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

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.

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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?
  • Median salary by age (data set June 2022)
  • Is there a gender pay gap in Singapore?
• How much should you be paid – Singapore salary guide by industry
  • Accounting and finance
  • Banking and financial services
  • Human resources
  • Legal, risk and compliance
  • Projects and change
  • Sales and marketing
  • Supply chain and procurement
  • Technology
• Frequently Asked Questions (FAQs)

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)

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.  

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! 

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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

Banking and financial services

Human resources

Legal, risk and compliance 

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Projects and change

Sales and marketing

Supply chain and procurement

Technology

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.