What is The Average Salary in Singapore And Are You Earning Enough?

Sihan Chia

Sihan Chia

Last updated 11 October, 2022

With over 70% of PMETs in Singapore reportedly planning to change jobs in 2023, are you one of them? Even if you're not, knowing the average salary range in your industry can be helpful when you're deciding on a job offer or negotiating your increment. 

For some, the pursuit of work and a meaningful career can go hand in hand. For others, work is simply an exchange of time and labour for a stable salary.

Knowing the median salary gives you a glimpse into your own standing relative to others in the workforce and can be very useful when you’re negotiating your salary or thinking of taking your career elsewhere. 

If your income is higher than the median income, good on you! You’re making more money than 50% of the workforce. The reverse is true, too, though don’t be too hard on yourself if you find yourself on the less desirable side of the distribution.  



What’s the median salary in Singapore? 

According to the latest data, the median monthly salary from full-time work in Singapore is S$4,680 in 2021, including CPF contributions from employers. 

Compared to 2010’s median monthly salary from full-time work, this represents a cumulative increase of about 51%. Over the 10-year period, the median monthly salary from full-time work gradually rose from S$3,000 to what it is today. 

It’s also interesting to note that the nominal and real annualised change in median gross monthly income from the year 2010 to 2020 is 4.2% p.a. and 2.8% p.a. respectively.

Without accounting for CPF contributions from employees, the median monthly salary from full-time work in Singapore in 2020 and 2010 is S$4,000 and S$2,708 respectively.

What’s the average salary in Singapore?

As of July 2022, the average salary in Singapore stands at S$5,847 per month, including CPF contributions from employers. 

Wages are benchmarked using average monthly income and income from employment is a key indicator of economic well being. 

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Median salary in Singapore by age 

It is fair that as we grow in age and experience, our wages rise. However, the wage increments don't go on infinitely. 

In fact, it holds true only up to a certain point — around the 45-year-old mark — before our wages start tapering off in our golden years. This is corroborated by the data we’ve gathered below for your easy reference. 

Age Group 2020 Median Monthly Salary (Including Employer’s CPF Contributions) 2019 Median Monthly Salary (Including Employer’s CPF Contributions)

15 - 19 S$1,170 S$1,053
20 - 24 S$2,793 S$2,730
25 - 29 S$4,056 S$4,081
30 - 34 S$5,265 S$5,197
35 - 39 S$6,143 S$6,148
40 - 44 S$6,435 S$6,338
45 - 49 S$5,850 S$5,850
50 - 54 S$4,719 S$4,680
55 - 59 S$3,500 S$3,563
60 & Over  S$2,330 S$2,562

Of course, many factors go into the mix when it comes to one’s salary. Amidst the rapidly changing times that we work and live in, it is always a good idea to prioritise upskilling to stay relevant. After all, learning never really stops  

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What is gross salary?

According to the Ministry of Manpower Singapore, the gross salary is the monthly wages or salaries before deduction of employee CPF contributions and personal income tax.

It comprises basic wages, overtime pay, commissions, tips, other allowances and one-twelfth of annual bonuses. The breakdown of your gross salary or nett salary is reflected in your payslip.

What is gross monthly income then? It simply refers to your total income from employment. You’ve also probably come across the term “minimum wage”. In Singapore, certain sectors have been included in the Progressive Wage Model (PWM), which was introduced in 2012 by NTUC to improve income inequality.

In the retail sector, about 19,000 lower-wage full-time workers will receive pay increments of 8.4 to 8.5 per cent annually for three years from Sept 1.

The government also implemented the Local Qualifying Salary, which stipulates that firms which hire full-time local workers must pay them at least S$1,400. This policy benefits around 159,000 lower wage workers who are not in sectors covered by the PWM.

Related to this topic: So You Want to go Into Teaching – Here’s What You Should Expect

Salary guide by industry

With all this talk on salaries, you may be interested to know which are the highest-paying jobs in Singapore. Let’s start with the top industries:

Accounting & Finance

  • In this sector, qualifications such as CFA, CPA, CMA, MBA are sought after 
  • Possible career tracks include mergers and acquisitions, business valuation, internal audit, management accounting, and enterprise risk management 
  • In-demand skills include assurance, financial and transaction management, digital and data management

