Relocating to a foreign nation is a huge step. It involves a lot of research, planning, and risks. Therefore it is essential to carefully weigh the rewards of this daunting task before you make up your mind.

Most people move to a foreign country in search of a better lifestyle and higher pay packages. Hence it is essential to have a clear idea about how much your skills and experience are worth in the new country. This blog discusses the salary drawn by expats in Singapore in different fields.

Gross and median salaries in Singapore

The pay range in Singapore varies between 2140 SGD to 37700 SGD per month. The average salary in Singapore is around 8400 SGD per month.

However, the salary you draw shall largely depend on your skill set, years of experience, and your level of expertise in the job. It also varies depending on the sector in which you are working. The pay drawn by a banking professional greatly varies from that received by an IT employee.

Salary According to Industry

Finance and Accounting

Accounting professionals in Singapore are some of the most highly-paid individuals. Entry-level Financial Analysts can earn up to 86890 SGD per annum. Job roles such as Finance Manager, Performance Analyst, and Valuation Control can easily fetch a salary of 120000 SGD annually.

As you move up the corporate ladder, the amount on your paycheque also increases. Senior finance professionals like Finance Directors and CFOs make around 220000 SGD to 350000 SGD per year.

Banking

Bankers are not far behind when it comes to pay scale. You can start out in a KYC Operations or Client Services job role for as high as 130000 SGD per annum. With a few years of experience, you can move to managerial positions that pay around 270000 SGD annually.

Human Resources

With the growing importance of Human resources in every industry the demand for HR professionals is on the rise globally. Singapore is no exception.

The salary drawn by an HR Business Partner in Singapore is around 144000 SGD yearly. Senior professionals like the HR Director, or the Head of HR draw around 180000 SGD per annum.

Marketing

The Marketing department forms an indispensable part of most businesses. Therefore, good sales and marketing professionals are in high demand and are handsomely compensated.

Senior officials such as Regional Heads can earn up to SGD 275000, while the pay package of Vice-President or President can go as high as SGD 400000 per year.

Supply Chain Management

Procurement and Supply chain departments form the backbone of many business models. Professionals such as Planning Managers, or Project Managers working in this field can earn around SGD 140000 per annum. Top-level officials like the Supply Chain Director are paid around $160000 annually.

Information Technology (IT)

Tech professionals are highly valued in Singapore and are compensated well. Data Analysts earn around SGD 60000 annually. If you are a Front end or Back-end Developer, then you can hope to earn around SGD 60000 to 72000 per year.

Legal

A paralegal clerk in Singapore is paid around SGD 48000, while a lawyer takes home approximately SGD 80000 annually.

Availability of Bonus scheme in Singapore

Unlike in most ASEAN countries, the 13-month bonus scheme is not compulsory in Singapore. In this country, the employer has the option of deciding on the bonus to be awarded to its employees.

The average bonus amount received by an employee working in Singapore is SGD 6000. However, as per norms laid out by the Inland Revenue Authority of Singapore, you are liable to pay tax on the bonus amount that you receive.

Does Singapore have a Minimum Wage Policy?

The Singapore Ministry of Manpower has not specified a minimum wage that must be paid to an employee working at a firm. However, once an expat becomes a permanent resident of the country, he can avail of a social security scheme called Workfare.

This scheme is aimed at encouraging the up-skilling of low-wage employees and providing support for their retirement savings. It is especially helpful for professionals over the age of 35.

What is the average salary increment in Singapore?

You can expect your salary to increase by around 9% every 15 months if you are working for a Singaporean company. However, the average rate of increment in salary varies across different sectors and seniority levels. 

Increment across industries

Increment based on experience levels

How does level of education affect salary drawn by an employee?

Highly educated professionals generally earn much higher than their less educated counterparts. Singapore is no expectation of this trend.

Those who hold a bachelor’s degree usually earn 24% more than diploma holders.

If you have completed a master's degree, then you can hope to earn 29% more than what you did as a bachelor's degree holder. A Ph.D. can earn you as high as 23% more than the salary drawn by a master’s degree holder.

However, you should keep in mind that higher educational certifications do not come cheap. A Master’s degree program can set you back by SGD 42200 to SGD 127000. It also requires a time commitment of a couple of years, which might affect your full-time job. Therefore, you should weigh the benefits that you hope to reap from a higher educational degree before investing your hard-earned money.

Takeaway

The cost of living in Singapore is a bit steep. However, that is a price that most expats are willing to pay for the great amenities and world-class infrastructure that this country has to offer.

Companies in Singapore generally offer better pay packages than most other countries. Due to numerous employment opportunities and a conducive work environment, Singapore has fast become a favorite among expats.

So, if you are planning your move to the country and need further guidance about financial planning, then go ahead and book a free consultation with us today!

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