In Singapore, obtaining a precise understanding of your financial position compared to your peers is made effortless by utilizing this resource. Unlike typical income surveys, which may lack accuracy, the data presented here is sourced directly from income tax filings submitted to the Inland Revenue Authority of Singapore (IRAS), ensuring a high level of reliability.
Through the IRAS auto-inclusion scheme, the majority of salaried employees have their income seamlessly reported by their employers, further enhancing the credibility of the information provided.
Furthermore, due to the severe repercussions associated with tax evasion and fraud, the data offered by IRAS remains one of the most trustworthy sources for evaluating income distributions. By simply inputting your IRAS assessable income, encompassing all revenue streams such as salaries, commissions, bonuses, part-time earnings, director’s fees, and rental income, you can readily discern your standing among all resident taxpayers in Singapore. This tool offers a comprehensive and accurate reflection of your financial status within the broader tax-paying community
Annual Income Comparison in Singapore
To assess your annual income in comparison to other taxpayers in Singapore, including all sources such as salaries, commissions, bonuses, part-time remuneration, director’s fees, and rental income, simply input your IRAS assessable income below. The tool will then illustrate your position relative to all resident taxpayers:
- With an annual income of $30,000, you surpass 9.8% of all resident taxpayers.
- At $40,000 annually, you exceed 27.4% of all resident taxpayers.
- Earning $50,000 annually places you higher than 40.5% of all resident taxpayers.
- A $60,000 annual income exceeds that of 50.3% of all resident taxpayers.
- If your annual income is $70,000, you outearn 57.8% of all resident taxpayers.
- At $80,000 annually, you surpass 64.0% of all resident taxpayers.
- With an annual income of $90,000, you earn more than 68.6% of all resident taxpayers.
- An income of $100,000 places you higher than 73.1% of all resident taxpayers.
- At $110,000 annually, you exceed 75.5% of all resident taxpayers.
- With a $120,000 annual income, you surpass 78.0% of all resident taxpayers.
- Earning $130,000 annually places you higher than 80.4% of all resident taxpayers.
- An income of $140,000 places you in the top 82.9%, and $150,000 in the top 85.4%.
- With $160,000, you’re in the top 86.5%, and with $170,000, you’re in the top 87.6%.
- An income of $180,000 places you higher than 88.7% of all resident taxpayers.
- At $190,000, you exceed 89.9% of all resident taxpayers.
- With an annual income of $200,000, you surpass 91.0% of all resident taxpayers.
- Earning $250,000 annually places you higher than 93.4% of all resident taxpayers.
- An income of $500,000 places you in the top 98.5%.
- Finally, your yearly earnings of $700,000 exceed those of 99.0% of all resident taxpayers.
Let’s delve further into these income percentiles and thresholds. Suppose you earn $100,000 annually, placing you within the 73.1st percentile. This indicates a slight decrease of 1.3% compared to the previous year’s data, where you would have been situated at the 74.4th percentile using an older version of this tool.
To ascend into the upper echelons of income earners, breaking into the top 10% now requires an annual income of $191,000, up from the previous threshold of $186,000. Similarly, to join the coveted top 5%, your annual earnings should now reach $284,000, compared to the previous benchmark of $278,000.
Striving for even greater financial attainment, an annual income of $439,000 now places you firmly within the esteemed top 2%, while reaching $696,000 catapults you into the prestigious top 1%.
It’s essential to note that individuals earning $20,000 and below are exempt from income tax and therefore do not factor into the comparison above. This emphasizes the importance of considering the broader socioeconomic landscape when analyzing income distributions and thresholds.
The 6 Highest Paying Jobs in Singapore
If you’re aiming for a substantial income, exploring the responsibilities of high-paying jobs in Singapore is essential to grasp the intricacies of these roles and their corresponding salaries.
Many of these top-earning positions demand finely-honed skills, unwavering dedication, and the ability to remain composed under pressure. While not everyone may envision themselves thriving in such demanding environments, for those willing to embrace the challenge, understanding these lucrative fields is paramount for achieving career aspirations. Drawing on data from the 2021 Ministry of Manpower (MoM) Occupational Wage Survey, we delve into some of the highest-paying jobs in Singapore and what makes them highly valued.
- General practitioners and medical specialists: With Singapore’s healthcare system ranking among the world’s best, medical professionals command substantial wages, especially given the pressures intensified by the COVID-19 pandemic. General practitioners and physicians earn a gross median monthly wage of $20,000, while specialist medical practitioners earn $21,389, reflecting the rigorous training and crucial decision-making inherent in these roles.
- Sales manager: Highly skilled sales managers are indispensable in devising and executing strategies to meet revenue targets, particularly in sectors like telecommunications, broadcasting, and publishing. With a gross median monthly wage of $18,750, these professionals must possess an in-depth understanding of their products, adept leadership capabilities, and the ability to effectively communicate the value proposition to clients.
- Financial services manager: Strong analytical skills coupled with exceptional communication abilities are essential for success in this role, which involves overseeing a company’s financial operations and client accounts. With a gross median monthly wage of $10,309, financial services managers play a pivotal role in driving organizational success through strategic planning and client relationship management.
- Technical and engineering services manager: Responsible for overseeing complex projects and ensuring the efficiency of technical and engineering operations, these managers command a gross median monthly wage of $9,967. Their roles encompass project management, employee training, and policy implementation to enhance performance and mitigate risks.
- Transport business development manager: As the logistics industry evolves, business development managers play a crucial role in maximizing company performance by securing new clients and managing transport operations. With a gross median monthly wage of $10,463, these professionals must excel in strategic planning, relationship management, and operational optimization.
- Industrial and production engineers: With a focus on coordinating the design, construction, and maintenance of complex equipment, industrial and production engineers play a pivotal role in driving manufacturing efficiency. These specialists command a gross median monthly wage of $7,737, leveraging their technical expertise to enhance productivity and streamline processes.
Understanding the intricacies of these high-paying roles equips individuals with the insights needed to chart a successful career path in Singapore’s competitive job market.
Disclaimer
Every effort has been made to ensure the accuracy of the information provided, but no liability will be accepted for any loss or inconvenience caused by errors or omissions. The information and opinions presented are offered in good faith and based on sources considered reliable; however, no guarantees are made regarding their accuracy, completeness, or correctness. The author and publisher bear no responsibility for any losses or expenses arising from investment decisions made by the reader.
