The Ultimate Singapore Average Salary Guide | How Much You Should Be Making in 2024

April 14, 2023

Singapore has some of the highest wages in the world.

According to recent data, Singapore’s median salary for full-time work in Singapore is S$5,170 monthly in 2023, and is projected to be around S$7,310 monthly in 2024, including the employer’s CPF contributions.

But are you underpaid?

What should be the “market salary” for your role?

We’ve put together this Ultimate Singapore Average Salary Guide to help you out. Benchmark your salary against everyone else in your industry.

We’ll talk about different key points of the average salary in Singapore, such as the median salary. We’ll also answer your frequently asked questions about the average salary in Singapore.

So if you’re wondering what a good salary in Singapore is, you’re in the right place. Use this salary information to negotiate a better salary package for yourself. 🙂

Singapore salary guide: Frequently Asked Questions

Singapore’s average salary increases every year, and it can differ depending on specific criteria – permanent residents will see a higher salary than temporary workers, and those in a higher age group will also earn more.

Though we’re going to check out salary numbers and trends for a specific occupation or industry across the before, so let’s jump right ahead!

Is there minimum wage in Singapore?

No, the Singapore Ministry of Manpower does not prescribe minimum wages for all workers in Singapore, local or foreign. The minimum wage law is a little different than most other countries in South East Asia.

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.

When people talk about salaries, this gross income is usually the number that they use. So, your gross monthly income refers to total earnings without deductions.

The average salary in Singapore shows an upward trajectory over time.

Source: | Statistics Singapore

What’s the average salary in Singapore?

As of 2024, the average salary in Singapore is projected to be around S$7,310 per month.

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

It may be better to look at the median gross monthly income, as the median monthly salary is less affected by super-high salaries that bring the average up.

Singapore median salary by age

Figure out how much you should earn according to your age, education, work experience, and industry.

Age Group  Monthly Median Salary (2022) Monthly Median Salary (2021)
15 – 19 S$1,638 S$1,170
20 – 24 S$2,925 S$2,691
25 – 29 S$4,446 S$4,095
30 – 34 S$5,792 S$5,222
35 – 39 S$6,825 S$6,102
40 – 44 S$6,825 S$6,825
45 – 49 S$6,581 S$5,958
50 – 54 S$5,850 S$5,070
55 – 59 S$4,323 S$3,729
60 & Over S$2,621 S$2,543

Source: Labour Force in Singapore


Higher education usually results in a higher base salary, and Singapore is no different.

So let’s examine how your education will impact your average gross salary.

Employees with bachelor’s degrees earn 24% more monthly wages than diploma holders in Singapore.

And professionals with a master’s degree will make 29% more than workers who have finished their bachelor’s degree.

Lastly, Ph.D. holders earn 23% more than those with a master’s degree.


Work 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


What are the highest paying jobs in Singapore?

5% of Singaporeans belong to the world’s richest 1%… WOW. This is in a range of fields, from investment banking through to self employed entrepreneurs.

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.

Average salary in Singapore in 2024, sorted by industry:

Accounting & Finance (Commercial Businesses)

Job TitleAverage 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 TitleAverage 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
Performance Analyst (Asset Management)$120,000
Finance Manager$120,000

Banking Operations

Job TitleAverage 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


Job TitleAverage Annual Salary (SGD)
Compliance Testing$180,000
Transaction Monitoring$150,000
Regulatory Compliance$150,000

Financial Services (Front Office)

Job TitleAverage 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


Job TitleAverage Annual Salary (SGD)
HR Director / Head of HR$200,000
Head of C&B$180,000
Head of L&D$180,000
HR Business Partner$150,000
C&B Manager$144,000


Job TitleAverage Annual Salary (SGD)
Vice-President / President / CxO (Technology)$420,000
Marketing Director / Senior Director (Consumer Goods)$320,000
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)$270,000

Project & Change Management

Job TitleAverage 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 TitleAverage Annual Salary (SGD)
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


Job TitleAverage Annual Salary (SGD)
Director / Managing Director$300,000
Account Director (Regional / Global)$270,000
Country General Manager / Commercial Director/td>$220,000
Head of Sales / Business Development Director$180,000
Head of Strategic Partnerships$195,000
Category Director$195,000

Supply Chain & Procurement

Job TitleAverage Annual Salary (SGD)
Supply Chain Director$190,000
Procurement / Purchasing Director$160,000
Supply Chain Manager$150,000
Procurement / Purchasing Manager$150,000
Planning Manager$150,000
Project Manager SCM$150,000

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

Download one of our free resume templates to use. You don’t have to be a professional resume writer, we have templates for many different industries and roles.

While you’re sprucing 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 resume help, we’ll even polish up your CV or Cover Letter in no time, just reach out.

Return to Ultimate Singapore Job Search Hub

Sources: Morgan McKinley, Ministry of Manpower

Harry Suresh
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