How Much You Should Be Making in 2020: Ultimate Singapore Salary Guide

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Singapore has some of the highest wages in the world. Are you, however, being underpaid? What should be the “market salary” for your role?

We’ve put together this ultimate Singapore salary guide to help you out. Benchmark your salary against everyone else in your industry.

Use this salary information to negotiate a better salary package for yourself. 🙂

Singapore salary: Frequently Asked Questions

Just want to check out salary numbers and trends for a specific occupation or industry?

Jump right ahead 🙂

Average salary in Singapore in 2020, sorted by industry:

 

Is there minimum wage in Singapore?

No, the Singapore Ministry of Manpower does not prescribe minimum wages for all workers in Singapore, whether local or foreign.

But, Singapore does have a scheme called Workfare that supports low wage workers (Singapore citizens) aged 35 and above, who earn a gross monthly income of not more than S$2,300.

What’s the difference between gross salary and median salary in Singapore?

The median salary for a career is the middle point of all salaries for that career.

Simply put, half of the people who work in that field make more than the median salary, and the other half make less than the median salary.

Your gross salary for a month, or monthly gross rate of pay, refers to the amount of money payable for one month’s work.

That includes allowances that you’re entitled to under a contract of service, but excludes

  • Additional payments (overtime, bonus, AWS).
  • Reimbursement of special expenses incurred during the course of employment.
  • Productivity incentive payments.
  • Travel, food and housing allowances.

What’s gross monthly income?

Your gross monthly income includes your basic monthly salary, before deduction of employee CPF contributions and personal income tax, plus extra wages such as overtime pay, commissions and bonuses earned.

What’s the average salary in Singapore?

As of Jan 2020, the average salary in Singapore is S$5,783 per month.

For full-time employed Singapore residents, the Median Gross Monthly Income from work, including employer CPF contributions, is S$4,563.

What are the highest paying jobs in Singapore?

5% of Singaporeans belong to the world’s richest 1%… WOW.

You might not be there (yet), but it doesn’t hurt to aim high!

Check out our round up of top 5 highest paying jobs for each industry, and let it fuel your career dreams:

Accounting & Finance (Commercial Businesses)

Job Title Average Annual Salary (SGD)
CFO / VP Finance $350,000
Tax Director $250,000
Internal Audit Director $250,000
Finance Director $240,000
Treasury Director / Treasurer $200,000

 

Accounting & Finance (Financial Services)

Job Title Average Annual Salary (SGD)
CFO (Fund Management) $350,000
Finance Director $220,000
Financial Controller $150,000
Tax (Fund/Asset Management) $130,000
Product Controller $120,000
Valuation Control $120,000
FP&A $120,000
Performance Analyst (Asset Management) $120,000
Finance Manager $120,000

 

Banking Operations

Job Title Average Annual Salary (SGD)
COO / Head of Operations $270,000
Trade & Sales Support $150,000
KYC Operations $130,000
Client Services $130,000
Collateral Management $130,000

 

Compliance

Job Title Average Annual Salary (SGD)
Sanctions $200,000
Compliance Testing $180,000
KYC $180,000
Transaction Monitoring $150,000
Regulatory Compliance $150,000

 

Financial Services (Front Office)

Job Title Average Annual Salary (SGD)
Managing Director (Investment Banking) $620,000
Managing Director (Private Banking) $480,000
Director (Investment Banking) $450,000
Director (Private Equity) $400,000
Executive Director (Private Banking) $350,000

 

HR

Job Title Average Annual Salary (SGD)
HR Director / Head of HR $180,000
Head of C&B $180,000
Head of L&D $156,000
HR Business Partner $150,000
C&B Manager $144,000

 

Marketing

Job Title Average Annual Salary (SGD)
Vice-President / President / CxO (Technology) $400,000
Marketing Director / Senior Director (Consumer Goods) $300,000
Marketing Director / Senior Director (Pharmaceutical & Medical Devices) $270,000
Regional Head of Marketing / Director / Executive Director (Banking & Financial Services) $270,000
E-Commerce VP / Director (Digital Marketing) $275,000

 

Project & Change Management

Job Title Average Annual Salary (SGD)
Programme Manager $180,000
Business Transformation $180,000
Agile Coach $180,000
Lean Six Sigma / Operational Excellence Expert $170,000
Business Process Improvement Manager $170,000

 

Risk Management

Job Title Average Annual Salary (SGD)
Quant $150,000
Business Transformation $180,000
Portfolio Risk & Analytics $150,000
Enterprise Risk $140,000
Credit Risk $130,000
Market Risk $130,000
Operational Risk $130,000

 

Sales

Job Title Average Annual Salary (SGD)
Director / Managing Director $275,000
Account Director (Regional / Global) $250,000
Country General Manager / Commercial Director/td> $190,000
Head of Sales / Business Development Director $180,000
Head of Strategic Partnerships $175,000
Category Director $175,000

 

Supply Chain & Procurement

Job Title Average Annual Salary (SGD)
Supply Chain Director $160,000
Procurement / Purchasing Director $160,000
Supply Chain Manager $140,000
Procurement / Purchasing Manager $140,000
Planning Manager $140,000
Project Manager SCM $140,000

 

Looking to switch jobs this year? We’ve got your back:

Download one of our free resume templates to use. We have templates for different industries and roles.

While you’re doing up your resume, why not check out our Ultimate CV Guide and Cover Letter Guide?

They’re chock-full of useful tips for an absolutely killer CV and Cover Letter – our tricks of the trade from over a decade of recruitment experience.

And if you need some extra help, we’ll even polish up your CV or Cover Letter in no time. Just reach out to us.

If you found that useful, you might also like:

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Sources: Morgan McKinley, Ministry of Manpower

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