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Exploring Salaries in Singapore: What You Need to Know

Alright, buckle up as we venture into the fascinating world of money and salaries in Singapore. No time for lengthy introductions – let’s get straight to the good stuff!

Highest Qualification 2022 Median Monthly Income (Including Employer CPF Contributions)
Below Secondary $2,250
Secondary $3,276
Post-Secondary (Non-Tertiary) $3,276
Diploma & Professional Qualification $4,777
Degree $8,190


Starting off with the first point: Did you know that there’s quite a leap in salaries for degree holders? You probably knew this, but just to reiterate, fresh graduates with a degree earn around $4,200, while diploma holders start at around $2,600. What’s surprising is that both secondary and IT graduates start at the same salary. This could be because there are many entry-level jobs and gig economy roles out there. But here’s the kicker: when you look at those aged 30 and above, the salary gap for degree holders widens significantly.

For instance, at ages 30-34, the median income for degree holders is around $6,000 compared to $3,050 for diploma holders. By the time you hit 45-49, it’s $9,667 for degree holders and $4,704 for diploma holders. That’s more than twice the difference. So, yeah, having qualifications does seem to matter quite a bit.

Next up, brace yourself: nearly half of people in their 20s and 30s have a side hustle. It’s not that shocking considering the energy and time you’ve got when you’re younger. Surprisingly, around 48% of folks in their 20s are juggling a side gig. And guess what? Tutoring seems to be one of the most lucrative options, followed closely by sales gigs like financial advisory or real estate. The thing is, when it comes to sales, it’s not so much about your age or degree, but more about your ability to close deals.

So, even if you don’t have a degree, diving into sales or starting your own business could still be a solid way to boost your income. Plus, side gigs can help you figure out if you’re cut out for a certain industry.

Age Group 2022 Males’ Median Monthly Salary (Including Employer CPF Contributions) 2022 Females’ Median Monthly Salary (Including Employer CPF Contributions)
15 – 19 $1,404 $1,755
20 – 24 $2,788 $3,042
25 – 29 $4,437 $4,475
30 – 34 $5,850 $5,559
35 – 39 $7,020 $6,415
40 – 44 $7,605 $6,279
45 – 49 $7,605 $5,850
50 – 54 $6,338 $5,070
55 – 59 $4,560 $3,990
60 & Over $2,750 $2,384


Ever thought about the income gender gap? It’s not what you might expect. The median income for women in their 20s is actually higher than that for men in the same age group. For those aged 20-24, women make around $3,042 compared to $2,788 for men.

And it doesn’t stop there: one in four women actually earns more than their husbands. Yep, you heard it right. Some women are out-earning their partners by a significant margin. Kudos to them! This trend is on the rise and might hit around 30% by 2030. And you know what? It’s important to break away from those societal stigmas and celebrate women’s financial success.

Now, let’s talk about couples. Here’s an interesting one: When one partner has a median income, there’s a higher likelihood that their spouse earns less. But when it’s the woman with the median income, her partner tends to earn around the same.

Oh, high-income earners should be stress-free, right? Not quite. Turns out, a good chunk of those earning $10,000 or more a month still have unsecured debt. About 5% of high-income earners with private properties might even have to downgrade because of financial strain, and 12% are on the brink of missing their mortgage payments. So, it’s not just about how much you make; it’s also about how much you save and manage.

Now, let’s tackle the singles. You might think they’re acing the financial game with fewer responsibilities, but that’s not entirely true. According to one study, only about 62% of singles have investments, and 46% have regular passive income. When it comes to retirement planning, only 21% of singles are on track, compared to 31% of married folks. So, if you’re single and not saving well, it’s a good time for a reality check and some saving action.

Singaporeans, in general, save about 30% of their income. That’s a decent chunk, right? Surprisingly, even those under 20 with lower incomes save around 35%. But that rate tends to drop as people age. So, if you’re saving more than 30%, you’re doing great; if it’s less, it might be time to up your savings game.

And finally, seeking financial advice actually pays off. Those who take advice from professionals tend to have better financial outcomes than those relying solely on family, friends, or social media. It’s not about flashy success stories; it’s about practical, prudent planning.

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