We’ve all been there – staying up all night, wondering where the time went and if your life is on the right track. Are you making the same amount of money as your peers, and should you be seeking another job? How much money should you be making anyway, and are you making enough to be able to support yourself and save for the future? Well, we can’t exactly answer all of these questions for you, but we may be able to answer some of the questions you might have.
The first thing to note is that Singapore, as small as it is, actually has a very high cost of living. An average meal may cost between S$10 to S$20, not to mention the cute drink you might pick up on the way to work, perhaps alongside a pastry or two, plus the basic transportation and living expenses. Add it all up, and you might figure out that Singapore isn’t exactly the cheapest place to live.
Knowing the average salary might give you a heads up on how much you should actually be making and how to plan for your future. Understanding your position in the workforce could also possibly be useful when you’re negotiating your salary.
Average Salary in Singapore By Age Group
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According to Trading Economics, the average salary in Singapore for full-time workers as of 2023 is S$6,254 per month, which is inclusive of CPF contributions from employers. By 2024, the average salary in Singapore is estimated to be around S$7,310 per month, across all industries.
However, the average salary rate of full-time workers in Singapore also differs according to age and gender groups. This is largely in due part to experience, pay increments, and promotions. For example, according to SmartWealth, the highest paid group are typically those between 40 to 44 years old. On average, this average salary for this age group is about S$7,098. This is inclusive of Employer CPF Contributions.
Conversely, the lowest average salaries belong to the age groups of 15 to 19 years old and 60 years old and over. These age groups have an average salary of S$1,580 and S$2,905 respectively, also inclusive of Employer CPF Contributions.
| Age Group | 2023 Median Monthly Salary (Including Employer CPF Contributions) |
| 15 – 19 | $1,580 |
| 20 – 24 | $3,042 |
| 25 – 29 | $4,680 |
| 30 – 34 | $5,850 |
| 35 – 39 | $6,718 |
| 40 – 44 | $7,098 |
| 45 – 49 | $6,825 |
| 50 – 54 | $5,850 |
| 55 – 59 | $4,351 |
| 60 & Over | $2,905 |
From this table, we can see that as you enter the workforce and gain experience, pay increments and promotions, the average salary continues to grow until it reaches the peak at around 40 to 44 years old, and slowly starts to decline as you approach retirement. It’s a pretty smart idea to start allocating some wealth towards your savings as soon as you’re able to afford it to be able to continue living in a comfortable situation once you’re retired.
We can also see that workers will typically earn an average of 32% more than entry-level and junior workers, and workers with over years of experience will typically earn an average of about 36% more than workers with less than than five years of experience. In addition to that, those with 10 years of experience earn an average 21% more than those with less than 10 years, and those with 15 years of experience will gain a 14% increase. After 20 years, workers should earn about 9% more than those with 15-19 years of experience.
| Years of Experience | Salary Comparison |
| Below two years (intern or fresh graduates) | Starting salary |
| 2 – 5 years | +32% more than professionals with less than two years of experience |
| 5 – 10 years | +36% more than professionals with 2 – 5 years of experience |
| 10 – 15 years | +21% more than professionals with 5 – 10 years of experience |
| 15 – 20 years | +14% more than professionals with 10 – 15 years of experience |
| +20 years | +9% more than professionals with 15 – 20 of experience |
Average Salary in Singapore By Gender
Though gender does not affect performance, nor should your gender be the cause of a lower wage, it unfortunately is the reality in this country.
