Singapore Salary Guide 2024: How Much Should You Be Earning?

Alevin Chan

Alevin Chan

Last updated 11 March, 2024

Consulting a Singapore salary guide will help you know if you’re drawing a fair salary, and guide you in taking useful steps in advancing your career. Find out how you compare with your peers, and what salary benchmarks to expect in 2024. 


Singapore salary trends over the years

On a nominal level, the median salary in Singapore has grown significantly over the past 10 years. Data from the Ministry of Manpower (MOM) places the median gross monthly income at S$3,705 in 2013. In 2023, the figures had grown to S$5,197 – an increase of approximately 140%. 

Having said that, nominal increases in income does not always translate to the same level of improvements in lifestyle, or even spending power. This is because like all other economies, Singapore is affected by inflation, which erodes the beneficial effects of nominal wage increases. 

Therefore, it is important to consider the real rate of wage increase, which is a metric that takes inflation into account. 

Have a look at these figures, taken from MOM’s website.

Looking for a quick cash injection? Find out the best personal loans with the lowest interest rates in Singapore with SingSaver!

Total wage change from 2012 to 2022 (including employers’ CPF contributions)

Year

Nominal change (%)

Real change (%)

2012

4.2

-0.4

2013

5.3

2.9

2014

4.9

3.9

2015

4.9

5.4

2016

3.1

3.6

2017

3.8

3.2

2018

4.6

4.2

2019

3.9

3.3

2020

1.2

1.4

2021

3.9

1.6

2022

6.5

0.4

Zooming into 2022, we see that even though employers provided one of the largest wage increases in the decade at 6.5%, the benefits were mostly erased by inflation; wages grew only by 0.4% in real terms, making it one of the lowest years on record. 

Jump to


What is the median salary in Singapore?

The median gross monthly salary in Singapore, including employer CPF contributions, stood at S$5,197 in 2023. This is for all full-time workers in Singapore. 

While median salaries may be good for comparing standards of living among different countries, it is quite meaningless when dialled down to a personal level. This is because salaries are impacted by different factors, including age, gender and industry, so knowing the national median salary doesn’t allow for any useful comparisons. 

For instance, a salary of S$5,000 might be considered high among restaurant managers, but to C-suite executives or neurosurgeons, it’s a different story. 

Just so that we can have a more nuanced understanding, let’s take a closer look at median salaries broken down by age and gender. 

Median salary by age (data set June 2022)

Age group

Median gross monthly income (including employer CPF)

20 - 24

2,925  

25 - 29

4,446

30 - 34

5,792

35 - 39

6,825 

40 - 44

6,825 

45 - 49

6,581 

50 - 54

5,850

55 - 59

4,323

60 and over

2,621

Source: Ministry of Manpower

A couple of things to note here. As expected, median salaries grew sharply from age 20s to mid-30s, but started to plateau for the next decade or so. 

Median salaries actually dropped off from age 50 onwards – perhaps due to retrenchments as companies attempt to rein in rising manpower costs?

But then again, no need to read too much into this, as these are median salaries across several different sectors. By no way are these numbers prescriptive, and there is absolutely no need for your individual career to follow the course these numbers suggest. 

Is there a gender pay gap in Singapore?

Well, the numbers don’t lie. Unfortunately, there is a gender pay gap in Singapore, and a closer look at the data suggests that gender norms still hold sway. 

The table below displays the mean gross monthly income for residents aged 15 and above engaged in full-time work.  

Occupation

Male (S$)

Female (S$)

Managers & Administrators (Including Working Proprietors)

10,586

9,800

Professionals

8,190

7,220

Associate Professionals & Technicians

4,563

4,437

Clerical Support Workers

2,984

3,296

Service & Sales Workers

3,042

2,409

Craftsmen & Related Trades Workers

2,890

2,150

Plant & Machine Operators & Assemblers

2,421

2,000

Cleaners, Labourers & Related Workers

1,851

1,669

Source: Ministry of Manpower

Notice that males are paid notably more than females, on average, and this is so across almost every occupation. However, in the category of Clerical Support Workers, women hold the advantage, earning an appreciably higher salary than men.

Of course, these are averages across all age groups and, therefore, only a very generalised picture. This does not mean that just because you’re a woman, you should expect lower salaries than your male colleagues – especially if you’re the most talented one on the team! 


Back to top

Citigold Tactical 50_BLOGARTICLE_800x250

SingSaver Exclusive Offer: Get an Apple iPhone 15 Plus 256GB (worth S$1623.85) or S$1,200 Cash when you successfully apply for a Citigold account and make a S$250,000 deposit within 3 months of account opening and maintain these funds until gift fulfilment. Also, apply through SingSaver and enjoy 3.0% p.a. on a 6-month SGD Time Deposit. Valid till 2 June 2024. T&Cs apply.

Plus, get additional welcome rewards on top of the above offer (T&Cs apply):

  • Get additional S$100 Cash Reward from Citibank when you complete an Investment Risk Profile and Fact Find
  • Get additional S$100 Cash Reward from Citibank when you hold a valid Primary Citibank Credit Card
  • Get additional S$500 Cash Reward from Citibank when you apply for a Citibank Mortgage loan with min. loan size of S$800,000 within 3 months of account opening
  • Get additional S$250 Cash Reward for every S$50K purchase of investment and/or insurance from Citibank

How much should you be paid – Singapore salary guide by industry 

Now that we’ve discussed Singapore’s salary landscape and recent trends let’s take a look at some salary benchmarks to get an idea of how much you should be getting paid.

