Here’s the 2021 edition of our most popularincome comparison toolon Salary.sg.
See the latest 2023 editionof the tool.
This is the latest version of ourCompare Annual Incometool. It uses the latest statistical data from IRAS’s recently released Annual Report for FY2020/21, the most trusted data on income.
To benchmark/compare your annual income – including all salaries, commissions, bonuses, part-time remuneration, director’s fees, rental income – simply enter your IRASassessable incomebelow and see how well you stack up against allresident taxpayersin Singapore:
If you make $100k yearly, you are at the 74.4th percentile. This is 8%lowerthan in 2019, which was 82.6th percentile (using an older version of this tool). See the previous version of ourCompare Annual Income tool 2019.
To be in the top 10%, you need an annual income of $186k. It was $149k previously!
If you aspire to be in the top 5%, your annual income has to be $278k. It was $241k previously!
As usual, please note that residents earning $20k and below do not pay income tax. Hence they are not included in the above comparison.
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Reference:IRAS Annual Report
As an expert in income statistics and benchmarking, I can attest to the significance of the tools mentioned in the article for comparing annual income. The article introduces the 2021 edition of the income comparison tool on Salary.sg, which has been updated with the latest statistical data from IRAS's Annual Report for FY2020/21. It is essential to highlight that IRAS, the Inland Revenue Authority of Singapore, is a reliable source for income data, making the tool based on their Annual Report a trustworthy benchmarking resource.
The tool is designed to assess and compare annual income comprehensively, encompassing various sources such as salaries, commissions, bonuses, part-time remuneration, director's fees, and rental income. This holistic approach provides a more accurate reflection of an individual's overall financial standing.
One of the key metrics mentioned in the article is the percentile ranking based on annual income. For example, if someone earns $100k yearly, they are positioned at the 74.4th percentile, indicating that their income is higher than 74.4% of resident taxpayers in Singapore. It's noteworthy that this percentile has decreased from 2019, where a $100k income would have placed an individual at the 82.6th percentile.
The article also sets benchmarks for those aspiring to be in the top 10% or 5% of income earners. To be in the top 10%, an annual income of $186k is required, up from $149k in the previous assessment. Similarly, to be in the top 5%, the benchmark is $278k, compared to the previous figure of $241k.
A crucial caveat mentioned is that residents earning $20k and below are not subject to income tax and are therefore not included in the comparison. This ensures that the analysis is focused on taxpayers and provides a more accurate representation of income distribution among the taxable population.
In conclusion, the article serves as a valuable resource for individuals looking to benchmark their income against others in Singapore. The use of IRAS's Annual Report data adds credibility to the tool, making it a reliable source for assessing one's financial standing in the context of the broader taxpayer population.
