The alluring island country of Singapore is becoming one of the top study-abroad destinations day by day. As of 2022, the number of international students in the country has surged over 55,000. A considerable number of students are from India and other Asian countries.
Singapore has become one of the most livable cities in the world. It has a high-income economy with a gross national income of INR 7 lakh (US$82,807) per capita (worldbank.org).
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Ranking amongst the world’s most competitive economies, the country is booming with opportunities for the youth. According to the World Bank Human Capital Index, Singapore ranks as the best country in the world in human capital development.
Singapore Salary Distribution at a Glance:
| Average Annual Salary | INR 43 Lakh (S$70,000) |
| Top Job Fields in Singapore | – Aerospace and Defense – Insurance and Financial Services – Information Technology (IT) Services – Engineering Health Care |
| Top Companies in Singapore | – Accenture – KPMG – PwC – EY |
If you are planning to study or work in Singapore, here is a comprehensive guide on the salary distribution in the country. Let us explore all the hows and whys of Singapore’s salary distribution.
What is the Average Salary in Singapore?
The average salary in Singapore is INR 43 Lakh (S$70,000). In general, the full-time workers in the country make over INR 3.5 lakh (S$5,700) a month.
The average salary in Singapore has increased by 8% from last year’s. Over the past ten years, the median wage in the country has risen by 46%.
The country is a promising destination for study and post-study work opportunities. As of 2023, the unemployment rate in Singapore is only 1.8%. This assuring rate is one of the many reasons why Indian students prefer Singapore for their higher studies.
Average Salary in Singapore Based on Industry
Although the average national income in Singapore is INR 43 Lakh, your annual salary can vary depending on the field you are in.
It is important to understand these fluctuations, especially for students who plan to pursue further studies in Singapore.
Fields such as finance and insurance, information and communication, public administration and defence are among the highest-paying industries in Singapore.
Below are some of Singapore’s highest-paying fields and their average annual salary.
Check out the table:
| Industry | Annual Salary in INR | Annual Salary in SGD |
|---|---|---|
| Aerospace and Defense | INR 49 Lakh | S$ 80,000 |
| Insurance and Financial Services | INR 44 Lakh | S$ 71,000 |
| Information Technology (IT) Services | INR 43 Lakh | S$ 70,000 |
| Engineering | INR 37 Lakh | S$ 60,000 |
| Health Care | INR 32 Lakh | S$ 53,000 |
The figures are approximate values under the 1 SGD 62.10 INR conversion rate. We recommend converting the given figures under the current conversion rates for accurate values.
Also Read: Singapore International Graduate Award
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Average Salary in Singapore Based on Work Experience
There is a strong connection between experience and earnings. An experienced employee in any field gets better salary packages than a beginner in the same field. This is because a higher level of experience denotes your wide on-field experience, exposure and awareness of the work field.
We have compiled Singapore’s general salary growth rate based on work experience. Although the salary growth rate can vary depending on your profession, this will help you to get a general understanding of the fluctuations.
Check out the table:
| Experience Level | Percentage Growth in Salary |
|---|---|
| 2 – 5 years | +32% more than beginners |
| 5 – 10 years | +36% more than the preceding group |
| 10 – 15 years | +21% more than the preceding group |
| 15 – 20 years | +14% more than the preceding group |
| +20 years | +9% more than the preceding group |
What are the Highest-paying jobs in Singapore?
A variety of factors influence your average annual income. This includes your field, years of experience, specialisation, location and job profile. Other factors that can affect your salary scale are the demand and job prospects in the country.
We have compiled a list of some of the top-paid jobs in Singapore. This can help you figure out your field of study or work while planning to move to Singapore.
Check out the table:
| Job Profile | Annual Salary in INR | Annual Salary in SGD |
|---|---|---|
| Specialist medical practitioners | INR 1.2 crore | S$ 2,00,292 |
| Compliance officer | INR 84 Lakh | S$ 1,36,629 |
| Investment Banking Analyst | INR 84 lakh | S$ 1,36,179 |
| Full stack developer | INR 79 lakh | S$ 1,27,936 |
| Logistics manager | INR 62 lakh | S$ 99,860 |
The figures are approximate values under the 1 SGD 62.10 INR conversion rate. We recommend converting the given figures under the current conversion rates for accurate values.
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What are the Highest-paying Companies in Singapore?
Your average salary in Singapore can vary depending on the company you are working in.
Getting into a well-established firm promises a higher job package and can provide other benefits. In addition to your base pay, most employees receive additional bonuses and allowances such as medical, travel, and housing.
For example, the average monthly salary for a doctor in Singapore is INR 12.7 lakh (S$ 20,600). Besides this, most doctors receive additional cash compensation of INR 9 lakh (S$ 15,500) annually.
The size or reputation of your firm can tremendously contribute to your salary scale.
We have compiled a list of some of the top-paying companies in Singapore, along with their top job profiles and average annual salaries.
Check out the table:
| Company | Job Profile | Annual Salary |
|---|---|---|
| Accenture | Manager | INR 1.1 crore (S$ 1,77,415) |
| KPMG | Associate Director | INR 1 crore (S$ 1,62,630) |
| Deloitte | Audit Manager | INR 65 lakh (S$ 1,06,180) |
| PwC | Tax Manager | INR 73 lakh (S$ 1,18,276) |
| EY | Senior Consultant | INR 54 lakh (S$ 87,363) |
The figures are approximate values under the 1 SGD 62.10 INR conversion rate. We recommend converting the given figures under the current conversion rates for accurate values.
How to Get a Job in Singapore?
Finding a job can be an exhaustive journey. However, strategic planning and practice can make it possible for you.
Singapore’s booming economy opens huge job prospects for the youth. It is your turn to find the best job that suits your profile.
We have compiled a list of general guidelines for securing a job in Singapore. Remember to tailor them according to your field and interests.
Check out the steps below:
- Choose your Sector: You can decide your field depending on your qualifications and interests. In addition to this, it is important to consider the Singapore industry. As job prospects for professionals in IT, digital marketing and compliance specialists are rising, looking for a job in these sectors can be promising.
- Track Employment Practices in your Field: Once you have decided on your field, the next step is to understand the standard employment practices in your field. Under the country’s Employment Act, each employee is entitled to certain employment rights and conditions. This includes information on your leave, public holidays, managing work-related disputes, salary-related claims and fair employment practices. You can find detailed information on the official website of the Ministry of Manpower in Singapore.
- Find your Job: The most important step is finding the right job. Consider all important factors such as work profile, location, sector, payment and other employee rights while choosing your job. You can find a job either through online job-hunting sites or through offline recruiting agencies and placement cells.
Some of the established online platforms in Singapore are:
- Monster
- MyCareersFuture
- Jobs DB
- Indeed Singapore
If you prefer looking for a job offline, utilise your professional and academic networks. Other sources can be employment agencies. They will help you understand the country’s industry demands and job prospects.
Some of the renowned and well-reviewed trusted agencies in Singapore are:
- 3C Synergy
- Manpower
- Robert Half
- PERSOLKELLY
- Randstad
- Check your Eligibility and Apply for the Right Work Permit: Your first step is determining the suitable work permit for your career. This varies depending on your qualifications. For example, EntrePass is for foreign entrepreneurs looking to start new business ventures in Singapore, and Employment Pass is for foreign professionals, managers and executives. You can figure this out using the online self-assessment tool established by the Ministry of Manpower in Singapore.
Bottom Line
Singapore continues to position itself among the global giants for business and innovation. The blooming economic landscape of the vibrant city-state of Singapore offers numerous job opportunities for international students.
Considering the above-given factors influencing salary levels, such as industry, work experience and work sector, you can draft your perfect plan to work in Singapore.
Understanding the current salary trends is essential while planning to work in any foreign country. Especially for the evolving job market of Singapore, it is necessary to plan your career according to the dynamics of the economy. This will help you make informed career decisions and help you contribute to the country’s overall economic growth.
