Average salary in Singapore for foreigners and locals. Rating of in-demand and highly paid vacancies

Economic situation in Singapore

Between the 1960s and 1980s, Singapore's manufacturing industry rapidly developed, attracting various foreign investments and developing cooperation with multinational companies.
This created the basic foundation for further growth, and today Singapore represents one of the most developed, advanced and technologically driven economies in the entire world. At the same time, the tourism sector also developed. Already in 2010, Singapore became the third country in the economic growth ranking when real GDP growth rate was taken into account. At that time, GDP growth was 14.471%, which was significantly higher than in most developing countries in the world.

Singapore is characterized by the following features:

1. Mixed economy . The country advocates free market practices and policies, but there is a strong sense of government intervention in macroeconomic management.
2. Innovative economic system . In such a system, the market and the state have equally strong roles in government, which allowed the concept of the Singapore model to be formed.

The Singapore model was the result of a need for this. This state is characterized by a rather small domestic market, and this has led to the need to open the economy to foreign markets. Otherwise, the country's economy would not have received adequate development! Thus, we can say that the investment climate in Singapore is quite favorable for foreign investment.

But foreign markets place the country’s government in a certain dependence, and this leads to the emergence of vulnerabilities. This ultimately requires the development of appropriate policies aimed at protecting the state from various disturbances in the world market. The government encourages and actively funds the development of new industries in Singapore to meet the needs of the global market.

Salary in Singapore

Since the state has a very well developed economy, wages are at a fairly high level. This is understandable and understandable, since the market economy significantly influences this indicator. Singapore salary data is based on 25,000 bonus, salary and hourly wage reports anonymously submitted by employees who live and work in the country.

Photo: https://pixabay.com/photos/money-transfer-hands-pay-wage-3965448/

Are you considering moving, working or investing in Singapore? Check out official data on average and minimum wages in Singapore to understand the economy of this advanced Asian city-state. It is very important to remember that there is a lot of competition among job seekers in the state, therefore it is necessary to have the appropriate education to get a job, and knowledge of different languages ​​will also be a plus, which will allow you to negotiate with foreign partners and representatives of various organizations in the business field.

Minimal salary

Singapore ranks highly in terms of ease of doing business, as well as in terms of living standards. Let's take a look at the minimum wage data and see why Singapore is one of the most attractive countries in the world for foreign workers.

Unlike many highly developed countries, Singapore does not have an official minimum wage , and this is the main difference in this regard to the Singaporean economic model. This, in fact, is one of the reasons for such dynamics of the country’s economy, as experts note. Flexible economic policies have helped Singapore achieve a very low unemployment rate - just 2.3 percent of the state's unemployed were in March 2021, according to official studies.

However, in Singapore there are a few exceptions where the concept of a minimum income applies. The minimum wage in Singapore for cleaners is currently SGD 1,000, which is approximately US$750. This indicator can be considered an eloquent characteristic of the lowest wages in the territory of a given state.

Average income level of the local population

The average salary in Singapore today is about $4,000 per month . In the country of Singapore, the average salary is one of the highest in Asia. The country launches new projects every year, and also attracts more and more international corporations that have their headquarters in this city-state.

In Singapore, the average monthly salary does not have any exact restrictions, therefore it is calculated only according to mass research and surveys among people who work in Singapore. The indicator is growing every year, and this is also a characteristic feature of the state’s economy.

Maximum salary

There is no specific limit that sets the maximum salary in Singapore. It can only be noted that wages in the country are growing every year, and a person with extensive experience and a good position can reach 110,000 Singapore dollars (80,790 US dollars). However, for this you need to work a lot, develop and have a good education, because otherwise, most likely, your earnings will be no more than 32,000 Singapore dollars (23,500 US dollars), as for beginners and inexperienced specialists.

Photo: https://pixabay.com/photos/singapore-money-note-currency-sgd-1821535/

The highest paying professions in Singapore

Among the most popular professions, the following positions can be listed:

Salaries in Singapore by profession are quite different and depend not only on the position, but also on length of service and work experience.

How much does it cost to live in Singapore How expensive are housing, transport and food in the Asian metropolis?

