How Much Do Singaporeans Earn?
How much do Singaporeans earn? This is likely a popular topic among Singaporeans since we are kaypoh (busybody) and share a love for money. It’s a good thing then, that the government releases statistics which provide valuable insights into these aspects. While it is important not to get too caught up in comparisons, benchmarking against others can help us evaluate how we are faring.
Labour Force Report
Every year, Ministry of Manpower releases its Labour Force Report which shows us the incomes of Singaporeans:
| Total | S$4,500 |
| 15 – 19 | S$1,440 |
| 20 – 24 | S$2,500 |
| 25 – 29 | S$3,850 |
| 30 – 34 | S$5,000 |
| 35 – 39 | S$5,850 |
| 40 – 44 | S$5,958 |
| 45 – 49 | S$5,833 |
| 50 – 54 | S$5,000 |
| 55 – 59 | S$3,792 |
| 60 & Over | S$2,475 |
According to the latest report, Singaporeans’ earnings generally increase from a young age until they reach their 40s. From earning around S$1,440 to S$2,500 in one’s younger days, the average income rises steadily to almost S$6,000 in their 40s, reaching a peak in by our mid-40s. After this point, earnings gradually decline as individuals age beyond their 50s and 60s.
It’s important to note that these figures exclude employer CPF contributions and represent median incomes, removing the top and bottom earners.
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Job type and educational qualifications matter
Job type plays a significant role in determining income, with administrators and managers earning the highest incomes, followed by professionals. Blue-collar workers tend to earn relatively lower median incomes:
| Total | Managers & Administrators (Including Working Proprietors) | Professionals | Associate Professionals & Technicians | Clerical Support Workers | Service & Sales Workers | Craftsmen & Related Trades Workers | Plant & Machine Operators & Assemblers | Cleaners, Labourers & Related Workers | |
| Total | $4,500 | $9,272 | $6,667 | $3,954 | $2,800 | $2,383 | $2,450 | $2,133 | $1,550 |
| 15 – 19 | $1,440 | N/A | N/A | N/A | $1,200 | N/A | N/A | N/A | N/A |
| 20 – 24 | $2,500 | N/A | $3,600 | $2,700 | $2,058 | $2,037 | N/A | N/A | $1,800 |
| 25 – 29 | $3,850 | $5,550 | $4,833 | $3,375 | $2,600 | $2,708 | N/A | $2,450 | N/A |
| 30 – 34 | $5,000 | $7,500 | $6,000 | $3,918 | $2,925 | $3,000 | N/A | $2,817 | $2,000 |
| 35 – 39 | $5,850 | $9,042 | $7,292 | $4,121 | $3,065 | $3,033 | $2,500 | $2,500 | $1,800 |
| 40 – 44 | $5,958 | $10,000 | $7,900 | $4,333 | $3,000 | $2,650 | $3,092 | $2,700 | $1,733 |
| 45 – 49 | $5,833 | $10,833 | $8,167 | $4,225 | $3,033 | $2,500 | $3,033 | $2,500 | $1,750 |
| 50 – 54 | $5,000 | $10,833 | $8,125 | $4,117 | $3,125 | $2,400 | $2,708 | $2,167 | $1,700 |
| 55 – 59 | $3,792 | $9,100 | $7,583 | $4,193 | $2,925 | $2,167 | $2,500 | $2,167 | $1,630 |
| 60 & Over | $2,475 | $7,583 | $7,000 | $4,000 | $2,600 | $2,000 | $2,100 | $2,000 | $1,500 |
Unsurprisingly, educational qualifications also have a significant impact, with degree holders earning the highest median incomes, followed by those with diplomas and professional qualifications.
Having at least a diploma also pushed back peak earning ages. Instead of reaching the maximum earning power in their forties, those with higher qualifications can continue to increase their income well into their fifties.
| Total | Below Secondary | Secondary | Post-Secondary (Non-Tertiary) | Diploma & Professional Qualification | Degree | |
| Total | $4,500 | $2,000 | $3,000 | $2,917 | $4,117 | $7,233 |
| 15 – 19 | $1,440 | N/A | $1,200 | $1,500 | N/A | N/A |
| 20 – 24 | $2,500 | N/A | $2,000 | $1,950 | $2,459 | $3,500 |
| 25 – 29 | $3,850 | N/A | $2,591 | $2,650 | $3,125 | $4,550 |
| 30 – 34 | $5,000 | $2,549 | $3,000 | $3,000 | $3,750 | $6,000 |
| 35 – 39 | $5,850 | $2,500 | $3,150 | $3,250 | $4,375 | $7,736 |
| 40 – 44 | $5,958 | $2,604 | $3,017 | $3,250 | $4,875 | $8,664 |
| 45 – 49 | $5,833 | $2,492 | $3,033 | $3,358 | $4,704 | $9,667 |
| 50 – 54 | $5,000 | $2,292 | $3,250 | $3,142 | $5,250 | $9,750 |
| 55 – 59 | $3,792 | $2,167 | $3,100 | $3,125 | $4,598 | $9,100 |
| 60 & Over | $2,475 | $1,800 | $2,604 | $2,345 | $4,453 | $8,000 |
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By industry
When we sort by industry, financial & insurance services come on top. Selling financial products is unsurprisingly a lucrative job… perhaps something it keep in mind the next time you’re recommended an investment-linked policy.
| Total | $5,070 |
| Financial & Insurance Services | $8,190 |
| Information & Communications | $7,000 |
| Public Administration & Education | $6,962 |
| Professional Services | $6,581 |
| Manufacturing | $5,460 |
| Others | $5,176 |
| Services | $5,070 |
| Real Estate Services | $5,000 |
| Wholesale & Retail Trade | $4,817 |
| Health & Social Services | $4,680 |
| Construction | $4,583 |
| Arts, Entertainment & Recreation | $4,150 |
| Transportation & Storage | $3,510 |
| Other Community, Social & Personal Services | $3,510 |
| Administrative & Support Services | $2,925 |
| Accommodation & Food Services | $2,640 |
Statistics don’t dictate your reality
Remember that these statistics are not definitive and that individuals have the potential to earn even more. Regardless of job type, age, or educational qualifications, there are opportunities for personal growth.
This is especially true now as we live in an economy that has moved past educational qualifications quite a bit. These days, it is hardly surprising when someone without much academic success do okay in life, and it is in fact getting more common. As a non-graduate, I shared a few pointers on what worked for me in Singapore, so you might want to check that out if that’s something you’d find useful.
As someone who’s very into earnings, side hustles, and all things relating to personal finance, I’d definitely make more content on such topic matters so subscribe to the Telegram if you want to see more.
Salary is half the story
Having a good salary is undoubtedly a crucial factor in achieving one’s financial goals, as it provides the necessary resources to save, invest, and build wealth. However, it is important to recognise that a high income alone is not sufficient for attaining long-term financial success.
The equation for financial well-being involves not only earning money but also managing and controlling one’s expenses and lifestyle choices. To achieve long-term financial goals effectively, it is necessary to focus on both sides of the equation: income and expenses.
This entails not only striving for higher earnings but also adopting prudent financial habits, such as budgeting, saving, and investing wisely. By controlling expenses, making conscious spending decisions, and avoiding unnecessary debt, individuals can maximise the potential of their income and build a solid foundation for financial security.
But more on this topic… next time.
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