information Technology
The information technology sector is another lucrative industry in Singapore. The Jobstreet Salary Report 2022 revealed that information technology had the second-highest percentage of job ads with higher salaries than 12 months prior. The median monthly salary for professionals in the information and communications sector was $5,500 in 2022.
To earn points under the C1 Salary criteria, your candidate’s fixed monthly salary needs to meet or exceed the 65th percentile of local PMET salaries in your sector. Here are the salary benchmarks for the information technology sector:
| Age | Required salary for 10 points (65th percentile of local PMETs) | Required salary for 20 points (90th percentile of local PMETs) |
|---|---|---|
| ≤23 | $3,500 | $4,200 |
| 24-29 | $4,200 | $5,040 |
| 30-39 | $5,040 | $6,048 |
| 40-49 | $6,048 | $7,258 |
| ≥50 | $7,258 | $8,709 |
Sales and Marketing
Sales and marketing is a diverse industry that includes roles in advertising, public relations, and market research. According to the Jobstreet Salary Report 2022, the median monthly salary for professionals in the sales and marketing sector was $5,000 in 2022.
To earn points under the C1 Salary criteria, your candidate’s fixed monthly salary needs to meet or exceed the 65th percentile of local PMET salaries in your sector. Here are the salary benchmarks for the sales and marketing sector:
| Age | Required salary for 10 points (65th percentile of local PMETs) | Required salary for 20 points (90th percentile of local PMETs) |
|---|---|---|
| ≤23 | $2,500 | $3,000 |
| 24-29 | $3,000 | $3,600 |
| 30-39 | $3,600 | $4,320 |
| 40-49 | $4,320 | $5,184 |
| ≥50 | $5,184 | $6,221 |
Knowing the salary benchmarks for your sector can help you negotiate a better salary and make informed career decisions.
The Role of Education and Experience
When it comes to earning a decent salary in Singapore, your education and experience play a significant role. The more education and experience you have, the higher your earning potential.
Degree Holders’ Earnings
Degree holders in Singapore tend to earn more than those without a degree. According to the search results, degree holders can expect to earn more than diploma holders. Additionally, receiving a degree from a top programme may have a favourable impact on your salary.
In 2023, the average salary for an Educator in Singapore was S$58,034 per year. However, this figure can vary depending on the type of degree you hold and the industry you work in. As we can see in the search results, those working in the Financial & Insurance industries, Information and Communications, and Public Administration & Defence and Education sectors were the highest earning groups of workers in Singapore.
Certifications and Specialisations
Having certifications and specialisations can also help increase your earning potential. If you have a particular skill set that is in high demand, you may be able to command a higher salary. For example, if you are a teacher, having additional certifications in areas such as special education or bilingual education can help increase your salary.
In addition to certifications, having experience in a particular field can also help increase your earning potential. If you have worked in a particular industry for a long time, you may have developed a unique set of skills and knowledge that are highly valued by employers.
In conclusion, if you want to earn a decent salary in Singapore, it is important to focus on your education and experience. By obtaining a degree, certifications, and specialisations, and gaining experience in your field, you can increase your earning potential and achieve financial stability.
Cost of Living and Salary Comparison
When considering a job offer or relocating to Singapore, it is important to take into account the cost of living and salary comparison. This will give you an idea of how much money you need to live comfortably in Singapore and how your salary compares to the average income in the country.
Household Expenditure
According to a study by AsiaOne, the average monthly household expense in Singapore is $1,997.20 per person, including inputted rental of owner-occupied accommodation. This includes food, transportation, utilities, and other necessary expenses. If you are planning to live with family or friends, this amount can be split among the members of the household.
To give you an idea of how much you need to earn to live comfortably in Singapore, you should consider your lifestyle and the area you plan to live in. For example, living in the city centre will be more expensive than living in the suburbs. You should also consider your personal expenses such as entertainment, hobbies, and travel.
International Salary Comparison
When comparing salaries, it is important to take into account the cost of living in each country. According to a salary report by Salary Explorer, the median salary in Singapore is $7,650 SGD per month, which is equivalent to around $5,726 USD. This is higher than the average salary in some neighbouring countries such as Malaysia and Indonesia.