Housing

from 150 thousand rubles per month
Victoria lives in Singapore with her husband and children. They rent a four-room apartment on the East Coast: five minutes by taxi from Marina Bay Sands and 10-15 minutes to the main shopping street Orchard Road. It costs 5,400 Singapore dollars per month (or more than 266 thousand rubles), and for this they had to bargain - the usual price was 7,500 dollars, that is, more than 314 thousand rubles. This is a house with its own parking, swimming pool, gym, court, barbecue area and recreation area. Around the house there are two parks and an underground passage to the East Coast Park embankment. The deposit for an apartment is usually left in the amount of two months' rent for the apartment - that is, 10,800 dollars (453 thousand rubles). Typically the rental contract is for two years.

On the Airbnb website, a one-room apartment in the center costs from 3,600 Singapore dollars (150 thousand rubles). A family of four pays approximately $400 a month (about 17 thousand rubles) for utilities. Singapore buys water from Malaysia but uses its own treatment systems. Water can be drunk from any tap. There are free water stands everywhere throughout the city.

Transport

0–600 rubles per trip

Singapore has clean and uncrowded public transport. Local residents actively use the bus, metro and taxi. They are paid for trips using a special EZ-Link card. It can be used in any transport, and you can also pay for purchases at the 7/11 store. The fare depends on the distance. Up to 1 kilometer - free. The metro is more expensive than the bus. You can get from one end of the city to the other by metro for 3 dollars (125 rubles). If you change two or three types of transport within 30 minutes, then you only pay for the first one (the card is attached, but no money is debited from it). City taxis are equivalent to public transport, as they are cheap compared to other countries (5–15 dollars, or 210–630 rubles). Uber is cheaper.

The cost of parking varies greatly depending on the location - from 3 to 20 dollars for three hours (125-840 rubles). Almost all roads are tolled - from 1-4 dollars per kilometer (42-168 rubles) depending on the time of day. Buying a car will be expensive: every six months you need to undergo expensive maintenance, pay for road tolls and parking. It's cheaper to take a taxi. There are no traffic jams. A rental car costs from $1,500 per month (almost 63 thousand rubles).

Medicine

from 1,700 rubles per appointment

There is no free one for anyone. A doctor's appointment costs from 40–350 dollars (1,700–14,700 rubles) depending on the clinic. You can use life and health insurance.

Products

from 30 thousand rubles per month

Victoria’s family spends $1,500–1,700 (63–71 thousand rubles) per month on food for four people. It is convenient to shop at the large Mustafa shopping center (an Indian supermarket where you can find everything from organic products to socks). Milk, for example, costs from 4–8 dollars (168–336 rubles) depending on the brand. You can buy groceries online at RedMart.

Entertainment

from 10 thousand rubles per month

Tickets for concerts start at $100 and above (4,200 rubles). You can get into Formula 1 by paying from 400 to 10,000 dollars (17-420 thousand rubles). A Coldplay concert costs from 350 to 1,800 dollars (14.6–75.5 thousand rubles). Entrance to the nightclub is $30 (1,260 rubles), one cocktail is included in the price. On Wednesdays, almost everywhere until midnight, girls are given free cocktails or offered a 50% discount. A movie ticket will cost from 11 to 39 dollars (460–1,640 rubles). A massage costs 90–250 dollars (3.8–10.4 thousand rubles.

A trip to a cafe will cost from 30 to 100 dollars (1,260–4,200 rubles), to a restaurant - from 100 dollars and more. Every large store has a food court where you can try food from all Asian countries, the price is from 2 to 10 dollars (84-420 rubles) per dish.

Cover: Joan Campderrós-i-CanasFollow – flickr.com (CC BY 2.0)

Ratio of income and expenses of the population

In order to understand the ratio of income and expenses, it is worth considering prices in Singapore. The average prices for products are approximately as follows:

• 1 kg of rice - 3.5 Singapore dollars (2.5 US dollars);
• 1 liter of milk - 3 Singapore dollars (2.2 US dollars);
• 12 chicken eggs - 2.5 Singapore dollars (1.8 US dollars);
• white bread - 2 Singapore dollars (1.5 US dollars).

Photo: https://pixabay.com/photos/egg-straw-food-eat-healthy-edible-2048476/
You will have to pay the following amounts for transport services:

• taxi ride around the city - from 15 Singapore dollars;
• metro ride - from 0.8 Singapore dollars;
• a bus trip will cost 1.5 Singapore dollars;
• A river taxi will cost about 6 Singapore dollars.

