Singapore is one of the most prosperous countries in the world, with a high standard of living and a strong economy. The country’s diverse range of industries contributes significantly to its economy, and each industry offers different employment opportunities with varying levels of salaries.
According to the Ministry of Manpower’s report on wages in Singapore, the median monthly salary for full-time employees in Singapore was SGD 4,534 in 2021. However, this figure varies by industry. Let’s take a closer look at the average salaries in Singapore’s top industries.
Finance and Insurance Industry
The finance and insurance industry is one of the highest-paying sectors in Singapore, with an average monthly salary of SGD 8,000. The sector employs many professionals, including financial analysts, investment bankers, and financial advisers, who have high levels of expertise and qualifications.
Information and Communications Technology (ICT) Industry
The ICT industry is another high-paying sector in Singapore, with an average monthly salary of SGD 7,500. As technology continues to advance rapidly, there is a high demand for skilled professionals in areas such as software development, data analytics, and cybersecurity.
Professional Services Industry
The professional services industry includes sectors such as legal, accounting, and management consulting, and has an average monthly salary of SGD 7,000. Professionals in this industry have high levels of expertise and qualifications, and the sector requires significant knowledge and skills.
Manufacturing Industry
The manufacturing industry is a significant contributor to Singapore’s economy and offers an average monthly salary of SGD 4,000. The sector includes the production of electronics, machinery, and chemical products, and employs a large number of workers with various levels of qualifications.
Healthcare Industry
The healthcare industry is a critical sector in Singapore, and its workers have an average monthly salary of SGD 4,200. Healthcare professionals include doctors, nurses, and other medical staff who provide essential services to Singapore’s population.
Retail Industry
The retail industry employs a large number of workers in Singapore, with an average monthly salary of SGD 2,500. Workers in this industry are involved in sales, customer service, and retail management.
Food and Beverage Industry
The food and beverage industry employs many workers in Singapore and has an average monthly salary of SGD 2,500. Workers in this sector include chefs, servers, and food and beverage managers.
In conclusion, the average salary in Singapore varies significantly by industry, with the finance and insurance industry offering the highest salaries, followed by the ICT and professional services sectors. However, it is important to note that salary levels also depend on individual qualifications, experience, and other factors such as location and company size.