As of 2016, it has been reported that the average salary in Singapore is S$3,120 (Approx. US$2,200). The study also found that most employees are not happy with their current salaries; 42% said they would want to earn more than S$5,000 per month, while only 19% were content with their present income.
One of the main reasons people want higher pay packages is that they feel underpaid even when earning above what the government had defined as “average income” at S$4,160 a month for 2015 (or about S$51.50 an hour).
This was based on the data released by the Singapore Department of Statistics. The survey also found that employees have been more concerned about their salaries in 2018 than in 2017 and 2016. The findings are closely aligned with how much Singaporeans are earning as a whole; it is estimated that the average salary in Singapore will reach S$4,735 this year (or nearly US$4,000).
As for expatriates working here, there are no official figures yet available. However, there is a way to estimate how much they should usually earn based on their position and job scope. A simple calculation would tell you that an entry-level local fresh graduate from ITE or polytechnic can earn from S$2,500 – S$3,000 in basic salary alone. This should go up to at least an average of S$4,000 after five years of experience.
In the engineering sector, for example, local engineers can earn a basic salary of at least S$5,000, while experienced foreigners usually receive about US$$15-20K per month (based on my observations). This would be even higher when you consider other benefits received by foreign employees, such as free accommodation, medical coverage, and flight tickets home once or twice a year.
Expatriate salaries are often determined by their work experience in the industry or what they have achieved in previous organizations. It is, therefore, pointless trying to negotiate your salary when you are just starting.
When negotiating, also look at the total compensation package, which would include performance bonuses and stock options and medical benefits, and other perks. In addition, do not forget to factor in any tax reliefs or grants that could help sweeten the deal!
It is also crucial for employers to know their strengths and weaknesses before determining salaries for their workers. They should always be willing to listen to ideas from employees on how they can improve their terms of employment without compromising on productivity levels. After all, it’s easier said than done if an employee is unhappy with his wages and decides to resign because he feels underpaid!
In any case, if you feel like your earning level is a lot less than what you deserve, you can always check out job offers from other companies that are willing to pay what you think is just.
Remember: Salary negotiations should be an exchange of ideas and not a one-way street!
But at the end of the day, remember that money is indeed necessary, but it’s not everything in life. You should aim for more meaningful work if your present salary isn’t enough to meet your needs.
In any case, it is still good to know that Singapore has moved up one place in the Global Jobs Report from 3rd place to 2nd most competitive jobs market – ahead of Switzerland, Germany, and Japan – according to a leading international HR consultancy firm ECA International’s latest study. According to them, “this is due to the Singapore Government’s continued efforts to improve the country’s economic competitiveness, enhance its attractiveness for foreign investors and attract well-qualified overseas workers.
However, it has also been noted that in previous years Singapore has made a low ranking at 37th place amongst more than 70 countries as far back as 2002. It wasn’t until 2011 when they started moving up slowly to 28th place by 2012 and then 23rd in 2014 before making another leap to 2nd place in 2015.
It would seem that overall increasing employment prospects and higher wages are contributing factors to Singapore’s rapid rise in the Asia Pacific region!