Commercial Businesses

Age 5-10 Years 10-15 Years 15+ Years
CFO / VP Finance S$250,000 S$350,000 S$500,000+
Finance Director S$180,000 S$240,000 S$350,000+
Financial Controller S$120,000 S$160,000 S$200,000+
Commercial Finance Manager S$80,000 S$120,000 S$180,000+
Financial Planning and Analysis Director / Business Controller S$120,000 S$180,000+ S$250,000+
Internal Audit Director S$160,000 S$250,000 S$300,000+
Internal Audit Manager S$90,000 S$120,000 S$160,000+
Internal Auditor S$80,000 S$95,000 S$110,000+
Tax Director S$160,000 S$250,000 S$300,000+
Tax Manager S$85,000 S$120,000 S$160,000+
Tax Accountant / Analyst S$55,000 S$90,000 S$120,000+
Treasury Director / Treasurer S$160,000 S$200,000 S$250,000+
Treasury Manager S$70,000 S$100,000 S$150,000+
Treasury Accountant / Analyst S$55,000 S$70,000 S$80,000+
Accounting / Finance Manager S$70,000 S$95,000 S$130,000+
Financial Accountant S$50,000 S$75,000 S$100,000+
Financial Planning and Analysis Manager S$100,000 S$130,000 S$180,000+
Financial / Business Analyst S$55,000 S$80,000 S$100,000+
Credit Analyst / Controller / Manager S$45,000 S$80,000 S$120,000+
Revenue Analyst / Manager S$55,000 S$80,000 S$120,000+
Corporate Finance Manager / Director S$120,000 S$180,000 S$250,000+
Pricing Analyst / Manager / Director S$72,000 S$100,000 S$160,000+
AP / AR Analyst / Accountant / Manager S$45,000 S$70,000 S$100,000+
Group Consolidation Accountant / Manager S$65,000 S$100,000 S$150,000+
Supply Chain Finance Manager / Controller Director S$85,000 S$120,000 S$150,000+
Costing Accountant / Analyst / Manager S$60,000 S$80,000 S$150,000+

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Compliance

  • The role of a compliance officer is to oversee the conduct of compliance and regulatory risk assessments
  • Key skills required for a career in compliance are budgeting, information systems risk management, risk and compliance reporting
Age 5-10 Years 10-15 Years 15+ Years
KYC S$40,000 S$150,000 S$220,000+
Sanctions S$50,000 S$200,000 S$270,000+
Transaction Monitoring S$40,000 S$150,000 S$220,000+
Compliance Testing S$50,000 S$180,000 S$250,000+
Regulatory Compliance S$60,000 S$150,000+ S$300,000+

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Banking and Financial Services

  • As a fintech hub, Singapore is well-placed to spearhead industry growth through setting up and supporting the financial infrastructure 
  • As part of the Financial Services Industry Transformation Map 2025, the government is focusing on creating 3000-4000 jobs in the sector per year 
  • Key goals include shaping the future of financial networks and fostering a skilled and adaptable workforce
Banking Operations
Age 5-10 Years 10-15 Years 15+ Years
KYC S$78,000 S$130,000 S$200,000+
Client Services S$84,000 S$140,000 S$230,000+
Corporate Actions / Settlement S$72,000 S$120,000 S$200,000+
Trade & Sales Support S$96,000 S$150,000 S$250,000+
Reference Data S$72,000 S$120,000+ S$200,000+
Trade Finance Operations S$72,000 S$110,000 S$200,000+
Collateral Management S$90,000 S$130,000 S$250,000+
Transfer Agency S$66,000 S$100,000 S$180,000+
COO / Head of Operations S$120,000 S$220,000 S$300,000+

Investment Banking - M&A / ECM / DCM

Age 5-10 Years 10-15 Years 15+ Years
Analyst S$60,000 S$80,000 S$130,000+
Associate S$90,000 S$120,000 S$180,000+
AVP S$150,000 S$200,000 S$280,000+
VP S$250,000 S$150,000 S$250,000+
Director S$300,000 S$380,000+ S$500,000+
Managing Director S$500,000 S$620,000 S$750,000+

Commercial Banking

Age 5-10 Years 10-15 Years 15+ Years
Trade Finance S$50,000 S$200,000 S$400,000+
Cash Management S$60,000 S$200,000 S$400,000+
Relationship Manager S$60,000 S$200,000 S$350,000+
FI RM (Coverage Bank / Non-Bank) S$60,000 S$200,000 S$380,000+
Product Manager (Cash / Trade / Liquidity / Custody) S$60,000 S$200,000+ S$400,000+

Private Equity

Age 5-10 Years 10-15 Years 15+ Years
Analyst S$80,000 S$100,000 S$120,000+
Associate S$150,000 S$180,000 S$220,000+
VP S$275,000 S$300,000 S$350,000+
Director S$350,000 S$400,000 S$450,000+
Managing Director S$500,000 S$600,000+ S$700,000+

