The Ultimate Singapore Average Salary Guide | How Much You Should Be Making in 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$5,070 monthly in 2022, 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. 🙂
Table of Contents
Singapore salary guide: Frequently Asked Questions
- Is there minimum wage in Singapore?
- What’s the difference between gross salary and median salary?
- What’s gross monthly income?
- What’s the average salary in Singapore?
- What are the highest paying jobs in Singapore?
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: tradingeconomics.com | Statistics Singapore
What’s the average salary in Singapore?
As of Jan 2023, 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.
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
Education
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.
Source: salaryexplorer.com
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 |
Source: salaryexplorer.com
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 2023, sorted by industry:
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 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 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
Outside of his professional pursuits, he enjoys road cycling, diving deep into biographies, and devouring copious amounts of dumplings.
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