| Year | Males’ Median Monthly Income (Including Employer CPF Contributions) | Females’ Median Monthly Income (Including Employer CPF Contributions) | Is the median income higher for males than females? | What’s the difference in absolute dollars? | What’s the difference in percentage? |
| 2012 | $3,640 | $3,230 | Yes | $410 | 12.7% |
| 2013 | $3,915 | $3,480 | Yes | $435 | 12.5% |
| 2014 | $4,000 | $3,518 | Yes | $482 | 13.7% |
| 2015 | $4,118 | $3,744 | Yes | $374 | 10.0% |
| 2016 | $4,241 | $3,803 | Yes | $438 | 11.5% |
| 2017 | $4,437 | $4,027 | Yes | $410 | 10.2% |
| 2018 | $4,680 | $4,095 | Yes | $585 | 14.3% |
| 2019 | $4,810 | $4,329 | Yes | $481 | 11.1% |
| 2020 | $4,719 | $4,374 | Yes | $345 | 7.9% |
| 2021 | $4,875 | $4,437 | Yes | $438 | 9.9% |
| 2022 | $5,450 | $4,948 | Yes | $502 | 10.1% |
| 2023 | $5,460 | $5,070 | Yes | $390 | 7.7% |
From this table, we can see that the average income higher has consistently been higher for males than females. At its peak, the highest wage disparity falls at a staggering difference of 14.3% in 2018, and at its lowest, 7.7% in 2023. Last year, the wage disparity was at 7.7%, which comes up to a total of $390 per month and $4,680 per year. Overall, the wage disparity does seem to be trending downwards, which creates a hopeful picture.
We can break this down even further by breaking down the gender pay gap by age groups.
| Age Group | 2023 Median Monthly Salary For Males (Including Employer CPF Contributions) | 2023 Median Monthly Salary For Females (Including Employer CPF Contributions) |
| 15 – 19 | $960 | $1,901 |
| 20 – 24 | $2,691 | $3,291 |
| 25 – 29 | $4,563 | $4,706 |
| 30 – 34 | $5,850 | $5,796 |
| 35 – 39 | $7,387 | $6,143 |
| 40 – 44 | $7,776 | $6,435 |
| 45 – 49 | $7,664 | $6,084 |
| 50 – 54 | $6,338 | $5,324 |
| 55 – 59 | $4,843 | $3,990 |
| 60 & Over | $3,000 | $2,664 |
Average Salary By Industry
As expected, your salary also depends on the industry that you’re in. Here are the top five industries in Singapore with the highest salary per annum.
| Top Five Industries | Average annual salary (in SGD) |
| Software Engineering | $63,000 |
| Healthcare | $63,003 |
| Information Technology | $60,432 |
| Administration & Human Resources | $60,000 |
| Banking and Finance | $57,543 |
Average Annual Salaries By Job
In Singapore, the highest average annual salaries is at 700K, while the lowest average salary per annum is about $19,761. Of course, both the highest and lowest average may be higher and lower respectively, but these are the median figures.
| Job title | Industry | Average annual salary (SGD) |
| Managing Director | Banking & Finance | $600k – $700k |
| Direct sales | Technology | $350k – $550k |
| President/vice-president | Sales & Marketing | $320k – $520k |
| Channel sales | Technology | $300k – $500k |
| Pre Sales | Fintech – IT | $250k – $500k |
| Sales assistant | Retail | $30,000 |
| Waiter, kitchen helper | F&B | $26,400 |
| General labourer | Construction | $21,600 |
| Cleaner | Cleaning | $19,761 |
Average Salary By Qualification
Apart from industry, your salary can also be determined by the highest level of schooling that you have.
| Highest Qualification | 2023 Median Monthly Income (Including Employer CPF Contributions) |
| Below Secondary | $2,312 |
| Secondary | $3,346 |
| Post-Secondary (Non-Tertiary) | $3,276 |
| Diploma & Professional Qualification | $4,754 |
| Degree | $8,190 |
Average Salary Increase
In Singapore, the median salary increase is about 9% every 15 months (salaryexplorer). Of course, salary increases depend on several factors, such as your performance and your company’s success, but it’s easy enough to find out the the salary increment percentage with the following formula: Annual Salary Increase = Increase Rate x 12 / Increase Frequency
Conclusion
In short, the average salary in Singapore is highly dependant on the industry, age, years of experience, qualifications, and even gender.
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