Rental prices vary greatly and depend on the type and condition of the property, as well as where the property is located. It is possible to find apartments in ordinary areas from S$500, but luxury apartments in a prestigious area will cost S$8,000.

Generally, the population spends only 10% of wages on other expenses. These figures are approximate, but they give a rough picture of the standard of living of a person in Singapore. In general, the standard of living in the country is quite high, so we can say that the majority of the population does not experience serious problems with income.

Minimum wage

Singapore does not legislate a minimum wage. Apparently, nothing in this direction will change in the current 2021. The nuance is that the state does not consider it possible to interfere in any market processes. All this adds up and gives a very positive result.

First of all, Singapore boasts the lowest unemployment rate. There are only 2.2 percent of people who do not have a permanent income. Interestingly, the number of available vacancies is quite large - with a population of just over 5,500,000, there are almost 60,000 open.

In Singapore, the salary level is regulated solely by the concluded employment agreement. If we talk about the smallest incomes, then they do not exceed 750 US dollars - this money is barely enough to rent housing.

Payroll taxes

Citizens in Singapore must pay taxes on wages received, regardless of how much a person earns. At the same time, the tax system is quite flexible for migrants who come to Singapore to develop their own business, since the country has very low tax rates.

In total, you will have to pay from 0% to 27% of tax payments, and here you need to take into account that the formula may include different parameters:

1. Income tax. This tax can be up to 20%, and is paid based on the calculations for the previous year.
2. Property tax. They pay 4% on property, 5% on land plots, and 10% tax on the market price of a real estate property.
3. Tax on purchases. The tax on goods and services is 7%, and when buying a car - up to 10%.

At the same time, there are no taxes on profits that were received outside the country, and capital gains are not taxed. This provides very favorable conditions for business development, as it significantly reduces tax payments for enterprises and companies.

Work for foreigners

Are you really planning to work and live abroad temporarily or permanently? To do this, you can use various job search resources on the Internet. An excellent choice for foreigners would be employment in the fields of international trade and biotechnology.

Photo: https://pixabay.com/photos/kitchen-work-restaurant-cook-chef-731351/

Singapore was ranked as the country with the “best quality of life” in Asia for 2007 by the Business Environment Risk Intelligence 2007. It is not only the efforts of local residents, but also the contribution of foreign investment, companies and workers that help grow the economy.

Requirements for a candidate

Getting a job in Singapore is quite difficult, since there is a lot of competition among foreigners who come to work. That is why, in order to find a profitable job with development prospects, you need to get a decent education and prove that you are really a good specialist in your field. A good education will be the key to further successful development in Singapore!

Otherwise, you will have to work in rather unprofitable and low-paid positions, which mainly relate to the service sector. Since English is one of the country's main languages, most of the job positions do not require speaking Chinese or Malay. However, if you want to occupy a leadership position, you will also have to learn additional Malay and Chinese languages ​​in order to communicate freely with representatives of different nationalities, as well as negotiate with foreign and local corporations.

The most in-demand professions

We can say that the most popular professions in Singapore are marketers and programmers. This is understandable, since the information technology sector is very developed in the country. However, it is quite possible to find a good job in other industries, and it is very important to note here that the country has good prospects for development and increasing one’s own income, depending on the length of service and work experience.

There is also a huge demand for low-skilled labor in Singapore. These jobs are mainly filled by citizens of other, less developed countries, and this plays an important role in the development of Singapore's economy. The country is also known as one of the world's largest financial centers and the sector has great potential for economic and enterprise development.

Salary for a foreigner

These specialists can receive salaries from $34,893 to $70,914 per year, depending on the situation. Singapore has very developed information technologies, as well as education and banking.

In-demand professions for foreign specialists in Singapore

Citizens who are planning to look for any low-skilled jobs in Singapore will be disappointed. Similar vacancies are successfully filled by neighbors from the Philippines, Indonesia and Malaysia. If we talk about in-demand professions in Singapore for citizens from the CIS, they are divided into three types: service sector, IT and finance.

Musicians, dancers, and hotel managers are needed here. As in the Middle East, many local hotels choose to hire part of their staff from European countries. And this is where our compatriots are in demand.

Professionals who are highly qualified in the financial sector or those who are experienced software developers can also try to find employment in Singapore. There are many large and small companies operating in this country, both in IT and among banking institutions.