Singapore’s skilled workforce, business-friendly environment, and strong infrastructure make it an ideal outsourcing destination. Employers hiring in the area may wonder, What is the average salary in Singapore? This information will help them prepare a competitive job offer. 

The average monthly salary in Singapore is SGD 6,792, approximately USD 5,182. However, salaries vary depending on factors such as experience, education, location, profession, and industry. You must also consider how wages in the country compare to earnings worldwide. 

This guide will explore all aspects of Singapore salaries to provide comprehensive insight. 

What is the Average Salary in Singapore?

The average salary in Singapore is SGD 6,792 per month, approximately $ 5,182. Wages in the country are high due to a high cost of living and strong economic growth. Singapore is a global hub for business, with a focus on developing highly skilled workers. 

Median Income

The median salary in Singapore is SGD 5,500, approximately $4,196. Half of the people in the country have higher wages, while the other half earn less. When comparing average vs. median salary, the average salaries are considerably higher due to wage inequality in the country. 

Salary Range

Salary range spans the lowest to the highest salaries in the country. In Singapore, low earners earn approximately SGD 3,000, equivalent to around $2,289, while high earners earn closer to SGD 8,500, equivalent to roughly $6,485.

Salary Comparisons in Singapore

Average salaries offer some insight, but you must also consider how wages vary based on factors such as experience, education, location, position, and industry. The following sections will examine these factors and their impact on earnings. 

Salary by Profession

The following salary comparison chart illustrates the variation in wages by profession. 

PositionAverage Monthly Wages (SGD)
CEO20,631
Call Center Director18,083
IT Director17,940
Marketing Director16,150
Sales Director15,642
Lead Developer15,261
IT Architect15,257
Head of Product Development14,581
Financial Manager14,564
Logistics Director12,988
Banking Cashier3,705
Fabric Cutter3,698
Clothing Technologist3,682
Packer3,606
Seamstress3,443
Porter3,326
Medical Records Clerk3,316
Tailor3,291
Social Counselor3,220

Average Wage in Singapore by Education

Education plays a huge role in wage determination in Singapore, more so than in most countries. Research reveals that workers with a university or postgraduate degree can earn more than twice as much as those with a secondary or lower education degree. The wage level for university graduates was 62% higher than that of those with a diploma or A-level qualification. 

Additional studies show that Singapore workers can earn 30% more for every three years of education, compared to the United States, where workers earn 20% more, and other OECD countries, where workers earn 15% more. 

Salary Comparison by Experience

Experience is typically a factor in wage determination as experienced workers earn more than entry-level workers, and employees tend to earn more with tenure in their countries. However, in Singapore, employers tend to focus more on skills. Therefore, a skilled college graduate may earn more than a junior employee. 

Salary Comparison by Location

Location is another factor that typically impacts wages, with workers in urban areas earning more than those in rural areas due to higher living costs and proximity to larger companies offering higher-paying job opportunities. This situation applies to some extent in Singapore. 

Singapore is a city-state, often referred to as a single major city comprising smaller towns and districts. As a result, several businesses and workers are concentrated in a small area, so most residents are close to industry hubs. 

However, there are notable areas in the country that tend to have more job opportunities, including Jurong East, Yishun, Bukit Batok, Tampines, Choa Chu Kang, and Hougang. Additionally, workers on the main island tend to earn more than those on surrounding islands, although smaller islands offer specialized roles that support their economy.

What is the Minimum Wage in Singapore?

Singapore does not have a statutory minimum wage. Wages are typically determined through negotiations between employers and employees. However, the country has a ‘reasonable starting point’ for a living wage of SGD 2,906 (approximately $2,215). Additionally, the Progressive Wage Model (PWM) sets minimum wages for specific industries. 

Average Salary in Singapore vs. the Rest of the World

You can gain a better understanding of the average salary in Singapore by comparing it to wages in developed, developing, and least developed countries. The following charts will provide that information. 

Singapore vs. Developed Countries

Country Average Salary Comparison to Average Singapore Salary
United Kingdom 3,000 euros (approx. $3,116) 67%
United States $5,677 -9%
Norway 50,790 kroner (approx. $4,700) 10%
Germany 4,300 euros (approx. $4,467) 15%
Austria 3,500 euros (approx. $3,636) 44%

Singapore vs. Developing Countries

CountryAverage SalaryComparison to Average Singapore Salary
Romania4,000 RON (approx. $835)582%
Russia73,709 rubles (approx. $700)642%
Albania1,500 euros (approx. $1,550)235%
Kazakhstan342,082 tenge (approx. $645)700%
Ukraine18,000 hryvnia (approx. $500)940%

Singapore vs. Undeveloped Countries

CountryAverage SalaryComparison to Average Singapore Salary
Thailand97,500 baht (approx. $2,772)85%
Philippines18,423 PHP (approx. $875)490%
Vietnam8,500,000 dong (approx. $360)1,344%
Egypt13,244 EGP (approx. $263)1,900%
Pakistan45,000 PKR (approx. $150)3,367%

Singapore is a highly developed country with a strong economy and a high standard of living. However, it is identified as a developing country within the WTO, seeking to take advantage of certain waivers and preferential treatment to position itself strategically as a small, resource-poor city-state. Its key sectors include finance, professional services, and technology. 

The country is a good outsourcing destination due to its strategic location, skilled workforce, and business-friendly environment. Although the average salary in Singapore is high, companies can save money due to the efficient services provided.

What are the Most Common Outsourced Industries in Singapore?

Information Technology

Singapore offers a thriving IT industry, positioning it as a regional and global hub. Dominant sectors include artificial intelligence (AI), data analytics, and cloud computing. The government actively funds technology through research and development, upskilling initiatives, and policies that support innovation. 

Financial Services

The country’s financial sector makes a significant contribution to its GDP. It is among the world’s top five fintech hubs. Singapore’s business-friendly regulations, low corporate taxes, and extensive government support make it an attractive option for international investments. 

Manufacturing

Singapore offers an advanced manufacturing industry, accounting for 20-25% of its GDP. Key sectors include chemicals, engineering, and biomedical manufacturing. Its high-tech goods and robust infrastructure make it a popular outsourcing solution for foreign investment.

Conclusion

Singapore’s highly skilled workforce, strategic location, and robust infrastructure make it an ideal destination for outsourcing. Although the average salary in Singapore is high, companies can leverage their resources and efficient services to save money and outperform the competition, making their organization a leader in its field.