Disclaimer: Unless otherwise stated, any opinions expressed below belong solely to the author. Data sourced from the Ministry of Manpower.
It’s time for another chapter dissecting the latest data published by the Ministry of Manpower. Earlier this month, we looked at the breakdown of earnings by age and industry, on the basis of statistical brackets that Singapore is using to evaluate foreign professionals (PMET) in relation to locals.
Besides providing the Top 10%, another set of tables contains data for Top 35% (or little over one-third) of local earners, complete with age and industry breakdown.
This means that we know specifically how much the best-paid PMET workers receive per month, and how it evolves over time.
Which industries are paying the most? Which are paying good money the earliest?
Such a breakdown is, arguably, more useful to more people than the incomes of the highest-earning 10%. More workers can realistically aspire to be among the Top 35% in their industry, and there are quite a few good career options available.
Please note that these are cut-off figures, so, the 35% earn at least that much or more. These numbers include overtime and bonus payments, as well as CPF.
Salary at the 65th percentile (top 35% of workers) among local PMETs
(Professionals, Managers, Executives, and Technicians)
What comes as a surprise to nobody, the top three places are dominated by two financial sectors and ICT, which are very generous to 30 and in some cases even 25-year-olds. But, as you can see, there is no shortage of opportunities in other industries as well.
Public Administration is paying handsomely too, as do Insurance and Professional Services, but also Air & Sea Transport, Utilities, Trade, Manufacturing and even Education.
While 30-somethings can generally hope for five figure monthly salaries only in Finance, IT and Administration, they can come close to six figures per year, crossing S$100,000 annually, in a few more.
It’s worth observing that a large number of people are getting paid well in most industries, with the exception of those known for poor-margins and stiff competition, like F&B, Accommodation and Retail.
The notion that you have to work down in one of CBD skyscrapers to make good money isn’t necessarily true. What’s more is that you’re likely to succeed in a business that you find more aligned with your interests, and the figures show that you can have good career no matter the path you pick.
So, it might make more sense to follow what you enjoy, knowing that good money can be found almost everywhere, and it is not reserved to some narrow, small elite at the top. You just have to be a bit better than average.
You still have to climb that ladder, of course, but it might be shorter than you thought.
