MINIMUM AND AVERAGE SALARY IN SINGAPORE
Singapore is a small island state with a population of only 6 million people, located in the south-eastern part of Asia near Indonesia and Malaysia. The country is among the four so-called "Asian tigers", has a strong economy and a high standard of living. According to the estimates of local statistical agencies, about 1.3 million foreigners are constantly working and doing business in Singapore.
One of the main factors, which attracts labor migrants, is the high salary in Singapore. There is a favorable investment climate here, a large number of international companies are operating, and the unemployment rate is kept at 2–3%. Local authorities are generally interested in attracting qualified specialists from abroad. Let's find out what salaries in Singapore in 2023.
Minimum salary in Singapore
There is no such notion as the official minimum wage in Singapore. However, every year the local government conducts a thorough analysis of the main economic indicators, including the level of employment, conditions and productivity in the labor market, and then a special body – the National Wage Council of Singapore (hereinafter – NWSC), publishes recommendations for local employers.
In April and May 2019, the NWSC developed pay guidelines for the period 1 July 2019 to 30 June 2020. It recommends that employers provide low-wage workers with a base salary of at least S$1,400 per month, equivalent to $1,020. They are also recommended to pay a lump-sum benefit of S$ 360 ($265).
Compared to the previous period, the basic salary of Singapore workers has been increased from S$1,300 to S$1,400 per month, and the lump-sum benefit from S$200 to S$360. Employees who received more than S$1,400 can expect a reasonable increase in income as long as productivity increases. Based on the above, the minimum wage in Singapore in 2023 is S$1,400 per month.
Average salary in Singapore
According to official data from the Singapore Ministry of Manpower, the average median salary in Singapore in 2023 is S$4,680 per month, which at the current rate is $3,415. The annual salary is S$56,160 ($40,975). According to the authoritative financial portal Trading Economics, the average monthly income of Singapore workers is S$6,622 ($4,985).
The highest paid sectors of Singapore's economy are finance and insurance services (S$7,069) and education (S$6,338).
| Sector of economy | Singapore dollars per month (S$) | US dollars per month ($) |
| Financial and insurance activity | 7,069 | 5,160 |
| Education | 6,338 | 4,625 |
| Information and communication | 6,092 | 4,445 |
| Professional, scientific and technical activity | 5,850 | 4,270 |
| Health care and social work | 4,309 | 3,145 |
| Wholesale and retail | 4,285 | 3,125 |
| Real estate operations | 4,095 | 2,990 |
| Art, entertainment and leisure | 3,803 | 2,855 |
| Transportation and storage | 3,168 | 2,310 |
| Administrative and support services | 2,725 | 1,990 |
| Accommodation and meals | 2,457 | 1,795 |
| Other services | 3,296 | 2,405 |
Note. Information on average salaries by industry and professions is based on official data from the Ministry of Manpower in Singapore.
| Profession | Singapore dollars per year (S$) | US dollars per year ($) |
| Finance Director | 280,000 | 210,370 |
| Chief Medical Officer of the clinic | 275,000 | 206,615 |
| Financial analyst | 200,000 | 150,265 |
| Director of Pharmacovigilance | 195,000 | 146,510 |
| Tax Consultant | 108,000 | 81,145 |
| Programmer | 88,000 | 66,115 |
| Web developer | 83,000 | 62,360 |
| Electrical engineer/mechanic | 62,000 | 46,585 |
| Account Manager (trade) | 60,000 | 45,080 |
| Accountant | 57,000 | 42,825 |
| Nurse (1-4 years experience) | 38,400 | 28,850 |
In conclusion, we note that the income tax in Singapore in 2023 varies from 0 to 22%. At the maximum rate, income over 320 thousand Singapore dollars per year is taxed, and the amount up to 20 thousand is not subject to taxation.
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