What is the average salary in Singapore for Indian professionals? You might be thinking about this, especially if you are considering moving to the island nation for higher education or work. Here is a guide to help you get answers to most of your salary-related questions.
The average salary in Singapore for Indian professionals is around S$8,450 per month or roughly ₹ 4,73,200. When it comes to the average salary in Singapore, it may vary between S$2,140 for entry-level positions and go all the way up to S$37,700 at the very top of the pile. It equates to a threshold between ₹ 1.20 lakhs to ₹ 2.11 crores each month.
Distribution of Average Singapore Salaries
While taking up the Singapore vs. India salary question, you must consider several distribution aspects, like:
- The salary range for Indians in Singapore is between S$2,140-37,700 or approximately ₹ 1.20 lakhs to ₹ 2.11 crores per month.
- The median salary is S$8,450 per month or roughly ₹ 4.73 lakhs. It indicates that 50% of the overall workforce in Singapore (not just Indians) earns less than this amount, while 50% earn more than the same.
- The 75th and 25th percentiles assume higher importance in this context. 25% of the workforce earns less than S$4,920 (roughly ₹ 2.75 lakhs), while 75% earn higher than S$4,920 or approximately ₹ 2.75 lakhs. 75% of the workforce earns lower than S$24,200 (approximately ₹ 13.55 lakhs), while 25% earn more than this amount.
- If your salary surpasses the median and average figures, you are performing well in your career. If it is lower than both these numbers, you are earning lower than many other professionals, with plenty of scope for growth. If you earn between the median and average, you need to assess the scenario objectively.
How Does the Education Level Affect Salary Aspect?
Higher education always equates to a bigger salary. However, salary changes based on education varies across locations and industry. As per the studies, employees with diplomas or certificates get 17% higher salary as compared to the peers in high school. Those with undergraduate degrees get 24% higher than their peers with only diplomas or certificates.
In the same vein, those with master’s degrees get 29% higher than those with only undergraduate degrees in Singapore. Also, those holding PhDs earn 23% higher than those with master’s degrees in the same field.
Top Employers in Singapore
Some of the leading employers in Singapore include the following:
- Singapore Airlines
- JP Morgan
- Apple
- DBS
- PwC
- Walt Disney Company
- Goldman Sachs
- Deloitte
- KPMG
- E&Y (Ernst & Young)
- Changi Airport Group
- L’Oreal Group
- Amazon
- P&G (Proctor & Gamble)
- Morgan Stanley
- Unilever
- Samsung
- IBM
- Visa
- Microsoft
- Singapore Tourism Board
- IKEA
- Universal Studios or Resorts World Sentosa
- Singapore Press Holdings
- LucasFilm
- Rolls-Royce
- GlaxoSmithKline
- Pfizer
- Dyson
- Johnson & Johnson
- ExxonMobil
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Change in Salary with Years of Experience
Experience and the compensation are directly proportionate to each other. It is believed that the more the experience, the higher is the compensation. Studies have proved that professionals with more than five years of experience make 36% more than those with less than five years of experience.
Organizations are more likely to give significant and frequent pay raises in the booming stage. There are exceptions, but the financial status of any corporation is inextricably linked to the economic situation of the country or region. However, the values are subject to change.
Across all businesses and specialities, individuals with two to five years of experience earn 32% more than freshers and juniors.
Following are the indicative figures of yearly salary increment according to a survey done by a salary portal-
- Junior Level- 3% – 5%
- Mid-Career- 6% – 9%
- Senior Level- 10% – 15%
- Top Management- 15% – 20%
Average Annual Salary Increment Percentage in Singapore
The terminology ‘Average Salary Increment’ typically means the change in salary over 12 months. But because salaries are not always reviewed at the end of a year, knowing the frequency and rate of the increase is more practical.
In a calendar year (12 months), the annual wage increase can be easily calculated: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency
The average salary increase of employees worldwide is 3%, which is calculated at an interval of 16 months. It is 9% every 15 months in Singapore, which is relatively high compared to other nations.
The increase in salary percentage for individuals globally is given in the table below:
| Markets | 2021 Actual Salary Increase (%) | 2022 Projected Salary Increase (%) |
| Australia | 3.1 | 3 |
| China | 5.6 | 6 |
| Hong Kong | 3.3 | 4 |
| India | 8.7 | 9.2 |
| Indonesia | 5.8 | 6.6 |
| Japan | 2.3 | 2.6 |
| Malaysia | 4.1 | 4.7 |
| Philippines | 4.9 | 5.4 |
| Singapore | 3.4 | 3.8 |
| South Korea | 3.8 | 4.3 |
| Taiwan | 3.6 | 3.8 |
| Thailand | 4.2 | 4.8 |
| Vietnam | 7.2 | 7.8 |
Table: STRAITS TIMES GRAPHICS Source: WILLIS TOWERS WATSON
According to a survey conducted by Salary Explorer, the following is the incremental percentage that was observed in particular sectors in 2021:
- Banking 7%
- Energy 5%
- Information Technology 3%
- Healthcare 1%
- Travel 8%
- Construction 6%
- Education 4%
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Bonus and Incentive Rates in Singapore
In Singapore, 44% of polled employees stated that they had received no bonuses or incentives in 2021, while 56% claimed they had gotten at least one monetary reward.
According to those who had received it, the bonus ranged from 3% to 6% of a person’s annual pay.
Types of bonuses awarded:
Individual Performance-based Bonuses-
One of the most common types of bonuses in which the individual employee is rewarded for excellent performance.
Bonuses for company performance-
Some businesses like to share their extra revenues and profits with their employees in bonuses that are given to everyone. The bonus amount will most likely range from person to person, depending on their position within the company.
Apart from that, bonuses are also awarded for accomplishing a specific goal or milestone. Bonuses for holidays and year end are frequently presented without explanation and resemble an appreciation token.
Comparison of Bonuses by Seniority:
Bonus rates and frequency are naturally higher for top management and senior staff than junior employees. Due to the inherent duties of being higher in the hierarchy, this is relatively foreseeable. Bonuses for top management can easily be doubled or tripled compared to lower-level employees.
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Frequently Asked Questions
What is a good salary in Singapore?
On average, Singapore professionals earn roughly ₹ 33 lakhs every year, or anywhere between ₹ 6-50 lakhs. Anything around ₹ 33 lakhs qualifies to be a good yearly salary in Singapore. Based on reports for 2022, average salaries are anywhere around S$5,783 per month or ₹ 3.24 lakhs, which is a good salary for the island nation.
What’s the average salary in Singapore?
Many reports highlight average salaries in Singapore. At the lower end of the spectrum, average salaries stand at S$5,783 or roughly ₹ 3.24 lakhs per month. However, in the middle band of the salary scale, average salaries stand at approximately S$8,450 or ₹ 4.73 lakhs per month.
What’s the average salary increase by industry in Singapore?
Here are the average increases in salaries for specific industries in Singapore (2021):
– Energy Sector -5%
– Banking Sector – 7%
– Information Technology Sector – 3%
– Travel Sector – 8%
– Healthcare Sector – 1%
– Education Sector – 4%
What’s the average salary increase by experience level in Singapore?
Here is the average salary increase based on the level of experience in Singapore:
– Junior positions – 3-5%
– Senior Positions – 10-15%
– Mid-level positions – 6-9%
– Top Management – 15-20%
