Your age and salary are closely linked as you progress through your career. As you gain more experience in the workplace, you will gain skills and value as an employee, and your salary expectations should follow in line with this increase.
There’s a direct correlation between age and salary – for most of your life they will increase together as you build new skills and increase your potential. But it also depends on several variables such as your industry, development and even gender.
Here’s what you need to know:
Average Wage Growth in Singapore
The average annual salary in Singapore is 90,599 SGD. The most typical earning is 48,904 SGD. According to salary surveys in Singapore, most employees’ yearly earnings will tend to increase from their 20s to their 30s, reaching a plateau in their early 40s.
The number tends to rise again from the late 40s to the late 50s, dropping again slightly towards retirement age (early 60s).
The table below shows how the average Singaporean salary changes over time:
Age Group | Average Gross Salary/ Year |
21-25 | 44,975 SGD |
26-30 | 62,180 SGD |
31-35 | 89,824 SGD |
36-40 | 116,506 SGD |
41-45 | 131,420 SGD |
46-50 | 145,616 SGD |
51-55 | 168,576 SGD |
56-60 | 158,733 SGD |
61-65 | 132,387 SGD |
Other Factors that Influence Salary Growth
These factors play a significant role in determining how much you should be earning throughout your career.
- Education: A Doctorate Degree is the highest-paid qualification in Singapore. Employees holding a doctorate may earn a salary of up to 135,872 SGD. The second-best paid education level is a Master’s Degree, with an average of114,911 SGD.
- Experience: The years spent on the job also affect your salary. For example, Singaporean workers with 20 or more years of experience earn an average salary of 145,793 SGD.
- Gender: In Singapore, the average annual salary for men is 104,955 SGD, while women receive an average salary of 80,817 SGD.
- Industry: The highest-paid careers are those in management and business (with an average income of 132,184 SGD), followed by insurance (with an average income of 121,385 SGD).
Average salary by age also differs depending on your location. Read some of our previous blog posts to compare the average earnings in Singapore to those in the United Kingdom, the USA and Australia.
Does More Pay Equal More Happiness?
While earning a good salary plays an important role in overall job satisfaction, it’s not always the thing employees want the most.
A recent study showed that 42% of Singaporean employees are naming flexibility to work from home as their top value in a post-pandemic world. Other values and initiatives in demand in the Singapore workplace today include:
Salary protection: 61%
Training opportunities: 44%
Health policies and safety protocols: 39%
Job security: 37%
Health insurance: 34%
The Road to Success
No matter your age or experience there’s always room to grow. Your salary and potential earnings will increase automatically as you improve your skills and knowledge, but there are a few ways you can increase it right now:
1. Negotiate a salary raise
Keep details of your achievements at work and use them as leverage when negotiating a salary increase.
2. Research and compare your salary
Know how much your skills are worth and compare your salary with the industry average for an overview.
3. Become an expert
Consider training or studying short courses to become more knowledgeable in your industry.
The moral of the story? Keep improving your worth, learning from great mentors and studying your niche to enjoy success throughout each stage of your career.
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