Average Salary in Singapore

Written by Luis Minvielle Moderated by Oleksandra Dosii

Luis Minvielle

Luis is a writer with over 5 years of experience in B2B software. Even though he has always worked in tech, a sector he regularly publishes about, his initial incursions into writing were, curiously enough, music essays discussing scenes from different parts of the world—most likely to deal with his unfulfilled ambition of becoming a neo-soul crooner.

Oleksandra Dosii

Oleksandra is a dedicated marketer with a passion for growing HR-tech products. She believes content marketing is about delivering high-quality content that provides value—not just generating leads. Since 2016, Oleksandra has been involved in tech talent relocation.

Last update: October 7, 2024

Next update: Scheduled for February 1, 2025

What is the average salary in Singapore?

In 2024, the average monthly salary in Singapore was S$6,555 (€4,581). This totals S$78,660 or €55,008 per year. Assuming a standard 22 working days per month, the average daily earnings would be S$298 (€208) per day. With a typical 8-hour workday, this translates to around S$37 (€26) per hour. This data was sourced from a 2023 report by the Singaporean Ministry of Manpower.

These figures clearly show that Singapore’s salaries are some of the best in the world. The average salary in the city-state is significantly higher than, for example, the EU average annual salary of €28,217. Singapore’s average earnings are also well above many Southeast Asian countries, such as Malaysia (€7,332), or Thailand (€4,465 per year). Of course, this also points to Singapore’s high cost of living.

What is the minimum wage in Singapore?

Singapore does not have a traditional minimum wage system. Instead, it uses the Progressive Wage Model (PWM), which applies to certain sectors like cleaning, security, and landscaping. Additionally, the Local Qualifying Salary (LQS) is a key threshold set by the government, which mandates that firms hiring foreign workers must pay their local full-time employees at least S$1,600 (€1,118) per month. For part-timers, the minimum is S$10.50 (€7.34) per hour.

What is a good salary in Singapore?

Considering taxes and living expenses, which for one person renting in the city centre is approximately S$5,097.13, a good salary in Singapore would likely be above S$7,000–S$8,000 (€4,895-€5,594) per month. This range would allow you to cover your living expenses comfortably, have at least S$1,500–S$2,000 in discretionary income left over and save or invest a portion of your income each month for long-term financial security.

Average salary after tax in Singapore

The personal income tax rates range from 0% to 22%, with the higher percentage applied only to incomes above S$320,000 annually. For someone earning the average salary of S$6,555 monthly (S$78,660 annually), the tax rate would likely fall in the 7% bracket, leaving a net salary of S$4,158 or €2,918. Use this tax calculator to estimate your net income.

What are the highest-paying jobs in Singapore?

In Singapore, the highest-paying jobs tend to be in finance, technology, healthcare, and legal sectors. Here are some of the top roles. Let’s look at the most common professions’ yearly salaries in Singapore (Source: Payscale):

• Digital Marketing Specialist: S$42,546 (€29,732)
• HR Generalist: S$43,302 (€30,260)
• Data Analyst: S$55,795 (€38,991)
• UX Designer: S$49,436 (€34,547)
• Project Manager (IT): S$83,141 (€58,101)
• Software Engineer: S$62,476 (€43,660)
• Product Manager: S$77,362 (€54,062)
• Investment Analyst: S$60,445 (€42,240)

Average salary comparison by country