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 sal