Average Salary in Singapore 2024

Discover how salaries in Singapore vary based on job roles, education levels, and years of experience. Uncover the different pay scales and wage gaps prevalent in the country, along with the yearly increments employees can expect. Delve into the breakdown of salaries across diverse education levels and explore how compensation fluctuates based on years of professional experience. Gain valuable insights into the Singaporean job market's salary landscape and make informed decisions regarding your career growth and earning potential.

Please be aware that the data we are providing is as accurate as possible at this early stage of the year 2024.

However, as we gather more data for 2024, we make adjustments to ensure the highest level of precision.

What is the average salary in Singapore in 2024?

Show salaries in SGD

What is the average salary in Singapore in 2024?

61,100USD

(USD 5,100 monthly)

Low 27,500 USD

Average 61,100 USD

High 269,300 USD

A person working in Singapore typically earns around USD 61,100 per year. Salaries range from USD 27,500 (lowest average) to USD 269,300 (highest average, actual maximum salary is higher). This is the average salary including housing, transport, and other benefits. Salaries vary drastically between different careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

In comparison with average salary in Singapore in 2023, salaries changed by +0.8% so far. Looking ahead, economists project a gradual recovery in the job market. Full comparison between 2023 and 2024 will be conducted by the year's end.

Check out the average salary in Singapore. Check out the average salary in Singapore.

Pay Scale and Salaries in Singapore

Pay Scale Comparison and Salary Structure

Nearly everyone earns less than USD 269,300, 75% of the people earn USD 84,400 or less. 50% employees earn less USD 59,100 or less, 25% of the employees earn less than USD 44,300.

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Salary Structure

Nearly everyone earns less than USD 269,300, 75% of the people earn USD 84,400 or less. 50% employees earn less USD 59,100 or less, 25% of the employees earn less than USD 44,300.

Minimum Wage and Starting Salary

Minimum Wage and Starting Salary refers to the fundamental pay levels for entry-level positions. It encompasses the legally mandated minimum wage and the initial compensation offered to new hires, impacting job seekers and employers alike. Understanding these figures is crucial for ensuring fair labor practices and successful career beginnings. In Singapore the minimum salary is USD 27,500.

Median Salary

With half of the values above and half below it, the median salary in Singapore is USD 48,300, serving as the middle point of all salaries in a dataset. This stat provides a more balanced perspective on income distribution and is commonly employed to gauge average earnings in various professions and industries.

Salary range and Percentile

Salary Range refers to the span between the lowest and highest salaries in a given dataset, indicating the scope of potential earnings. Percentile, on the other hand, represents a specific point in the range, showing how a salary compares to others in the dataset, making it useful for benchmarking pay levels. In Singapore the salary ranges from USD 27,500 to USD 269,300.

Annual Salary Increments in Singapore

What is the average annual salary increment in the Singapore? How frequently do employees receive salary raises?

During 2024, employees in Singapore witnessed an average salary growth of 0.8%. This represents an overall average across various job sectors. The worldwide average for 2024 is 0.8%.

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In 2024, the average salary increase for employees in Singapore was around 0.8%. It's important to highlight that this figure is an average across all job sectors. Globally, the average for 2024 is 0.8%.

Historical Graph of Annual Salary Increments in Singapore

The average yearly salary increase for employees in Singapore over the past years ranged from 0.8% to 7.2%. On average, this represents a 3.6% increment per year.

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On an average, employees in Singapore have received a salary increase ranging from 0.8% to 7.2% per year in recent years. This translates to an average increment of 3.6% per year.

Salary Forecast and Trends for the Future in Singapore

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There are several key factors that influence future of salary growth. That is why we provide range of most probable forecast of salary increments. During next year salary increment will most likely be around 3.4%. Estimated range is between 1.9% and 5.2%.

Gender Wage Gap in Singapore

What is the difference in pay between mens and womens? Men vs. women salary comparison.

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In Singapore, the gender wage gap is 6.0%.

It's due to many factors, such as:

Gender discrimination.
On average, women take 10% extra days off as paid vacation annually in comparison to men.
Compared to men, women are less likely to hold a college degree.
Women are more likely than men to take on caregiving responsibilities for children and elderly relatives.
Women are more likely than men to work part-time, and part-time workers typically earn less than full-time workers.
Men, as opposed to women, are more likely to work in higher-paying occupations.

