MINIMUM AND AVERAGE SALARY IN SINGAPORE
Modern Singapore is one of the most prosperous countries in the world with strong international trade links, a favorable investment climate and a stable economy. This small island state is located in the south-eastern part of Asia between Indonesia and Malaysia. It has a population of just over 6 million people.
The Singaporean authorities are interested in attracting qualified specialists from abroad, and local companies offer quite high salaries. But foreigners should take into account that competition for vacancies in the Singaporean labor market is quite significant. Next, let's find out what is the minimum and average salary in Singapore in 2024.
Minimum wage in Singapore
There is no official minimum wage in Singapore. However, the country has a specialized institution – the National Wages Council of Singapore, which is responsible for making appropriate recommendations to local employers hiring foreign specialists. An in-depth analysis of the main economic indicators in the state is carried out beforehand.
From 2019, employers have been advised to provide low-income workers with base salaries of S$1,400 per month, which at current exchange rates equates to US$1,040. Plus pay a lump sum allowance of S$360 ($265). This is increased to S$1,600 ($1,185) for full-time employees from July 1, 2024. The minimum hourly rate has increased from S$9 to S$10.50.
In addition, Singapore has a concept called Progressive Wage Model (PWM), which helps to increase workers' income by improving skills and productivity. PWM applies to Singapore citizens and permanent residents employed full-time or part-time under a service contract. In 2024, the PWM applies to occupations in a limited number of sectors (table below).
| Sector | Minimum Wage (S$) |
| Security | 2,175-3,350 |
| Waste Management | 2,110-2,910 |
| Elevators and escalators | 2,075-3,330 |
| Retail Trade | 1,975-2,395 |
| Food Services | 1,915-2,215 |
| Landscaping | 1,750-2,600 |
| Driving | 1,750-1,850 |
| Cleaning | 1,570-2,410 |
| Administration | 1,500-2,800 |
Note. At the current exchange rate, 1 Singapore dollar corresponds to US$0.75.
Average salary in Singapore
According to official data from the local Ministry of Manpower, the average salary in Singapore in 2024 is S$5,197 per month ($3,855). This is one of the highest among Southeast Asian countries. Over the past 10 years, the average gross monthly income of local workers aged 15 and above has risen by S$1,492 ($1,105). Men earn about 10% more than women. The annual income of a Singaporean worker is S$62,364 ($46,285).
In early 2024 (Feb 16), Singapore's current Prime Minister Lawrence Wong announced in his budget speech that from January 2025, low-paid workers with a salary of S$3,000 ($2,225) per month or less will be eligible for the Workfare Income Supplement (WIS) program. This applies to all Singapore citizens who have reached the age of 30. The amount depends on age and salary, but the maximum supplement for all age groups will increase by an average of 17 percent.
| Sector of economy | Average salary (S$) |
| Financial and insurance activity | 8,190 |
| Information and communication | 7,320 |
| Public administration and education | 6,833 |
| Professional, scientific and technical activity | 6,435 |
| Manufacturing | 5,460 |
| Construction | 5,000 |
| Wholesale and retail | 4,875 |
| Health care and social work | 4,817 |
| Real estate operations | 4,777 |
| Art, entertainment and leisure | 4,095 |
| Transportation and storage | 3,554 |
| Administrative and support services | 3,168 |
| Accommodation and meals | 2,853 |
| Other public, social and personal services | 3,721 |
Note. The highest paid professions in Singapore are CEOs and company managers, medical practitioners, lawyers, financial and investment consultants, computer programmers, pharmacists and biotechnologists, aerospace, marine and shipbuilding engineers.
| Occupation | Average Salary (S$) |
| Managers and administrators | 10,889 |
| Specialists | 8,020 |
| Public administration and education | 6,833 |
| Junior Professionals and Technicians | 4,680 |
| Support workers | 3,361 |
| Craftsmen and allied workers | 2,863 |
| Service and sales workers | 2,788 |
| Plant and machine operators and assemblers | 2,481 |
| Cleaners, laborers and workers in related occupations | 1,861 |
Note. Salary information is based on official data from the Singapore Department of Manpower Research and Statistics.
In conclusion, Singapore is among the top 3 richest countries in the world in terms of GDP per capita. The official unemployment rate is only 2-3% and the employment rate is 66.2%. The Singapore labor market employs about 1.5 million professionals from abroad. Jobs in Singapore for foreigners are available mainly in information technology and medicine, as well as in the tourism, construction and financial sectors.
RELATED ARTICLES:
