Disclaimer: Unless otherwise stated, any opinions expressed below belong solely to the author. Data sourced from the Ministry of Manpower.
Singapore’s Ministry of Manpower has just updated its probably most accurate statistical list of salaries in Singapore, which is used to benchmark foreigners applying for local Employment Pass.
These tables are based on salaries drawn by local PMETs, which are used to gauge how many points on the COMPASS scale foreign EP applicants can be granted.
As a result, we are provided with a very detailed breakdown of how much Singaporeans earn by age and industry.
I have extracted the incomes of the Top 10% of workers in each of them, to show you how much you could potentially earn if you’re among the elite in your particular business.
Salaries at the 90th percentile (top 10% of workers) among local PMETs
(Professionals, Managers, Executives, and Technicians)
| Industry | 25 years | 30 years | 35 years | 40 years | 45 years & over |
|---|---|---|---|---|---|
| Accommodation | S$6,298 | S$7,860 | S$9,422 | S$10,984 | S$12,546 |
| Administrative & Support | S$9,322 | S$11,349 | S$13,376 | S$15,403 | S$17,429 |
| Air & Sea Transport | S$10,727 | S$13,786 | S$16,845 | S$19,904 | S$22,963 |
| Arts, Entertainment & Recreation | S$7,690 | S$9,984 | S$12,278 | S$14,572 | S$16,865 |
| Banking & Other Financial Services | S$12,819 | S$17,473 | S$22,128 | S$26,783 | S$31,437 |
| Construction | S$7,386 | S$8,724 | S$10,061 | S$11,399 | S$12,736 |
| Education | S$7,582 | S$9,382 | S$11,181 | S$12,981 | S$14,780 |
| Food & Beverage Services | S$6,280 | S$7,483 | S$8,687 | S$9,890 | S$11,094 |
| Fund Management Activities & Other | S$15,635 | S$22,151 | S$28,667 | S$35,183 | S$41,699 |
| Health & Social Services | S$8,480 | S$10,620 | S$12,761 | S$14,901 | S$17,041 |
| Info-communication Technology | S$11,178 | S$14,204 | S$17,231 | S$20,257 | S$23,283 |
| Insurance, Reinsurance, Provident & Pension | S$10,610 | S$14,685 | S$18,760 | S$22,835 | S$26,909 |
| Land Transport & Logistics | S$7,666 | S$9,498 | S$11,331 | S$13,163 | S$14,996 |
| Manufacturing | S$8,703 | S$10,916 | S$13,129 | S$15,342 | S$17,556 |
| Media | S$8,467 | S$11,020 | S$13,574 | S$16,127 | S$18,680 |
| Other Community Social & Personal Services | S$8,020 | S$9,771 | S$11,522 | S$13,273 | S$15,024 |
| Professional Services | S$11,014 | S$14,316 | S$17,618 | S$20,920 | S$24,223 |
| Public Administration & Defence | S$10,153 | S$12,600 | S$15,047 | S$17,494 | S$19,940 |
| Real Estate Services | S$10,899 | S$13,010 | S$15,120 | S$17,230 | S$19,341 |
| Retail Trade | S$7,288 | S$8,431 | S$9,574 | S$10,717 | S$11,860 |
| Utilities & Other Goods Producing Industries | S$9,947 | S$12,194 | S$14,440 | S$16,687 | S$18,933 |
| Wholesale Trade | S$9,686 | S$12,575 | S$15,465 | S$18,354 | S$21,244 |
At the bottom end, the best young PMETs in Accommodation can still earn nearly S$6,300 per month, which is above the national median of S$5,775.
The top end is set by 45+ year olds working in specialised Fund Management Services, within the financial sector, where they make over S$500,000 per year.
Interestingly, 1 in 10 of the 25-year-olds in that industry is already paid over S$15,000 per month. That said, Fund Management is a bit of an outlier, so let’s look at other industries.
Six-figure annual incomes are possible everywhere in your mid-30s, within a decade or so after graduation. If you’re really good, your financial situation should be quite comfortable by then.
At 40 years old, every single one of them pays S$10,000 per month or more (Food & Beverage Services come in at S$9,890, close enough to qualify). In Finance, Insurance, IT, Professional Services and Air & Sea Transport, you can aim for S$20,000 and above. In Wholesale Trade, you can get there by age 45.
The most revealing finding here is that there is decent money to be made in every sector of Singapore’s economy. None of them is significantly lagging behind the rest, although, of course, the most money is offered to those working in skyscrapers down in the CBD.
But you don’t have to be a banker to bring home more than S$100,000 each year. There’s potential for that everywhere (as a PMET), and you don’t have to slave away into your 50s to get there.
You just have to be in the Top 10% in your industry.
- Read other articles we’ve written on Singaporean businesses here.
Featured Image Credit: Alamy
