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$) US dollars per month ($) Financial and insurance activity 7,069 5,160 Education 6,338 4,625 Information and communication 6,092 4,445 Professional, scientific and technical activity 5,850 4,270 Health care and social work 4,309 3,145 Wholesale and retail 4,285 3,125 Real estate operations 4,095 2,990 Art, entertainment and leisure 3,803 2,855 Transportation and storage 3,168 2,310 Administrative and support services 2,725 1,990 Accommodation and meals 2,457 1,795 Other services 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$) US dollars per year ($) Finance Director 280,000 210,370 Chief Medical Officer of the clinic 275,000 206,615 Financial analyst 200,000 150,265 Director of Pharmacovigilance 195,000 146,510 Tax Consultant 108,000 81,145 Programmer 88,000 66,115 Web developer 83,000 62,360 Electrical engineer/mechanic 62,000 46,585 Account Manager (trade) 60,000 45,080 Accountant 57,000 42,825 Nurse (1-4 years experience) 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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    WAGE CENTRE [email protected]
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    Source: wagecentre.com

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