Retail Banking / Premier Banking 

Age 5-10 Years 10-15 Years 15+ Years
Bancassurance / Insurance Specialist S$50,000 S$80,000 S$130,000+
Priority Banking / Premier Banking RM S$40,000 S$80,000 S$130,000+
Employee Banking / Work Place Banking / Business Banking Client Acquisition S$40,000 S$80,000 S$130,000+
Mortgage Specialist S$36,000 S$45,000 S$60,000+

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Human Resources (HR)

  • This sector is hugely rewarding for those who thrive working with people
  • Market knowledge on how to fill specific talent gaps is key 
  • In terms of specialisation, go wide instead of narrow
Age 5-10 Years 10-15 Years 15+ Years
HR Generalist S$60,000 S$78,000 S$100,000+
HR Manager S$75,000 S$100,000 S$140,000+
HR Associate Director S$108,000 S$130,000 S$160,000+
HR Director / Head of HR S$160,000 S$200,000 S$280,000+
HR Business Partner S$120,000 S$150,000+ S$200,000+
Talent Acquisition Specialist S$60,000 S$100,000 S$120,000+
Talent Acquisition Manager S$84,000 S$120,000 S$150,000+
Head of Talent Acquisition S$120,000 S$180,000 S$240,000+
L&D Specialist S$60,000 S$78,000 S$96,000+
L&D Manager S$84,000 S$100,000 S$120,000+
Head of L&D S$150,000 S$180,000 S$240,000+
C&B Specialist S$60,000 S$84,000 S$100,000+
C&B Manager S$120,000 S$144,000 S$168,000+
Head of C&B S$150,000 S$180,000 S$240,000+
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Information Technology

  • Growing prospects in this sector with global reliance on tech systems
  • Cybersecurity, infrastructure, and pre-sales are the more lucrative roles  
  • C++, Java are basic programming languages to know, with different roles requiring specific qualifications such as Microsoft Azure certification
Age 5-10 Years 10-15 Years 15+ Years
Chief Information Security Officer n.a. S$180,000 - S$250,000 S$250,000 - S$500,000+
Cyber Security Operation
S$80,000 - S$110,000

S$110,000 - S$180,000 S$180,000 - S$350,000+
Cyber Security Engineering
S$90,000 - S$130,000

S$130,000 - S$200,000 S$200,000 - S$350,000+
Cyber Threat Intelligence S$90,000 - S$120,000 S$120,000 - S$180,000 S$180,000 - S$350,000+
Cyber Security Analytics
S$90,000 - S$120,000

S$120,000 - S$180,000 S$180,000 - S$350,000+

DevSecOps

S$90,000 - S$150,000 S$150,000 - S$200,000 S$200,000 - S$400,000+
Technology Risk & Governance S$100,000 - S$160,000 S$160,000 - S$270,000 S$270,000 - S$450,000+
IT Audit

S$100,000 - S$160,000 S$160,000 - S$250,000 S$250,000 - S$350,000+

IT Security

S$100,000 - S$160,000 S$160,000 - S$250,000 S$250,000 - S$350,000+

Security Project / Program Manager

S$100,000 - S$160,000 S$160,000 - S$250,000 S$180,000 - S$350,000+

Cyber Presales (Figures inclusive of OTE)

S$100,000 - S$250,000 S$250,000 - S$350,000 S$350,000 - S$500,000+

Sales, Pre-Sales - Vendor, System Integrator, FinTech and Telecommunications

Age 5-10 Years 10-15 Years 15+ Years
Inside Sales (Figures inclusive of OTE) S$120,000 - S$180,000 S$180,000 - S$300,000 S$300,000 - S$350,000
Business Development (Figures inclusive of OTE)
S$120,000 - S$250,000

S$250,000 - S$350,000 S$350,000 - S$450,000
Direct Sales (Figures inclusive of OTE) S$100,000 - S$250,000 S$250,000 - S$350,000 S$350,000 - S$550,000+
Channel Sales (Figures inclusive of OTE) S$120,000 - S$180,000 S$180,000 - S$300,000 S$300,000 - S$500,000+
Account Management (Figures inclusive of OTE) S$90,000 - S$200,000 S$200,000 - S$300,000 S$300,000 - S$400,000+
Pre Sales (Fintech) (Figures inclusive of OTE) S$150,000 - S$180,000 S$175,000 - S$220,000 S$250,000 - S$500,000+
Solution Architect / Pre Sales (Figures inclusive of OTE) S$150,000 - S$250,000 S$250,000 - S$350,000 S$350,000 - S$450,000+