If you are an expat or planning to work for a multinational company, you can use international salary comparison tools such as Salary.sg’s Compare Annual Income tool. This tool uses the latest statistical data from IRAS’s recently released Annual Report for FY2021/22 and can give you an idea of how your salary compares to the average income in Singapore.
In conclusion, when considering a job offer or relocating to Singapore, it is important to take into account the cost of living and salary comparison. By doing so, you can make an informed decision and ensure that you have enough money to live comfortably in this vibrant city-state.
Navigating Career Advancement
When it comes to career advancement, negotiating your salary is an important step to take. If you feel that you are being underpaid, it is important to speak up and negotiate with your company. This can be a daunting task, but it is important to remember that you are worth the investment.
As a project manager or software engineer, you have a valuable skill set that is in high demand. When negotiating your salary, be sure to research the average salary for your occupation and the company’s salary range. This will give you a good idea of what you should be earning.
In addition to negotiating your salary, it is important to understand the benefits and perks that come with your job. Companies offer a range of benefits, such as health insurance, retirement plans, and paid time off. These benefits can make a big difference in your overall compensation package.
When considering a job offer, be sure to carefully review the benefits package. Consider the value of each benefit and how it will impact your life. For example, a generous retirement plan can help you achieve your long-term financial goals.
Understanding the benefits and perks that come with your job can also help you negotiate your salary. If a company offers a lower salary but a generous benefits package, it may be worth considering.
Overall, navigating career advancement requires a combination of negotiating your salary and understanding the benefits and perks that come with your job. By taking the time to research and understand your options, you can make informed decisions that will help you achieve your career goals.
Negotiating Your Salary
Negotiating your salary can be a nerve-wracking experience, but it is an important step in advancing your career. Here are a few tips to help you negotiate your salary:
- Research the average salary for your occupation and the company’s salary range.
- Practice your negotiation skills with a friend or mentor.
- Be confident and assertive when discussing your salary.
- Consider other benefits and perks that may be negotiable, such as flexible working hours or additional vacation time.
Understanding Benefits and Perks
Understanding the benefits and perks that come with your job can help you make informed decisions about your career. Here are a few things to consider when reviewing your benefits package:
- The value of each benefit, such as health insurance or retirement plans.
- The impact of each benefit on your life, such as work-life balance or financial security.
- The flexibility of the benefits package, such as the ability to customize your health insurance plan.
By understanding your options and negotiating your salary, you can take control of your career and achieve your goals.
Frequently Asked Questions
What does one need to earn to live comfortably in Singapore?
Living comfortably in Singapore is subjective, but on average, you would need around $6,500 to $8,500 per month. This amount should be enough to cover your basic needs, such as housing, food, transportation, and healthcare. Keep in mind that the cost of living in Singapore is relatively high, so it’s best to budget and plan accordingly.
How much do you need to make for a cosy life with a family of four in Singapore?
To support a family of four in Singapore, you would need around $10,000 to $12,000 per month. This amount should cover the cost of a four-room HDB flat, utilities, food, transportation, and other expenses. It’s important to note that this is just an estimate, and the actual amount may vary depending on your lifestyle and needs.
What’s considered a smashing salary for expats in Singapore?
Expats in Singapore are known to earn higher salaries than locals due to their skills and experience. A smashing salary for an expat in Singapore would be around $10,000 to $20,000 per month. This amount should be enough to cover your basic needs and allow you to enjoy the country’s luxurious offerings.
What’s the average monthly income for a professional in Singapore?
According to the Ministry of Manpower, the median monthly income for full-time employed residents in Singapore was $4,563 in 2020. This figure includes both locals and foreigners and covers a wide range of professions and industries. Keep in mind that this is just an average, and the actual amount may vary depending on your job and experience.
Is earning 100k annually considered plush in Singapore?
Earning $100,000 annually in Singapore is considered a comfortable salary that can support a decent lifestyle. This amount is higher than the median income in the country and should be enough to cover your basic needs and allow you to enjoy some luxuries. However, keep in mind that the cost of living in Singapore is relatively high, so it’s best to budget and plan accordingly.
By the age of 30, what salary should one be pulling in Singapore?
The salary one should be pulling by the age of 30 in Singapore depends on various factors, such as education, experience, and industry. On average, a professional in Singapore can expect to earn around $3,500 to $5,000 per month by the age of 30. However, keep in mind that this is just an estimate, and the actual amount may vary depending on your job and experience.