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Average salary in Singapore

Author: Madalina Roman

10 December 2024

The average salary in Singapore in 2023 was S$ 6,555 (USD 4,896.36) per month. The yearly equivalent is S$ 78,660 (USD 58,749.74).

However, the average wage fluctuates based on several factors, and this article tackles multiple factors so you can get a realistic picture of the average salary in Singapore.

Please note:

All data in this article are based on official statistics and reports, such as those from The Singapore Department of Statistics (DOS) and the OECD. Data is linked at the end of the article.
Singapore’s official currency is the Singapore dollar (S$).
One S$ equals 0.74333 USD when writing this article. Double-check the exchange rate at the time of reading.
All figures in the article are gross salaries.

Summary of key findings

Average annual salary: S$ 78,660 (USD 58,749.74). Source: The Singapore Department of Statistics
Average monthly salary: S$ 6,555 (USD 4,896.36). Source: The Singapore Department of Statistics
Median salary: S$ 3,500 (USD2,614.09). Source: Department of Statistics, Singapore
Minimum wage: No national minimum wage but works on the Progressive Wage Model (PWM).
Gender pay gap: 6%, Source: World Economic Forum

The average salary in Singapore

In 2023, according to The Singapore Department of Statistics, the average monthly salary was S$ 6,555 (USD 4,896.36). The yearly average gross salary is, therefore, S$ 78,660 (USD 58,749.74).

This figure is representative of the overall economy and is a gross salary. That means that S$ 6,555 is a remuneration received before the deduction of the employee Central Provident Fund contributions, as well as the personal income tax.

By analyzing the average salary in Singapore over the last two decades, the percentage change in average monthly earnings was as follows:

2013–2023: Salaries increased by 41.82%
2003–2013: Salaries increased by 43.85%

Hence, there was a steady growth in average wages in the last decade, with a slightly higher growth in the first decade of the 20’s.

Median salary

The median gross monthly income per household member is S$ 3,500 (USD2,614.09) in Singapore. This median monthly salary figure includes Employer CPF Contributions as well.

At the same time, the mean gross monthly income from employment (including employer CPF contributions, without bonus) was situated at S$6,138 in Q3 2024, according to the Department of Statistics, Singapore. Note that gross monthly income refers to the gross monthly income before deducting employee CPF contributions and the personal income tax.

Minimum wage

Singapore does not have a national minimum wage. However, it works on the Progressive Wage Model (PWM), according to Singapore’s employment act, made by the Ministry of Manpower (MOM).

The PWM model was introduced in 2014 and helped boost income for low-wage workers.

The minimum wage law requires employers to pay the minimum salary and provide training for Singapore citizens and permanent residents. The model currently covers eight sectors, including cleaning, security, retail, and food services.

To support businesses, the government co-funds wage increases through the Progressive Wage Credit Scheme from 2022 to 2026 in an attempt to drive sustainable wage growth while improving worker productivity and skills.

Average salary by region

As Singapore is a city-state or one big city, there are no notable differences between some of its five regions and 24 towns as these are in close proximity.

Average salary by occupation

When introducing the salary in Singapore by occupation, there is a clear hierarchical wage structure, as in most countries. Therefore, the highest paying jobs are for managerial positions, averaging around S$10,600, followed by professionals S$8,070 and associate professionals S$4,680. At the lower end of the wage spectrum, cleaners and laborers earn the least, with median incomes around S$1,850.

In the table below, you’ll see highlighted a significant income disparity between different occupational levels in Singapore’s workforce, according to DOS. The table includes the gross median income by occupation and gender in 2023.

Data Series	2023
Managers & Administrators (Including working proprietors) – Male	11.297
Managers & Administrators (Including working proprietors) – Female	10.020
Professionals – Male	8.620
Professionals – Female	7.520
Associate Professionals & Technicians – Male	4.680
Associate Professionals & Technicians – Female	4.680
Clerical Support Workers – Male	3.194
Clerical Support Workers – Female	3.413
Service & Sales Workers – Male	3.038
Service & Sales Workers – Female	2.535
Craftsmen & Related Trades Workers – Male	3.000
Craftsmen & Related Trades Workers – Female	2.319
Plant & Machine Operators & Assemblers – Male	2.500
Plant & Machine Operators & Assemblers – Female	2.106
Cleaners, Labourers & Related Workers – Male	1.872
Cleaners, Labourers & Related Workers – Female	1.832

Source: DOS

Average weekly paid hours by industry

When assessing salaries, it’s important to have clarity on the big picture, as these salaries are affected by multiple factors. One important factor is the number of working hours, as the average monthly income is a direct result of how many hours you work in a month.

Hence, it would be fair to affirm that an industry has higher salaries while, at the same time, the number of hours worked is higher. When comparing the salary in Singapore to that of a specific industry, you need to counterbalance it with the number of hours worked. Moreover, it’s pivotal to account for overtime pay in such cases to the average salary increment that’s added by the additional hours worked.

According to DOS, in 2023, the number of hours worked varied highly in some industries. Starting with construction had the longest working hours at 48.6 hours weekly, followed by manufacturing at 46.5 hours, and the accommodation sector recorded the lowest weekly paid hours at 40.2

The number of hours worked also reflects intense labor demands in these sectors and the work culture, where traditional labor-intensive industries require longer working hours than service-based sectors.