IT Product & Engineering in Technology, Telecommunications and Fintech

Age 5-10 Years 10-15 Years 15+ Years
UI Developer

S$65,000 - S$100,000 S$100,000 - S$180,000 S$180,000 - S$300,000+

Software Engineering (Back End) 

Age 5-10 Years 10-15 Years 15+ Years
Java Back End Developer S$40,000 - S$95,000 S$95,000 - S$170,000 S$114,000 - S$240,000+
.Net Developer
S$40,000 - S$95,000

S$95,000 - S$170,000 S$114,000 - S$240,000+
C++ Developer S$40,000 - S$95,000 S$95,000 - S$170,000 S$114,000 - S$240,000+

Software Engineering (Full Stack) 

Age 5-10 Years 10-15 Years 15+ Years
Java Fullstack Developer S$40,000 - S$95,000 S$95,000 - S$170,000 S$114,000 - S$240,000+ .
Net Developer S$40,000 - S$95,000 S$95,000 - S$170,000 S$114,000 - S$240,000+
C++ Developer S$40,000 - S$95,000 S$95,000 - S$170,000 S$114,000 - S$240,000+

Mobile Engineering (Android / IOS)

Age 5-10 Years 10-15 Years 15+ Years
Mobile Developer S$60,000 - S$75,000 S$80,000 - S$170,000 S$100,000 - S$240,000+

Quality Assurance / Testing 

Age 5-10 Years 10-15 Years 15+ Years
QA Analyst S$60,000 - S$90,000 S$80,000 - S$120,000 S$120,000 -
S$170,000+
Performance Test Analyst S$60,000 - S$90,000 S$80,000 - S$120,000 S$120,000 - S$170,000+
Automation test analyst S$60,000 - S$90,000 S$80,000 - S$120,000 S$120,000 - S$170,000+

UI / UX 

Age 5-10 Years 10-15 Years 15+ Years
UI / UX Designer S$40,000 - S$85,000 S$85,000 - S$150,000 S$120,000 - S$240,000+

Product Management 

Age 5-10 Years 10-15 Years 15+ Years
Head of Product Management S$60,000 - S$90,000 S$90,000 - S$140,000 S$120,000 - S$200,000+
Product Analyst S$60,000 - S$90,000 S$90,000 - S$140,000 S$120,000 - S$200,000+

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Sales and Marketing

  • Apart from good communication skills, product knowledge, and a people-oriented attitude, the ability to problem solve is crucial
  • Digital marketing skills are essential 
  • Industry knowledge for specific sectors such as technology and healthcare

Sales

Age 5-10 Years 10-15 Years 15+ Years
Director / Managing Director S$200,000 S$275,000 S$350,000
Country General Manager / Commercial Director S$180,000 S$220,000 S$280,000
Head of Sales / Business Development Director S$150,000 S$200,000 S$250,000
Business Development Manager S$100,000 S$120,000 S$140,000
Head of Strategic Partnerships S$150,000 S$175,000 S$200,000
Strategic Partnerships Manager S$90,000 S$115,000 S$140,000
Account Director (Regional / Global) S$200,000 S$250,000 S$300,000
Account Manager / Senior Manager (Regional / Global) S$90,000 S$135,000 S$180,000
Business Manager / Business Unit Head S$120,000 S$150,000 S$180,000
National Sales Manager S$100,000 S$120,000 S$140,000
Key Account Manager S$60,000 S$80,000 S$100,000
Category Director S$150,000 S$175,000 S$200,000
Category Manager S$60,000 S$90,000 S$120,000

Marketing - Banking & Financial Services

Age 5-10 Years 10-15 Years 15+ Years
Regional Head of Marketing / Director / Executive Director S$180,000 S$270,000 S$350,000
Head of Marketing / VP / SVP S$150,000 S$180,000 S$250,000
Marketing Manager / AVP S$90,000 S$110,000 S$130,000
Marketing Associate S$50,000 S$80,000 S$100,000

Marketing - Consumer Goods

Age 5-10 Years 10-15 Years 15+ Years
Marketing Director/ Senior Director S$180,000 S$250,000 S$300,000
Associate Marketing Director S$160,000 S$190,000 S$220,000
Marketing Manager S$120,000 S$140,000 S$160,000
Brand Manager/ Senior Manager S$90,000 S$100,000 S$120,000
Trade Marketing Director S$120,000 S$140,000 S$160,000
Trade Marketing Manager S$80,000 S$100,000 S$120,000
Digital Marketing Manager S$80,000 S$100,000 S$120,000

