How Much Average Salary Per Month In Singapore By Age and Education? – Singapore is a highly developed country with a strong economy. As a result, the average salary in Singapore is relatively high. In 2023, the average monthly salary for a full-time employee in Singapore was S$5,070. This includes employer CPF contributions.
However, the average salary varies depending on a number of factors, including age, experience, and education. In this article, we will take a look at the average salary in Singapore by age, experience, and education.
Average Salary in Singapore by Age
Age is a significant factor that affects the average salary in Singapore. Younger workers generally earn lower salaries than older workers, who have more experience and are more established in their careers. The table below shows the average monthly salaries for resident workers in Singapore by age group, according to data from the Ministry of Manpower (MOM):
| Age Group | Average Monthly Salary (Including Employer CPF Contributions) |
|---|---|
| 15-19 | S$1,638 |
| 20-24 | S$2,925 |
| 25-29 | S$4,446 |
| 30-34 | S$5,792 |
| 35-39 | S$6,693 |
| 40-44 | S$7,250 |
| 45-49 | S$6,693 |
| 50-54 | S$6,135 |
| 55-59 | S$5,313 |
| 60-64 | S$4,227 |
| 65 and over | S$2,621 |
As you can see, the average monthly salary increases steadily from the age of 20 to the age of 44. After the age of 44, the average monthly salary starts to decline. This is likely due to a number of factors, such as the fact that people are more likely to retire after the age of 65, and that they may be taking on less demanding roles in their later years.
Average Salary in Singapore by Education
Education is another critical factor that affects the average salary in Singapore. Generally, workers with higher education qualifications tend to earn higher salaries than those with lower qualifications. The table below shows the average monthly salaries for resident workers in Singapore by education level, according to data from MOM:
| Education Level | Average Monthly Salary (Including Employer CPF Contributions) |
|---|---|
| Primary school | S$2,870 |
| Secondary school | S$3,820 |
| Diploma | S$4,940 |
| Degree | S$7,090 |
| Master’s degree | S$8,240 |
| Doctorate | S$9,390 |
As you can see, there is a clear correlation between education level and salary. The more education you have, the higher your salary is likely to be. This is because education provides you with the skills and knowledge that employers are willing to pay for.
Average Salary in Singapore by Industry
| Industry | Average Monthly Salary (Including Employer CPF Contributions) |
|---|---|
| Financial services | S$8,190 |
| Information and communications | S$7,000 |
| Professional, scientific and technical services | S$6,800 |
| Management of companies and enterprises | S$6,500 |
| Real estate and rental and leasing | S$5,000 |
| Education | S$4,800 |
| Healthcare and social assistance | S$4,500 |
| Wholesale and retail trade | S$4,000 |
| Accommodation and food services | $3,500 |
| Transportation and storage | S$3,800 |
| Arts, entertainment and recreation | S$3,000 |
| Administrative and support services | S$3,200 |
| Public administration and defense | S$4,000 |
As you can see, there is a wide range of salaries in Singapore, depending on the industry. The highest-paying industries are financial services, information and communications, and professional, scientific and technical services. The lowest-paying industries are accommodation and food services, arts, entertainment and recreation, and administrative and support services.
There are a number of factors that contribute to the difference in salaries between industries. One factor is the level of education and skills required for the job. For example, jobs in financial services and information and communications typically require a university degree, while jobs in accommodation and food services often do not. Another factor is the demand for workers in the industry. For example, the demand for workers in the financial services industry is high, due to the growth of the economy. This drives up salaries in the industry.
If you are looking for a high-paying job, you should consider pursuing a career in one of the high-paying industries. However, it is important to note that these jobs often require a university degree and/or specialized skills.
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