Salaries for expats in Singapore
"What can I expect to earn working in Singapore?"
Skilled expats looking to relocate to the eastern economic giant of Singapore can anticipate high wages and a great quality of life. Although expat jobs in Singapore are usually reserved for high-level professionals with plenty of experience under their belts, the optimistic economic climate in the city-state is opening doors for younger foreign workers as well.
Expat jobs and salaries in Singapore
For high wage earners, Singapore presents one of the most attractive expat destinations in the world. According to the latest HSBC Expat Explorer survey, a whopping 45 percent of expats in Singapore earn over S$250,000 (~200,000 USD) per annum (the global average is just 21 percent). Key industries for expats in Singapore include finance (employing 29 percent of Singapore's expat population), construction and manufacturing; though there has been significant recent growth in the advertising and marketing sectors, as well. To drive home the point that the majority of expat jobs in Singapore are filled by well-established professionals, roughly 73 percent of expats working in Singapore are aged between 35 and 54.
Some typical gross monthly wages in Singapore include:
- For an IT systems Manager, S$6,300;
- For an industrial engineer, S$4,400;
- For a financial accounts manager, S$5,600;
- For a creative director at an advertising agency, S$7,300;
- And for a high-flyer in the banking and financial services sector, at least S$15,000.
Please note that these figures are Singaporean averages – highly skilled expats with extensive experience in their fields will command larger salaries than this.
Saving money in Singapore
The good news for expats is that 62 percent of expats polled by HSBC say that they have more disposable income in Singapore than in their country of origin. The bad news is that this statistic is only encouraging for those expats who have the necessary qualifications and expertise to land high-paying jobs: 72 percent also claim that they spend more on accommodation in Singapore than they did back home, and 60 percent claim the same is true for food and drink.
The issue of whether you will be able to save money in Singapore depends, therefore, on three considerations: firstly, whether you qualify as a potential high earner or not; secondly, on the kind of lifestyle you wish to lead in Singapore; and thirdly, whether your company will provide any housing/transport/schooling allowances in your contract or not.
The cost of living in Singapore is high. For expats wishing to leave even semi-voluptuary lifestyles (a modern apartment, a car, buying clothes, eating out regularly), a conservative monthly budget would be in the region of S$7,000. Of course, if you're willing to live in a shared apartment, use public transport, eat most of your meals at home and abstain from treating yourself too much, this figure can come down – but S$3,600 will probably be the absolute minimum monthly expenditure for expats to cover their bases in Singapore. For those expats relocating to Singapore with children, unless you're coining it, public schools will be the only affordable option.
Therefore, it's important when discussing your salary expectations with your prospective employer to try and negotiate some kind of housing/transport/schooling allowance in your salary package. Many Singaporean employers choose instead to offer higher wages, and let the employee manage their own household budgets. Whichever way it works, be sure to do plenty of research, and to only accept an offer that will support the kind of lifestyle you wish to lead in Singapore.