Marketing - Digital Marketing

Age 5-10 Years 10-15 Years 15+ Years
Digital Marketing Director S$160,000 S$215,000 S$250,000
Digital Manager / Senior Manager S$90,000 S$120,000 S$150,000
SEO Director / Lead S$120,000 S$160,000 S$200,000
SEO Manager S$90,000 S$105,000 S$120,000
Head of Content / Director S$120,000 S$160,000 S$200,000
Content Strategist S$60,000 S$75,000 S$100,000
E-Commerce VP / Director S$180,000 S$250,000 S$350,000
E-Commerce Manager / Senior Manager S$90,000 S$130,000 S$160,000

Marketing - Technology

Age 5-10 Years 10-15 Years 15+ Years
Vice-President / President / CxO S$300,000 S$400,000 S$500,000
Associate Director/ Director S$160,000 S$240,000 S$300,000
Head of Marketing / Communications S$120,000 S$150,000 S$200,000
Marketing Manager / Senior Manager S$90,000 S$120,000 S$150,000

Marketing - Pharmaceutical & Medical Devices

Age 5-10 Years 10-15 Years 15+ Years
Marketing Director/ Senior Director S$220,000 S$270,000 S$320,000
Associate Marketing Director S$160,000 S$190,000 S$220,000
Marketing Manager S$90,000 S$125,000 S$160,000
Product Manager/ Senior Manager S$60,000 S$90,000 S$120,000

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Project and Change Management

  • Project management skills are highly sought after, with many project managers starting their careers at consulting firms
  • PMP certification, Six Sigma, and MBA are common qualifications
  • Seasoned project managers with more than 10 years' experience may progress into senior management positions
Age 5-10 Years 10-15 Years 15+ Years
Junior Business Analyst S$48,000 S$72,000 S$84,000
Senior Business Analyst S$100,000 S$150,000 S$180,000
Process Analyst S$100,000 S$120,000 S$140,000
Agile Coach S$120,000 S$180,000 S$230,000
PMO S$65,000 S$80,000 S$120,000
Project Manager S$90,000 S$150,000 S$180,000
Digital Project Management S$100,000 S$150,000 S$200,000
Programme Manager S$150,000 S$180,000 S$240,000
Lean Six Sigma / Operational Excellence Expert S$120,000 S$170,000 S$200,000
Strategy Consulting S$80,000 S$150,000 S$240,000
Change Manager S$100,000 S$150,000 S$180,000
Business Process Improvement Manager S$120,000 S$170,000 S$220,000

 

Supply Chain and Procurement

  • SG is a global logistics hub, with the industry projecting 5% growth rate 
  • As companies undergo transformation, the challenge is to continuously manoeuvre the latest technology
  • Depending on your role, industry knowledge and specific skills such as project management will be useful
Age 5-10 Years 10-15 Years 15+ Years
KYC S$40,000 S$150,000 S$220,000+
Sanctions S$50,000 S$200,000 S$270,000+
Transaction Monitoring S$40,000 S$150,000 S$220,000+
Compliance Testing S$50,000 S$180,000 S$250,000+
Regulatory Compliance S$60,000 S$150,000+ S$300,000+

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Regardless of one’s highest education qualification attained, people earn less money when they are young, climb the salary scale and then experience a dip when they are older. This is just a fact of life here in Singapore. 

How much is a good salary in Singapore?

After looking at the salary charts above, you’ll probably find the question as helpful as asking “how much should I save?” or “how much do 30 year olds earn in Singapore?”

Apart from getting a promotion, one of the best times to increase your salary is when you have a job offer. On average, jobseekers reported a 20% increase in their salary when they change jobs, with some receiving as much as 38%.

Why are we shining the spotlight on the median salary trend? To encourage you to start thinking about retirement, of course! 

Like it or not, it is crucial that we plan ahead for retirement and commit to putting money aside regularly when we have the means to hustle and earn more money. The hard truth is that our earning ability dips when we’re old. 

You don’t want to wait till it’s too late before regrets become a thing you have to deal with on the daily with little to no extra money to spare. Case in point, retirees who didn’t plan for their retirement only have an average of S$1/day to spend on things they like! Have a look at these shocking statistics — they will push you to get started on your retirement planning.  

While you’re at it, start investing early to take advantage of the magic of compound interest


Help yourself to better financial shape in the new norm, with SingSaver's all-new Ultimate Savings Guide! Got your free copy yet?

*Note: all figures mentioned exclude NSFs.  

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