The following salary benchmarks are taken from the 2024 Singapore Salary Guide by Morgan McKinley. Salaries are expressed on a per annum basis.

Accounting and finance

Role

5 to 10 years

10 to 15 years

Finance Director

S$180,000

S$240,000

Internal Audit Director

S$180,000

S$250,000

Internal Auditor

S$85,000

S$95,000

Tax Manager

S$85,000

S$120,000

Financial Accountant

S$50,000

S$75,000

Banking and financial services

Role

5 to 10 years

10 to 15 years

Client Services (Banking operations)

S$100,000

S$150,000

Reference Data (Banking operations)

S$90,000

S$140,000

VP (Private banking)

S$160,000

S$200,000

Relationship Manager (Commercial banking)

S$120,000

S$200,000

Priority/Premier Banking RM (Retail banking)

S$40,000

S$80,000

Human resources

Role

5 to 10 years

10 to 15 years

HR Director/Head of HR

S$160,000

S$200,000

Head of Talent Acquisition

S$120,000

S$180,000

Talent Acquisition Specialist

S$60,000

S$100,000

Learning & Development Manager

S$84,000

S$100,000

Compensation & Benefits Specialist 

S$60,000

S$84,000

Legal, risk and compliance 

Role

5 to 10 years

10 to 15 years

Transaction Monitoring (Compliance)

S$120,000

S$180,000

Corporate Secretary (Compliance)

S$120,000

S$180,000

Credit Risk

S$140,000

S$200,000

Quant

S$160,000

S$250,000

Asset Management

S$160,000

S$220,000


Back to top

WEBULL_BLOGARTICLE_800x250

⚡Flash Deal⚡: Be one of the first 100 applicants to snag an additional S$100 cash via PayNow on top of existing rewards when you open a Webull account. Valid till 5 June 2024. T&Cs apply.

SingSaver Exclusive Offer: Receive S$150 voucher or S$100 cash when you open a Webull account and fund a min. initial of USD2,000. Fund USD10,000 to get S$270 voucher or S$250 cash. Or, receive S$550 voucher or S$500 cash when you fund USD100,000. Stackable with Webull Welcome Offer. Valid till 5 June 2024 T&Cs apply.

Alternatively, score an Apple Watch SE (GEN 2) GPS 44mm (worth S$$432.95) or S$450 voucher or S$400 cash when you sign-up and transfer-in a minimum value of USD10,000 before 31st May 2024. Valid till 5 June 2024. T&Cs apply

Webull Welcome Offer: Enjoy up to 8.4% Moneybull yield, up to USD 1,050 cash vouchers, and up to USD 2,150 transfer-in rewards when you complete additional requirements. Valid till 31 May 2024. T&Cs apply.

Projects and change

Role

5 to 10 years

10 to 15 years

Strategy Consulting 

S$180,000

S$250,000

Lean Six Sigma/Operational Excellence Expert

S$175,000

S$190,000

Change Manager

S$140,000

S$190,000

Project Manager

S$120,000

S$180,000

Junior Business Analyst

S$48,000

S$75,000

Sales and marketing

Role

5 to 10 years

10 to 15 years

Head of Marketing (Banking)

S$170,000

S$200,000

Marketing Manager (Banking)

S$95,000

S$120,000

Digital Marketing Director

S$180,000

S$235,000

SEO Manager

S$110,000

S$125,000

Content Strategist

S$80,000

S$95,000

Supply chain and procurement

Role

5 to 10 years

10 to 15 years

Supply Chain Director

S$140,000

S$200,000

Purchasing Manager

S$100,000

S$150,000

Inventory Manager

S$60,000

S$80,000

Logistics Specialist 

S$40,000

S$50,000

Supply Chain Analyst

S$40,000

S$50,000

Technology

Role

5 to 10 years

10 to 15 years

Chief Information Security Officer 

S$150,000 - S$200,000

S$180,000 - S$250,000

Business Development 

S$120,000 - S$250,000

S$250,000 - S$350,000

Cyber Security Operation 

S$70,000 - S$120,000

S$120,000 - S$180,000

IT Audit

S$100,000 - S$160,000

S$160,000 - S$250,000

UI Developer

S$40,000 - S$85,000

S$85,000 - S$150,000


Back to top


Frequently Asked Questions (FAQs)

Q. Is S$3,500 a good salary in Singapore? 

Well, that depends on who’s asking. For a 20-something first jobber with no commitments, this salary might offer a pretty carefree lifestyle. However, for a 40-something sole breadwinner with three hungry mouths to feed, S$3,500 might be considered far from good. 

Another way to consider the question is to compare it with the median salary in Singapore, which in 2023 stood at S$5,197. This is quite a bit higher than S$3,500, which implies that the majority of Singaporeans wouldn’t consider this a good salary. 

Q. What is the top 5% income in Singapore? 

According to data from the Singapore Yearbook Of Manpower Statistics, 78,400 out of 2.07 million workers (approx 3.97%) earned average monthly salaries of S$20,000 or more. Of this group, 51,700 earned average salaries of S$22,500 or more. 

Hence, for someone earning around S$18,000 or more, we can assume they’re in the top 5% of earners in Singapore.

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences!