How Much You Should Be Making in 2023 | Ultimate Singapore Salary Guide

January 03, 2022

Salary Guide

Singapore has some of the highest wages in the world.

But are you 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. 🙂

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    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 2023, 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, 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 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.

    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 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$180,000
    Head of C&B$180,000
    Head of L&D$156,000
    HR Business Partner$150,000
    C&B Manager$144,000


    Job TitleAverage 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 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$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 TitleAverage 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 to us.

    Return to Ultimate Singapore Job Search Hub

    Sources: Morgan McKinley, Ministry of Manpower

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