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Singapore is one of the most prosperous and developed countries in the world, with a high standard of living and a diverse economy. But how much do people earn in Singapore? What are the factors that affect their income? And how does Singapore compare to other countries in terms of salary?
In this article, we will answer these questions and more, using data from various sources and reports. We will also provide some tips on how to negotiate your salary and increase your earning potential in Singapore.
What is the average salary in Singapore?
The average salary in Singapore is the total amount of money that an employee earns per month, before taxes and deductions. It includes both the base salary and any additional income from bonuses, commissions, overtime, allowances, and other benefits.
According to net Explorer, the average salary in Singapore for 2023 is about 8,450 SGD (6,324 USD) per month¹. This is based on a survey of 2,000 employees across different sectors and industries.
However, the average salary can vary significantly depending on many factors, such as:
Experience level
The more years of work experience you have, the higher your salary tends to be. For example, the average salary for a junior employee with less than two years of experience is 4,590 SGD per month, while the average salary for a senior employee with more than eight years of experience is 13,900 SGD per month¹.
Education level
The higher your level of education, the higher your salary tends to be. For example, the average salary for an employee with a bachelor’s degree is 8,880 SGD per month, while the average salary for an employee with a master’s degree or PhD is 11,900 SGD per month¹.
Job title
The type and level of your job role also affect your salary. For example, the average salary for a manager is 12,500 SGD per month, while the average salary for an executive is 5,720 SGD per month¹.
Industry
The sector and industry that you work in also influence your salary. For example, the average salary for an employee in the IT industry is 9,970 SGD per month, while the average salary for an employee in the education industry is 6,140 SGD per month.
Location
The city and region that you work in also impact your salary. For example, the average salary for an employee in Singapore City is 8,620 SGD per month, while the average salary for an employee in Jurong West is 7,050 SGD per month.
Average salary in Singapore by age, by foreigners in 2023
Here are some tables that I created based on the web search results.
Average salary in Singapore by age (2023):
| Age Group | Median Gross Monthly Income (SGD) |
|---|---|
| 15 – 19 | 1,638 |
| 20 – 24 | 2,925 |
| 25 – 29 | 4,446 |
| 30 – 34 | 5,792 |
| 35 – 39 | 6,825 |
| 40 – 44 | 6,825 |
| 45 – 49 | 6,581 |
| 50 – 54 | 5,850 |
| 55 – 59 | 4,323 |
| 60 & Over | 2,621 |
Average salary in Singapore by foreigners (2022):
| Nationality | Median Gross Monthly Income (SGD) |
|---|---|
| Singaporean | 6,000 – 8,000 |
| PR | 8,000 – 10,000 |
| Foreigner | 8,000 – 10,000 |
Average salary in Singapore by industry (2023):
| Industry | Median Gross Monthly Income (SGD) |
|---|---|
| Financial and Insurance Services | 8,190 |
| Information and Communications | 7,500 |
| Professional Services | 6,500 |
| Wholesale Trade | 5,500 |
| Manufacturing | 5,200 |
| Transportation and Storage | 5,100 |
| Construction | 4,800 |
| Public Administration and Education | 4,800 |
| Health and Social Services | 4,600 |
| Administrative and Support Services | 3,800 |
| Arts, Entertainment and Recreation | 3,700 |
| Accommodation and Food Services | 3,300 |
What is the median salary in Singapore?
The city and region that you work in also impact your salary. For example, the average salary for an employee in Singapore City is 8,620 SGD per month, while the average salary for an employee in Jurong West is 7,050 SGD per month¹.
The median salary in Singapore is the middle point of the salary distribution, where half of the employees earn more than the median and half earn less. It is a more accurate measure of the typical salary than the average, as it is less affected by outliers and extremes.
According to Salary Explorer, the median salary in Singapore for 2023 is 7,650 SGD (5,726 USD) per month¹. This means that 50% of employees earn more than 7,650 SGD per month and 50% earn less.
What are the minimum and maximum salaries in Singapore?
The minimum salary in Singapore is the lowest amount of money that an employer can legally pay an employee per month. However, there is no official minimum wage law in Singapore for most workers. Instead, employers and employees are free to negotiate their own wages based on market forces and individual skills.
The only exception is for workers in certain sectors that are covered by the Progressive Wage Model (PWM), which sets minimum wages based on skills, productivity, and career progression. These sectors include cleaning, security, landscaping, and lift maintenance.
The maximum salary in Singapore is the highest amount of money that an employee can earn per month. There is no official limit or cap on how much an employee can earn in Singapore. However, there are practical limits based on supply and demand, industry standards, and individual performance.
According to Net Explorer, the maximum salary in Singapore for 2023 is 37,700 SGD (28,230 USD) per month. This is based on the highest reported salary from their survey respondents.
How does Singapore compare to other countries in terms of salary?
Singapore ranks among the top countries in the world in terms of GDP per capita and purchasing power parity (PPP), which measure the economic output and standard of living of a country respectively. However, how does Singapore compare to other countries in terms of salary?
One way to compare salaries across countries is to use PPP-adjusted figures, which take into account the differences in prices and costs of living between countries. According to Numbeo’s Cost of Living Index by Country 2023 report, Singapore has a PPP-adjusted average monthly net salary (after tax) of 4,367 USD, which ranks 8th out of 106 countries.
Here are the top 10 countries with the highest PPP-adjusted average monthly net salaries in 2023, according to Number:
| Rank | Country | PPP-adjusted average monthly net salary (USD) |
|---|---|---|
| 1 | Switzerland | 6,525 |
| 2 | United States | 4,758 |
| 3 | Australia | 4,593 |
| 4 | Denmark | 4,392 |
| 5 | Norway | 4,388 |
| 6 | Canada | 4,375 |
| 7 | Netherlands | 4,368 |
| 8 | Singapore | 4,367 |
| 9 | Germany | 4,356 |
| 10 | Sweden | 4,345 |
Another way to compare salaries across countries is to use nominal figures, which do not take into account the differences in prices and costs of living between countries. According to Trading Economics’ Average Monthly Wages by Country 2023 report, Singapore has a nominal average monthly wage (before tax) of 6,324 USD, which ranks 5th out of 74 countries.
Here are the top 10 countries with the highest nominal average monthly wages in 2023, according to Trading Economics:
| Rank | Country | Nominal average monthly wage (USD) |
|---|---|---|
| 1 | Switzerland | 9,235 |
| 2 | Luxembourg | 7,547 |
| 3 | Denmark | 7,515 |
| 4 | Norway | 6,542 |
| 5 | Singapore | 6,324 |
| 6 | United States | 6,206 |
| 7 | Australia | 5,943 |
| 8 | Netherlands | 5,930 |
| 9 | Ireland | 5,925 |
| 10 | Germany | 5,917 |
How to negotiate your salary in Singapore?
Negotiating your salary is an important skill that can help you get paid what you deserve and increase your earning potential in Singapore. However, many people find it challenging and stressful to negotiate their salary with their employers or potential employers.
Here are some tips on how to negotiate your salary in Singapore:
- Do your research: Before you enter a salary negotiation, you should do some research on the market rate and range for your position and industry. You can use online tools like Salary Explorer, Glassdoor, or Payscale to find out the average and median salaries for similar roles and companies in Singapore. You should also consider your own qualifications, experience, skills, and achievements that make you valuable to the employer.
- Know your worth: Based on your research and self-assessment, you should have a clear idea of how much you are worth and what salary you are aiming for. You should also have a minimum acceptable salary that you are willing to accept and a maximum desired salary that you are hoping to get. You should be realistic and reasonable with your expectations, but also confident and assertive with your demands.
- Prepare your pitch: When you are ready to negotiate your salary, you should prepare a pitch that highlights your strengths and accomplishments and explains why you deserve the salary you are asking for. You should also anticipate and prepare for any objections or questions that the employer might have and have some counterarguments or evidence to support your case. You should also practice your pitch beforehand and rehearse it with a friend or family member.
- Be flexible and respectful: During the negotiation process, you should be flexible and respectful of the employer’s perspective and constraints. You should listen actively and attentively to what they have to say and try to understand their point of view. You should also be open to compromise and consider other forms of compensation or benefits that might be offered instead of or in addition to the salary. However, you should also stand firm on your minimum acceptable salary and not settle for less than what you deserve.
- Ask for time: If you are not satisfied with the initial offer or need more time to think about it, you should ask for time to consider it. You should not feel pressured or rushed to accept or reject an offer on the spot. You should take some time to evaluate the offer and compare it with other options that you might have. You should also use this time to consult with your mentors, peers, or advisors for their opinions and advice.
- Follow up: After you have made your decision, you should follow up with the employer and communicate it clearly and politely. If you accept the offer, you should express your gratitude and enthusiasm and confirm the details of the agreement in writing. If you reject the offer, you should thank them for their consideration and explain your reasons briefly and respectfully.
How to increase your earning potential in Singapore?
Negotiating your salary is not the only way to increase your earning potential in Singapore. There are many other ways that you can boost your income and advance your career in Singapore. Here are some suggestions:
- Upgrade your skills: One of the best ways to increase your earning potential is to upgrade your skills and knowledge in your field or industry. You can do this by taking courses, attending workshops, reading books, watching videos, or joining online communities related to your profession. By learning new skills or improving existing ones, you can enhance your value to your employer and increase your chances of getting a promotion, a raise, or a bonus. You can also use your skills to start a side hustle or freelance project that can generate extra income for you. Consider earning an MBA or another advanced degree that can help you grow in your job. There are also several professional certification courses and online programmes available to help you develop your abilities, advance in your career and increase your earning potential.
- Network and build relationships: Another way to increase your earning potential is to network and build relationships with people who can help you in your career. You can do this by attending events, joining associations, volunteering, or reaching out to mentors, peers, or experts in your field. By networking and building relationships, you can expand your opportunities, learn from others, get referrals, or find new clients or partners. You can also use social media platforms like LinkedIn, Facebook, or Twitter to showcase your work, share your insights, or connect with potential employers or collaborators .
- Seek feedback and improve yourself: A third way to increase your earning potential is to seek feedback and improve yourself. You can do this by asking for performance reviews, feedback sessions, or mentorship from your manager, colleagues, or clients. By seeking feedback and improving yourself, you can identify your strengths and weaknesses, learn from your mistakes, set goals, and track your progress. You can also use online tools like Indeed or Glassdoor to research salaries, reviews, or tips for different jobs or companies. By doing so, you can benchmark yourself against others, negotiate better pay, or find better opportunities .
Here is the conclusion and 10 most asked questions and answers that I wrote for your article:
Conclusion
In conclusion, the average salary in Singapore is influenced by many factors, such as experience, education, job title, industry, and location. Singapore is one of the most prosperous and developed countries in the world, with a high standard of living and a diverse economy. However, there is no official minimum wage law in Singapore for most workers, except for those covered by the Progressive Wage Model. Therefore, it is important to do your research, negotiate your salary, and upgrade your skills to increase your earning potential in Singapore.
10 most asked questions and answers
Q: What is the median salary in Singapore? A: The median salary in Singapore is the middle point of the salary distribution, where half of the employees earn more than the median and half earn less. According to Salary Explorer1, the median salary in Singapore for 2023 is 7,650 SGD (5,726 USD) per month.
Q: What are the highest paying jobs in Singapore? A: According to Indeed2, some of the highest paying jobs in Singapore are:
- Chief Financial Officer: 18,000 SGD per month
- Director of Engineering: 16,000 SGD per month
- Vice President of Sales: 15,000 SGD per month
- General Manager: 14,000 SGD per month
- Senior Software Engineer: 9,000 SGD per month
Q: What are the lowest paying jobs in Singapore? A: According to Indeed, some of the lowest paying jobs in Singapore are:
- Cleaner: 1,500 SGD per month
- Cashier: 1,600 SGD per month
- Receptionist: 1,800 SGD per month
- Sales Assistant: 1,900 SGD per month
- Customer Service Representative: 2,000 SGD per month
Q: How much tax do I have to pay in Singapore? A: The amount of tax you have to pay in Singapore depends on your residency status, income level, and tax reliefs or rebates. According to IRAS, the tax rates for resident individuals for the Year of Assessment 2023 are:
- Up to 20,000 SGD: 0%
- 20,001 – 30,000 SGD: 2%
- 30,001 – 40,000 SGD: 3.5%
- 40,001 – 80,000 SGD: 7%
- 80,001 – 120,000 SGD: 11.5%
- 120,001 – 160,000 SGD: 15%
- 160,001 – 200,000 SGD: 18%
- 200,001 – 240,000 SGD: 19%
- 240,001 – 280,000 SGD: 19.5%
- 280,001 – 320,000 SGD: 20%
- Above 320,000 SGD: 22%
The tax rates for non-resident individuals for the Year of Assessment 2023 are:
- Employment income: 15% or resident rate, whichever is higher
- Director’s fees and other income: 22%
Q: How much is the cost of living in Singapore?
A: The cost of living in Singapore varies depending on your lifestyle, preferences, and needs. According to Numbeo, some of the average costs of living in Singapore as of April 2023 are:
- Rent for a one-bedroom apartment in the city centre: 2,500 SGD per month
- Basic utilities for an 85m2 apartment: 150 SGD per month
- Internet (60 Mbps or more): 50 SGD per month
- Meal at an inexpensive restaurant: 10 SGD
- Domestic beer (0.5 litre draught): 10 SGD
- Cappuccino (regular): 5.50 SGD
- One-way ticket (local transport): 1.50 SGD
- Monthly pass (regular price): 100 SGD
- Gasoline (1 litre): 2.10 SGD
Q: How does Singapore compare to other countries in terms of salary?
A: One way to compare salaries across countries is to use PPP-adjusted figures, which take into account the differences in prices and costs of living between countries. According to Numbeo’s Cost of Living Index by Country report, Singapore has a PPP-adjusted average monthly net salary (after tax) of $4,367 USD which ranks eighth out of $106 countries.
Another way to compare salaries across countries is to use nominal figures which do not take into account the differences in prices and costs of living between countries. According to Trading Economics’ Average Monthly Wages by Country report, Singapore has a nominal average monthly wage (before tax) of $6,324 USD which ranks fifth out of $74 countries.