The Guide to Singapore Average Salary 2024: Economic Overview, Skills-in-demand, Cost of Living, Find Jobs

Singapore has propelled itself to the forefront of global development as a regional and global hub of innovation, finance, and technological breakthroughs. A rising economy in Asia with a population exceeding 5,000,000, over 30% of which are foreigners, Singapore is an attractive destination for students and professionals seeking to make a life for themselves in one of the financial and economic centers of Asia and the world. The average salary in Singapore across all professions is around SGD70,000 a year, but this figure can vary largely when considering the average salaries of different professions. 

Are you considering making the move to one of Asia’s most prominent and innovative countries? Or, are you a professional already working in Singapore and wish to know how your salary compares against the industry average income standards in Singapore? This article aims to provide readers with a better understanding of the working and salary landscape in Singapore through a top-down examination of Singapore’s economic landscape, salary statistics for the most popular professions, and factors that can cause the average incomes in Singapore to wax and wane.

The World Bank has classified Singapore as a high-income country and acknowledges that its economy is one of the most competitive in the world—the average annual salary in Singapore. 

While many high-competition industries drive the country’s economic success, the financial industry has made Singapore one of the powerhouses of the Southeast Asian region as well as the world and is responsible for Singapore's high average annual income compared to other Asian nations. The period of rapid industrialization in the 1970s that many Asian countries, such as Taiwan and the Republic of Korea, also happened in Singapore; during this time, Singapore was still in the process of acclimating to its newly established statehood and formed its economy around the goods manufacturing and services sectors which, to this day, continue to support its economy to a great extent. 

In more recent years, while the financial sector has contributed, on average, 5.9% economic growth year on year, Singapore has made concerted efforts to assert itself as the financial hub of Asia through the “Asia’s Infrastructure Exchange” initiative. This program, launched in 2017, aims to link its strong and experienced infrastructure development sector with its growing financial industry (The World Bank, 2019). In conjunction with other Fintech and finance initiatives spearheaded by the Singaporean government, this program has cemented the financial services industry as one of the most vital for the Singaporean economy.  

While the financial industry is vital, both for the country and for the world, other industries contribute to Singapore's high GDP and average salary. Singapore is a central point where many multinational companies establish headquarters due to its centrality in the region and its open economic policies that encourage and facilitate business. The healthcare, software and technology, artificial intelligence, and digital marketing industries are just a few of the many sectors gaining massive popularity within Singapore. These industries offer highly competitive average salaries in Singapore and are great attractors for foreign talent to contribute to the city-state's growing economy. 

According to SmartWealth, the average monthly income in Singapore stands at roughly 5,070 SGD a month, or around USD$3,755. While this may be the reported Singaporean average salary, the exact and final figure is highly dependent on the industry you work in, the position you hold, and your tenure at the company. Here is a more comprehensive breakdown of the average salaries in Singapore, categorized by industry, occupation, and level of education. 

Break down by industries 

The competitive Singaporean work environment offers extremely lucrative compensation packages for professionals working in high-return industries. Here are the average salaries in Singapore for some of the most common industries to work in within the country: 

• Finance: $8,190
• Public Administration and Education: $6,962
• Real Estate: $5,000
• Information and Communication: $7,000

(Source: SmartWealth, 2022)

Break down by occupation

Taking a closer look, the occupation one holds within a sector can also greatly affect the average salary you receive in Singapore. 

• Managers: $10,068
• Professionals: $7,722
• Support Workers, $3,276

(Source: SmartWealth, 2022)

Break down by level of education

Finally, and perhaps most importantly, the level of education has a drastic impact on the average salaries in Singapore. Singapore is a meritocratic society that places heavy emphasis on the academic qualifications their working professionals possess. Here is a brief overview of how education can impact the average salaries in Singapore at each level:

• Secondary: $3,276
• Secondary + Qualification: $4,777
• Tertiary Degree: $8,190

(Source: SmartWealth, 2022)

Year on year, the average salaries in Singapore have experienced positive growth, reflecting the country’s ever-growing importance and dominance in international trade and economics. SmartWealth indicates that between 2021 and 2022 alone, the average salary in Singapore increased by 8.3%, which is well ahead of the global standard. With a decade of consistently high increases in average income levels, Singapore is well positioned as one of Asia’s top-performing economies and is one of the most attractive destinations for all foreign talent wishing to make the move to Asia. 

Many factors influence the scope and range of the average salaries in Singapore. In this section, we will discuss the various considerations that are factored in when considering how the average income in Singapore is calculated by industry.

Industry

Different industries can have widely varying average salaries in Singapore. For example, industries that require specialized skills or are in high demand, such as the financial and healthcare sectors, may offer higher salaries relative to others. This higher average wage in Singapore comes as the country seeks to attract and retain higher-skilled talent from abroad and to incentivize local professionals to stay in the country. This higher average income in Singapore for specialized professions is good for competition, as the demand for positions is often outpaced by the availability of jobs, leading to more lucrative compensation packages and a working environment with only the most qualified professionals functioning within it. 

Education and Qualifications

Individuals with higher education levels and specialized qualifications typically receive higher average salaries in Singapore. This is often because advanced degrees or industry certifications demonstrate deeper expertise and a commitment to continuous learning. Singapore’s working culture is rooted in meritocracy, which equates academic success and certifications as a metric of qualification for a position. This means that employers are willing to pay a higher average salary in Singapore for individuals who bring advanced knowledge and skills to the country and workplace.

Experience

Work experience is another crucial factor that determines average incomes in Singapore. Generally, professionals with more years of experience have a proven track record of success and are seen as active and valuable contributors to a company. Their accumulated knowledge and expertise make them more attractive to employers, justifying, on average, a higher salary. In certain industries, such as the financial and technological development sectors, specific work experiences, such as leadership roles or project management, may also further enhance a professional’s earning potential.

Skills and Expertise

The demand for specific skills and expertise is another factor influencing average salary levels in Singapore. In industries where certain skills are in high demand and short supply, professionals possessing skills in high demand can negotiate higher salaries. The world is in a constant and rapid state of modernization and development, with new industry standards emerging year on year. Technological advancements and industry trends can rapidly change the demand for specific skills, making it essential for professionals to stay abreast of the latest developments to maintain their earning potential.

Negotiation Skills

An individual's ability to effectively negotiate during the job application process can significantly impact the final salary and overall compensation package. Negotiation skills are crucial in ensuring that professionals are adequately compensated for their skills and experience. The average income in Singapore, while competitive, can easily be exceeded through a successful negotiation process, and can result in a more favorable salary, additional benefits, or other perks. It is important for professionals interested in moving to Singapore to research industry standards and be confident in defending their value to the employer during negotiations. 

If you would like to improve your negotiation skills and secure a higher salary than the average income for your industry in Singapore, check out this article explaining everything you need to know about negotiation tactics and strategies!

For open positions in highly competitive work environments, it is natural that only the most qualified and top-performing candidates will make it through to the final stages of the interview process. One of the most effective ways to edge out your competition is to have strong negotiation and interpersonal skills. 

While many may overlook interpersonal skills as a low-priority skill to have, it is one that many employers place a much higher level of importance on than many expect. For the very highest-performing companies in Singapore, employees can earn much higher than the Singaporean average income for their industries if they are both highly qualified and easy to work with!

The cost of living in Singapore can vary highly depending on many factors, including the area within the city you reside in, the size of your home, the number of dependents you have, and the general lifestyle choices you make throughout the month. Generally speaking, the average salary in Singapore is more than enough to accommodate a modest lifestyle, if not more. In this section, we will take the average monthly salary in Singapore and break down costs that you can expect to incur throughout the month!

• Grocery costs: 200SGD
• Dining costs: 400-600SGD
• Housing costs: 500-1800SGD
• Transportation expenses: 150SGD
• Healthcare and education costs: 132SGD (Integrated Shield Plan)

Now that you have an idea of how the average salary in Singapore compares to corresponding monthly expenses, here is a general comparison of the cost of living in Singapore against other popular Asian destinations for ex-pats moving to the region:

Research the Job Market

Understanding the current dynamics of the job market is crucial before embarking on a job search. Those on the job hunt should invest time in researching industry-specific reports and market analyses to identify growth areas and sectors for the most potential opportunities. This research has the added benefit of allowing individuals to best align their skills and qualifications with the current demands of their chosen industry, increasing the likelihood of landing a position that is in line with current market needs.

Conducting job market research also entails a thorough investigation into potential companies that you envision yourself working at. Important features about the company, such as working culture, average salaries, and company values and goals, are strong points for consideration that may sway the final decision of committing to an offer, should it arrive. What is more, this information helps interested job applicants tailor their applications to the specific needs and ethos of each organization, increasing the likelihood of being considered a good fit for the company.

Salary Expectations

Researching salary ranges for a desired position within the Singaporean job market is essential for informed job negotiations. Understanding the average salary rate in Singapore for a particular position helps applicants set realistic salary expectations and positions them well during salary discussions. This knowledge is especially crucial in a competitive job market and for foreigners who may not be aware of average income rates for jobs in Singapore, enabling them to negotiate a compensation package that reflects their skills and experience.

Cultural Sensitivity

For foreigners seeking employment in Singapore, cultural sensitivity is one of the most important things to take into consideration when entering the job market. Familiarizing oneself with the cultural nuances of the Singaporean workplace demonstrates respect for local customs and business etiquette. 

This understanding is all the more important once you factor in that Singapore is one of the most culturally diverse cities on Earth, with foreign workers representing almost every country in the world. Having a high level of cultural sensitivity and understanding can positively influence interactions with colleagues, superiors, and clients at every level within the Singaporean job market. It also contributes to a much smoother integration into the workplace, fostering better relationships and enhancing the overall work experience for foreign employees.

Singapore is one of the world’s most competitive economies, and compensation packages offered by top companies are unrivaled anywhere else in the world. The average salaries in Singapore are highly dependent on many factors, including the industry of work, specific occupations within a sector, and the overall academic qualification and experience you possess. Highly qualified foreign professionals should strongly consider Singapore as a viable destination for work, as a competitive work environment and access to the world’s leading companies make the small city-state the perfect place to develop professionally!

If you are looking to make a move to Singapore and be part of one of the world’s busiest cities, consider checking out CakeResume to create your resume and cover letter using our platform’s countless free templates to get started with all your job applications! We also regularly publish articles that discuss tips and tricks for your career development and guidance in planning the next steps in your professional life!

— Originally written by Alexander Coye —