Average Salary in Singapore for Indians – Basic & Average

What is the average salary in Singapore for Indian professionals? This question must be on your mind 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 monthly salary in Singapore depends on an employee’s experience level, field of work, job title, and education level. It also varies drastically across sectors like IT (Information  Technology), healthcare, banking, and work type (full-time or part-time). Considering all these points, an employee working in Singapore earns an average salary of SGD 8,450 (gross monthly income). 

What is Average Salary in Singapore

The average salary per month in Singapore for Indian professionals is around SGD 8,450. When it comes to the average salary in Singapore, it may vary between SGD 2,140 for entry-level positions and go all the way up to SGD 37,700 at the very top of the pile.

However, the average salary in Singapore can vary based on several factors that contribute to determining the salary of professionals in Singapore. These include the following:

1. Industry
2. Educational Level
3. Work Experience
4. Job Roles and Responsibilities
5. Company Reputation and Performance
6. Government Policies
7. Global Economic Landscape  

Average Salary in Singapore for Indian Students

How much salary is good in Singapore for Indian students? The estimated total pay for students in Singapore is SGD 2,800 per month, which is an average yearly salary of SGD 33,600.

This monthly salary provides a steady income for Indian students working in Singapore, supporting their living expenses and contributing to a comfortable lifestyle in the city-state.

Distribution of Average Singapore Salaries 

While taking up the Singapore vs. India salary question, you must consider several distribution aspects, like: 

• Employees in Singapore earn an average of ₹32.7lakhs, mostly ranging from ₹25.0lakhs per year to ₹50.0lakhs per year based on 655 profiles. The top 10% of employees earn more than ₹50.0lakhs per year. 
• The median salary is a salary amount that divides the working population into two different groups. Half earn a salary above the median income, while the other half earn below the median. According to a salary report by Salary Explorer, the median salary in Singapore is 8,790 SGD per month.
• The 75th and 25th percentiles assume higher importance in this context. 25% of the workforce earns less than S$4,920, while 75% earn higher than S$4,920. 75% of the workforce earns lower than S$24,200, while 25% earn more than this amount. 
• If your salary surpasses the median and average figures, you perform 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. You must assess the scenario objectively if you earn between the median and average.

How Does  Education Level Affect Salary Aspect

Higher education 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 salaries as compared to their peers in high school. Those with undergraduate degrees get 24% higher than their peers with only diplomas or certificates. 

Similarly, 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.

Industry-Wise Average Salary in Singapore

Singapore is a global hub for business and innovation, boasting a robust job market with IT, engineering, banking, finance industries, and more. 
How much salary is good in Singapore? Here are the industry-wise average salaries in Singapore.

Experience-Wise Average Salary in Singapore 

Experience plays a significant role in determining salary levels across various industries in Singapore. Employers offer higher average salaries to candidates with substantial work experience and they value their expertise and skills gained over time.

Here's a breakdown of average yearly salaries based on years of work experience:

High Salary Jobs in Singapore

Some job profiles pay significantly higher Singapore average salary. Below is a list of the top highest-paying jobs in Singapore: 

Cost of Living in Singapore for Indians

The estimated cost of living in Singapore for an Indian family, excluding rent, is around SGD 4,700 to SGD 6,000 monthly for a family of four. 

Here is an overview of living expenses in Singapore for an Indian Family

Accommodation Expenses in Singapore

While calculating the cost of living in Singapore, accommodation expenses for an Indian family can be substantial. Whether opting for rental or purchasing property, costs vary based on property type, location, and amenities.

• HDB flats are budget-friendly options offering various sizes and amenities.
• Condo apartments offer additional amenities but come at a premium.
• Studio apartments are compact living spaces at lower costs, ideal for individuals or couples.

Food and Groceries in Singapore for Indian Family

The cost of living in Singapore for groceries can vary based on factors like the type of items, brand preferences, and where you shop. 

Transportation Cost in Singapore

Transportation costs are essential; choosing wisely impacts budget and lifestyle. Here's a breakdown:

Household Bills for a Family in Singapore

Essential utilities like electricity, water, and the internet are significant. Let’s see the expenses incurred for household bills in Singapore.

Entertainment Expenses in Singapore

Zeroing in on entertainment costs in Singapore is important as balancing work and leisure is vital for well-rounded living.

Job Opportunities in Singapore for Indian Students

Job opportunities in Singapore for Indian students are diverse and expanding in sectors like technology, finance, healthcare, and hospitality. Here are some key aspects to consider:

Average Salary Broken Down by Profession

Given below are the list of Singapore’s average salary broken down by profession:

Accounting is the highest-paying job in Singapore, with digital marketing coming in a close second.

Top Employers in Singapore 

Some of the leading employers in Singapore include the following: 

• Google
• 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
• Facebook 
• 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

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%, calculated at an interval of 16 months. It is 9% every 15 months in Singapore, which is relatively high compared to other nations.

According to the Mercer's Total Remuneration Survey (TRS) report, following is the incremental percentage that was observed in particular sectors:

• Aerospace- 4.5%
• Banking & Finance - 4.4% 
• Consumer Goods - 4.4%
• Real Estate- 4.3%
• High Tech - 4.1%
• Logistics - 4%
• Chemicals - 4%

Change in Salary with Years of Experience

Experience and compensation are directly proportionate to each other. It is believed that the more experience, the higher the compensation. Studies have proved that professionals with more than five years 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 specialties, individuals with two to five years of experience earn 32% more than freshers and juniors.

Following are the indicative figures of yearly salary increments according to a survey done by a  salary portal:

1. Junior Level- 3% – 5%
2. Mid-Career- 6% – 9%
3. Senior Level- 10% – 15%
4. Top Management- 15% – 20%

Bonus and Incentive Rates in Singapore

According to the latest quarterly employment outlook survey from recruitment firm ManpowerGroup Singapore, it was found 84 per cent employers in 2024 intend to award at least a month’s bonus to their employees.

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- 

This refers to one of the most common types of bonuses in which the employee is rewarded for excellent performance.

Bonus for Company Performance- 

Some businesses like to share their extra revenues and profits with their employees in the form of bonuses. The bonus amount will most likely be different 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.

Conclusion

In conclusion, the average salary in Singapore for Indian expatriates in 2024 reflects the city-state's robust economy and its status as a global business hub. While salaries vary by industry, experience, and qualifications, Indian professionals often find competitive compensation in sectors like finance, technology, and engineering. 

Singapore's meritocratic system ensures that talent and hard work are key determinants of remuneration, offering Indian expats fair opportunities to thrive in their respective fields. However, it's important to consider the high cost of living when evaluating salary packages.

Overall, for Indian professionals in Singapore, the blend of a strong economy, multicultural work environment, and high living standards continues to make Singapore an attractive destination for career growth and financial stability in 2024.