Data Series	2023
Total	43,6
Manufacturing	46,5
Construction	48,6
Services	41,8
Wholesale & Retail Trade	41,4
Transportation & Storage	44,3
Accommodation & Food Services	40,2
Information & Communications	40,6
Financial & Insurance Services	40,8
Real Estate Services	43,2
Professional Services	42,3
Administrative & Support Services	43,7
Community, Social & Personal Services	41,6
Others	44,4

Source: DOS

Average salary by education level

Singapore is renowned for its high-tech industries and competitive job market. Hence, education plays an important part in keeping Singapore a developed state. That’s why Singapore has always had an emphasis on its education system, which started early in the first years of Independence.

Therefore, there are a high number of diploma holders with A-level qualifications hoping for a high salary in Singapore.

Data from the Singapore Statistics website demonstrates that education does impact pay increments and annual bonuses. Here are the monthly wages based on qualifications achieved:

Highest Qualification	2023 Median Monthly Income (Including Employer CPF Contributions)
Below Secondary	S$2,312
Secondary	S$3,346
Post-Secondary (Non-Tertiary)	S$3,276
Diploma & Professional Qualification	S$4,754
Degree	S$8,190

Source: DOS

After analyzing the salary data in the table, we can conclude that the education level has a big impact on the actual salary typically earned in Singapore. The higher the level of education, the higher the salary expectations can be.

Gender wage gap

According to the Ministry of Manpower Singapore, in 2023, the adjusted gender wage gap was 6%, meaning that women earned 6% less than men in the same position. The adjusted pay gap refers to the final income inequality calculation, which accounts for human capital and other labor market factors. The unadjusted pay gap would otherwise be 14.3%.

In 2018, the same unadjusted gender pay gap was 16.3%, showing an improvement in the salary package of women.

Salary growth trends in Singapore

According to Statista, Singapore’s wage growth trends from 2014 to 2023, wages rise trends have had notable fluctuations across major sectors but with constant growth, except for the COVID-19 pandemic. During the pandemic, the growth was at around 1%.

However, the economy was resilient and, starting with 2021, reached peak growth rates of approximately 6.5% in the services sector. By 2023, growth rates have been around 5%, higher than the pre-pandemic levels, with services consistently leading the way, followed by manufacturing.

The construction sector was more volatile but has generally had positive growth throughout this period despite experiencing slower recovery rates compared to other sectors.

Interesting labor market facts about Singapore

Highly skilled workforce: Singapore has one of the most educated and skilled workforces globally, with a literacy rate above 97% and a focus on STEM (Science, Technology, Engineering, and Mathematics) fields, according to the Singapore Government. As well, Singapore often emphasizes lifelong learning through initiatives like SkillsFuture, which provides funding and training for workforce upskilling.
High employment rates: Singapore has one of the highest employment rates in Asia, as the labor force participation rate is around 70% for residents, according to DOS. In Singapore, the Ministry of Manpower often creates incentives to encourage women and older workers to participate in the labor market, which leads to higher employment rates among women and the elderly.
Low unemployment rates: Singapore’s unemployment rates remain among the lowest globally, at around 2% as of 2023, based on data from the Ministry of Manpower. These rates are in big part due to Singapore’s strong social policies and focus on workforce reskilling.
High demand for tech talent: The tech sector is thriving, with demand for roles such as data scientists, AI specialists, and cybersecurity experts. This high demand is also a result of the country’s strategic development and direction toward digitization.
Tight labor market: Singapore’s labor market is tight due to low birth rates, an aging population, and stricter immigration policies. However, the Government is making efforts to to counterbalance labor shortages.
Paid annual leaves: In Singapore, employees are entitled to a minimum of 7 days of paid annual leave after completing one year of service. Leave days increase by one additional day for every year of service, up to a maximum of 14 days.
Income inequality: Despite high incomes, inequality persists in Singapore, with a Gini coefficient of 0.452 (before government transfers).
Trade dependency: As a global hub for shipping, logistics, and finance, Singapore is heavily trade-dependent, with trade-to-GDP ratios higher than 300%.
Green and digital economy push: Singapore is investing heavily in becoming a smart nation, with plans to digitize industries and adopt green technologies, including renewable energy and sustainable urban solutions.
Gross domestic product (GDP): Singapore’s GDP in 2023 was approximately S$ 807 billion (USD 600 billion), which is a reflection of how robust the economy is.

FAQ

What’s a good salary in Singapore?

Since the average salary in Singapore per month is S$6,555 (USD 4,896.36), with a yearly equivalent of S$78,660, a good salary in Singapore would be around S$70,000.

Is $10,000 a month a good salary in Singapore?

Since the average monthly salary in Singapore is S$6,555 (USD 4,896.36), S$10,000 is a salary that allows one to live comfortably.

What is the average salary in Singapore in USD?

The average salary in Singapore per month is S$6,555 (Singapore dollar). That figure is the equivalent of USD 4,896.36.

Read more:

Sources:

https://www.singstat.gov.sg/publications/reference/ebook/households/households

https://tablebuilder.singstat.gov.sg/table/TS/M182941

https://tablebuilder.singstat.gov.sg/table/TS/M184061

https://www.statista.com/statistics/465925/singapore-annual-wage-change-by-industry/#:~:text=In%202023%2C%20annual%20wages%20in,wage%20change%20of%204.2%20percent.