MINIMUM AND AVERAGE SALARY IN SINGAPORE
Singapore is a small island state with a population of only 5.9 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 2022.
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 2022 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 2022 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$6,282 ($4,585).
The highest paid sectors of Singapore's economy are finance and insurance services (S$7,069) and education (S$6,338).
SALARY IN SINGAPORE BY SECTOR OF ECONOMY
Sector of economy
Singapore dollars per month (S$)
US dollars per month ($)
F
inanc
ial and
insurance act
iv
ity
7,069
5,160
Educat
ion
6,338
4,625
Informat
ion and commun
icat
ion
6,092
4,445
Profess
ional, sc
ient
if
ic and techn
ical act
iv
ity
5,850
4,270
Health care and soc
ial work
4,309
3,145
Wholesale and reta
il
4,285
3,125
Real estate operat
ions
4,095
2,990
Art, enterta
inment and le
isure
3,803
2,855
Transportat
ion and storage
3,168
2,310
Adm
inistrat
ive and support serv
ices
2,725
1,990
Accommodat
ion and meals
2,457
1,795
O
ther serv
ices
3,296
2,405
Note. Information on average salaries by industry and professions is based on official data from the Ministry of Manpower in Singapore.
WAGES IN SINGAPORE BY PROFESSION
Profession
Singapore dollars per year (S$)
US dollars per year ($)
F
inance D
irector
280,000
210,370
Ch
ief Med
ical Off
icer of
the cl
inic
275,000
206,615
F
inanc
ial analyst
200,000
150,265
D
irector of Pharmacov
ig
ilance
195,000
146,510
Tax Consultant
108,000
81,145
Programmer
88,000
66,115
Web developer
83,000
62,360
Electr
ical eng
ineer/mechan
ic
62,000
46,585
Account Manager (trade)
60,000
45,080
Accountant
57,000
42,825
Nurse (1-4 years exper
ience)
38,400
28,850
In conclusion, we note that the income tax in Singapore in 2022 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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