Salary Guide Singapore (2024) Across Industries: Are You Paid Enough?

Salary data, insights and advice to guide your talent strategies. Benchmark what you are paying your teams against the industry averages for roles in your location

Singapore, a thriving hub of diverse industries, boasts a robust job market with competitive salaries. Understanding the salary landscape is crucial for job-seekers, those negotiating a pay raise, and individuals contemplating further studies. In this comprehensive guide, we delve into the average salaries in Singapore across various sectors and roles, providing insights to help you make informed decisions.

1.Overview of Average Salaries in Singapore

As of 2023, the average salary in Singapore stands at $7,021 per month, inclusive of the employer’s CPF contribution. For job-hoppers, a salary increment of 10% to 15% is common. The Median Gross Monthly Income, inclusive of CPF contributions, for full-time employed residents is $5,070, reflecting a nominal annualized change of 3.8% from 2012 to 2022.

2.Components of Gross Monthly Salary:

Your gross monthly salary comprises various components, including basic wages, overtime pay, commissions, tips, other allowances, and the 13th-month bonus. It is crucial to understand these components to evaluate your overall compensation package accurately. On average, Singaporeans work 44 paid hours per week to earn their income.

3.Industry-Specific Salary Insights:

Understanding the salary landscape in different industries is essential for career planning. Here’s a snapshot of salaries in key sectors:

Finance and Accounting

For 2024, we expect the Accounting & Finance hiring landscape to remain stable, with a potential uplift in hiring budgets as companies are predicting growth and expansion. The need for talent remains high, especially for FP&A professionals and internal controls professionals who have strong regional exposure.

Tech skills in demand: AI and BI tools (Tableau, SQL, Power BI, Oracle BI, ACL, Qlik Sense)

To thrive in the dynamic landscape of Accounting & Finance in 2024, acquiring specialized knowledge in Global Finance is paramount. An MSc in Global Finance not only aligns with the anticipated stability and potential growth in the hiring landscape but also positions individuals to meet the increasing demand for specialized roles such as Financial Planning and Analysis (FP&A) professionals and experts in internal controls with robust regional exposure.

Frontier Technology:

Singapore’s Technology recruitment market was quieter in 2023 compared to recent years. Global layoffs by tech giants, rising inflation and general economic uncertainty all heaped pressure on the heavily invested-in Tech sector.Amidst the challenges faced by Singapore’s Technology recruitment market in 2023,

The demand for professionals equipped with expertise in Cyber Security and Data Analytics remains resilient and continues to be a strategic imperative for the industry. As global layoffs and economic uncertainties put pressure on the heavily invested-in Tech sector, there is an increasing recognition of the critical role played by skilled professionals in safeguarding digital assets and extracting meaningful insights from data. Pursuing an MSc in Cyber Security and Data Analytics emerges as a timely and strategic choice for individuals aspiring to thrive in this evolving landscape.

High demand for DevOps engineers, Cyber-Security consultants, Infrastructure engineers.

Java with microservices & GCP

API Development
DotNet Core with Azure
Core development to build CI/ CD pipeline
Python Development

Human Resources

We anticipate hiring activity to pick up in 2024, with many companies having plans for growth. As a consequence, hiring will return for Talent Acquisition, Learning & Development, HR Business Partner, and Compensation/Benefits specialists to support this growth, but skills shortages could impact success. Recruitment for HR professionals slowed in 2023, with cautious hiring plans in place. Those companies that continued to hire focused on skills-based hiring – looking

Streamlining and establishing HR functions: HR departments in larger corporations are focusing on internal communication around promoting benefits for their employees including working-from-home options, career development opportunities, and wellness programs.

HR departments in big companies are also developing initiatives to improve their Diversity, Equity, and Inclusion (DEI) program.

Startups are seeking professionals to implement and establish HR functions while the implementation of new systems is driving demand for experience in systems like Workday. Emphasis on cloud-based HR systems and integration.

Salaries for payroll, human resources, talent acquisition, compensation & benefits, and learning & development. Check out our Masters in Human Resources Management and Graduate Diploma in Human Capital!

In-demand roles.

HR Business Partner
Talent Acquisition
People Culture / Employee Engagement
Learning & Development
HR Operations

Key Takeaways:

Manage expectations as a job-seeker.
Use the guide as a benchmark for negotiating pay raises.
Assess the value of higher education against potential earnings.
Explore recommended platforms for career development and job searches.

Conclusion:

Navigating Singapore’s job market requires a nuanced understanding of industry-specific salary trends. This guide serves as a valuable resource for individuals at different stages of their careers, providing insights that contribute to informed decision-making in Singapore’s dynamic employment landscape. Remember, finding job satisfaction and practicing good financial habits are essential for a fulfilling professional life.

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Embark on your learning journey with us today, find out more at www.aventis.edu.sg Save on Programme fees with referral and enjoy up to $1,000* savings when you invite your colleagues to join you!

Source: SkillsFuture, full report can be found online, alongside the datasets and data dashboard