If you plan to move to Singapore for higher studies or work, it is time to begin your hunt. If you are seeking proper assistance in your exploration, then feel free to contact our Leap Study-abroad Experts.
Frequently Asked Questions
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Q. What is the current average salary in Singapore?
A. The current average salary in Singapore is INR 43 Lakh (S$70,000). This can vary depending on your work field, work location, years of experience and specialisation. In addition to your average salary, most employees in Singapore receive other benefits such as housing allowances, medical insurance and travel allowances.
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Q. What is the average salary in Singapore per month for an Indian?
A. The average monthly salary in Singapore is INR 3.5 lakh (S$5,783). Your salary does not vary depending on your nationality or race. Factors affecting your salary include your work field, location, years of experience and specialisation.
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Q. Is the average salary in Singapore greater than in Canada?
A. No, the average salary in Canada is higher than the average salary in Singapore. The average wage in Canada is INR 56 lakh ($68,250) per year. The average annual salary in Singapore is INR 43 Lakh (S$70,000). However, your salary can vary depending on other factors, such as demand and job prospects in the country.
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Q. What are the key factors influencing salary levels in Singapore?
A. Some of the key factors that affect your salary range are:
– Demand in the country
– Work field
– Work Experience
– Work location
– private/public sector
– Company you work -
Q. What are the top-paying industries in Singapore?
A. Some of the growing industries in Singapore looking for work are:
– Aerospace and Defense
– Insurance and Financial Services
– Information Technology (IT) Services
– Engineering
– Health Care -
Q. Is there a gender disparity in salaries in Singapore?
A. According to Statistica, the mean monthly earnings for a female employee in Singapore is INR 3.4 lakh (S$ 5,500), and for a male employee is 4.3 lakh (S$ 7,000). Gender equality in Singapore is significantly higher than in other Asian countries. After the Philippines and Laos, Singapore has the smallest gender gap in Southeast Asia. According to the Ministry of Manpower, Singapore’s Gender Pay Gap (GPG) has shrunk from 8.8% to 6%.
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Q. Does my experience impact my salary in Singapore?
A. Yes, experience is an essential factor that affects your salary in Singapore. According to the statistics, the average annual salary of an employee with 2 to 5 years of experience is 32% higher than that of a beginner in the field. Similarly, employees with more than 20 years of experience earn 9% more than employees with 15 to 20 years of experience in the area.
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Q. How do you find a job in Singapore?
A. Finding a job in Singapore can be either online or through offline platforms. You can opt for prominent online platforms such as LinkedIn, Monster, MyCareersFuture and Indeed Singapore. Other platforms for looking for a job are the employment agencies in the country. You can also depend on your professional and academic networks to find a job.
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Q. Is Singapore a good place to work?
A. Considering the country’s economy, Singapore is an excellent choice for work. The average salary in Singapore is INR 43 Lakh (S$70,000). Some top fields to work in Singapore are engineering, healthcare services, and information technology.
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Q. What is the average salary of a physician in Singapore?
A. The average monthly salary for a doctor in Singapore is INR 12.7 lakh (S$ 20,600). This includes only basic pay. Besides this, most doctors receive additional cash compensation such as housing allowances, medical insurance, travel allowances, bonuses and incentives. On average, a doctor in Singapore receives an additional cash compensation of INR 9 lakh (S$ 15,500) per year.
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Q. Is Singapore a good choice for IT professionals?
A. Yes, Singapore is a good choice for IT professionals. The average salary in the information technology industry of Singapore is INR 43 Lakh (S$ 70,000). Some of the top-paid jobs in the sector include business analyst, software engineer, security consultant and AI specialist.
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Q. What is the minimum salary in Singapore for Indians?
A. Singapore does not have a minimum wage legislation. However, two jobs are exceptional to this. They are cleaner jobs and security guards. Although there is no minimum wage, the average salary for an employee in Singapore is INR 3.5 lakh monthly.
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