Check out the average salary in Singapore. Check out the average salary in Singapore.

Salary Comparison by Education Level

How does the education level influence the amount of salary?

Completing high school and obtaining a bachelor's degree brings a multitude of benefits. Firstly, it significantly enhances one's career prospects, leading to higher earning potential and access to a broader range of job opportunities. Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge.

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The Benefits of Transitioning from High School to a Bachelor's Degree

Completing high school and obtaining a bachelor's degree brings a multitude of benefits. Firstly, it significantly enhances one's career prospects, leading to higher earning potential and access to a broader range of job opportunities. Beyond financial rewards, pursuing a bachelor's degree fosters personal growth, critical thinking skills, and the chance to specialize in a particular field of interest. It also facilitates valuable networking opportunities and the development of a global perspective. Ultimately, the journey from high school to a bachelor's degree is a transformative path that opens doors to a more fulfilling and prosperous future.

The Advantages of Progressing from a Bachelor's to a Master's Degree

Advancing from a bachelor's degree to a master's degree offers several compelling advantages. Firstly, it deepens one's expertise and knowledge in a specific field, making graduates highly sought-after specialists in their areas of study. This advanced education often leads to even greater earning potential and career advancement opportunities. Additionally, master's programs often emphasize research and critical thinking, honing these skills for practical application in professional settings. Networking opportunities expand further, connecting students with experts in their fields. Lastly, pursuing a master's degree is a significant personal achievement, reflecting dedication and a commitment to lifelong learning, which can contribute to personal growth and fulfillment.

The Advantages of Advancing from a Master's to a Ph.D. Degree

Continuing from a master's degree to a Ph.D. brings numerous benefits. Firstly, it allows individuals to become true experts in their chosen fields, conducting groundbreaking research and contributing to the advancement of knowledge. This expertise often leads to prestigious career opportunities in academia, research, and leadership positions in various sectors. Ph.D. programs foster advanced critical thinking, problem-solving, and analytical skills, making graduates highly adaptable and innovative. Networking opportunities expand even further, with collaborations and connections in the global academic and professional communities. Pursuing a Ph.D. is a testament to perseverance, intellectual curiosity, and a commitment to pushing the boundaries of human understanding, ultimately leading to a fulfilling and influential career.

Salary Breakdown Based on Career Levels

How does an individual's salary evolve as time goes on?

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 16%-20% higher, reflecting higher skill level and value to the company. Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of around 8%-12%. Expertise and leadership bring higher recognition and greater financial rewards. Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 17%-21% higher, mirroring strategic influence and heightened leadership contributions.

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Salary increase going from Junior to Intermediate

Promotion from junior to intermediate role brings increased responsibilities and expertise. Generally, salary rises significantly, often 16%-20% higher, reflecting higher skill level and value to the company.

Elevation from Intermediate to Senior Role Brings Salary Advancement

Elevated from intermediate to senior role, responsibilities expand, along with a substantial salary hike of nearly 8%-12%. Expertise and leadership secure higher recognition and greater financial rewards.

Executive Promotion: Salary Increase from Senior Position

Ascending from senior to executive role amplifies responsibilities. Typically, salary surges significantly, often 17%-21% higher, mirroring strategic influence and heightened leadership contributions.

Average Hourly Wage in Singapore

What is the average hourly wage in the Singapore?

Average Hourly Wage

30USD

Low 13 USD

Average 30 USD

High 132 USD

What are the disadvantages of being paid on an hourly wage basis?

Income instability: Budgeting and planning for expenses can be difficult due to the irregular or fluctuating income that hourly wages may result in.
Limited earning potential: Hourly workers may face limitations in terms of the number of hours they can work, which can restrict their earning potential compared to salaried positions.
Lack of benefits: Hourly workers often have fewer or limited benefits such as paid time off, health insurance, retirement plans, and other perks normally affiliated with full-time employment.
Inconsistent work hours: Hourly workers may experience unpredictable work schedules, including shifts that vary in duration or irregular hours, which can disrupt work-life balance and make it hard to maintain consistent routines.
Uncertain job security: Layoffs, downsizing, or changes in demand can make hourly positions more vulnerable to job insecurity when compared to salaried positions.
Limited career advancement: Limited opportunities for career growth, professional development, or upward mobility within the organization may be observed in certain hourly jobs.

It's important to note that these disadvantages may not apply universally and can vary depending on specific job circumstances and individual preferences.