Average Salary and Median Income in Singapore: Find Out how do You Compare in 2025

Singapore may be a small nation, but it’s a heavyweight when it comes to salaries and wealth. With more than 330,000 millionaires and the average wealth per Singapore adult at US$397,908, it’s clear that many here are doing exceptionally well. But what about the rest of us? What does the "average salary" truly look like, and where do you stand in comparison?

Whether you’re negotiating a raise, considering a job switch, or simply curious, understanding Singapore’s salary trends is more than just interesting—it’s empowering. This deep dive into average and median incomes will answer the questions we’ve all wondered: How much do people really earn, and how does your paycheck stack up against the rest?

Ready to see where you fit in? Let’s break it down.

There are two averages (mean and median)

Understanding the concepts of mean and median salaries is essential for interpreting income statistics in Singapore.

Mean Salary: This is calculated by dividing the total combined income of all individuals by the number of earners. It provides an overall average but can be skewed by extremely high or low incomes.

Median Salary: This represents the midpoint of the income distribution, where half of the earners receive more and half receive less. The median offers a clearer picture of the typical income, as it is less affected by outliers.

To illustrate these concepts, consider the following example of monthly salaries:

*Note: above table is just an example.

Calculating the Mean:

1. Sum of all salaries: S$2,500 + S$3,000 + S$3,500 + S$4,000 + 10,000 = S$23,000
2. Number of individuals: 5
3. Mean salary: S$ 23,000 ÷ 5 = S$4,600 

Calculating the Median:

1. Order the salaries from lowest to highest: S$2,500, S$3,000, S$3,500, S$4,000, S$10,000
2. Identify the middle value: The third salary in this ordered list is S$3,500, which is the median.

In this example, the mean salary is S$4,600, while the median salary is S$3,500. The higher mean is influenced by the S$10,000 salary, demonstrating how substantial incomes can elevate the mean, whereas the median remains unaffected by such extremes.

In Singapore, as of Q3 2024, the average (mean) monthly salary was S$6,138, including employer CPF contributions.

The median monthly income for full-time employed residents was S$5,500, inclusive of employer CPF contributions.

These figures highlight the distinction between mean and median salaries, and the importance of considering both metrics to gain a comprehensive understanding of income distribution.

Median gross monthly income from employment (including employer CPF contributions) of full-time employed residents

The table below presents the median gross monthly income of employed residents aged 15 and above in Singapore from 2014 to 2024:

Source: Labour Market Statistics and Publications, MoM

Between 2014 and 2024, Singapore's median monthly income rose from $3,770 to $5,500, marking a cumulative increase of approximately 45.9% over the decade. 

This translates to an annualized nominal growth rate of about 3.8%. After adjusting for inflation, the real annualized growth rate stands at approximately 2.2% per annum, indicating that residents experienced an average increase in purchasing power of 2.2% each year over the past decade.

The consistent rise in median monthly income, coupled with a positive real growth rate, reflects Singapore's robust economic health and its effectiveness in improving the financial well-being of its residents. This sustained income growth has contributed to an enhancement in purchasing power, underscoring the nation's commitment to economic development and prosperity.

Real vs nominal income in Singapore

Source: Labour Market Statistics and Publications, MoM

When discussing income growth, there are two key measures: nominal income and real income. The difference? Nominal income refers to wage growth without accounting for inflation, while real income adjusts for inflation, revealing whether your purchasing power has actually improved.

The reality of wage growth in Singapore

Singapore's wage growth trends highlight the widening gap between these two measures. In 2023:

• Nominal wage growth (including employer CPF contributions) increased by 5.2%.
• However, real wage growth—which accounts for inflation—stagnated at just 0.4%.

This means that while employees saw higher salaries on paper, inflation significantly eroded their purchasing power.

The disparity becomes even more evident when looking at basic wages (excluding CPF contributions):

• Nominal basic wage growth was 5.0% in 2023.
• Real basic wage growth, however, was nearly flat at 0.2%—a stark contrast to the previous years' trends.

What this means for you

While pay raises may look impressive, they don’t always translate to better financial well-being if inflation outpaces wage growth. A salary hike of 5% might seem substantial, but if the cost of rent, groceries, and healthcare rises at a similar or faster rate, you’re not actually better off.

In fact, 2023 was particularly challenging—real wages declined by 2.2%, meaning many workers effectively lost spending power despite receiving a nominal pay increase. However, preliminary estimates indicate a recovery in 2024, with real income growth rebounding by 3.4%.

With inflation pressures persisting into 2025, the real question is: Is your salary increase truly keeping up with the rising cost of living?

Median gross monthly income by age (including employer CPF) in Singapore (2024)

Source: Labour force in Singapore 2024, MoM

Income growth in Singapore follows a clear trajectory, peaking between the ages of 40-49, where median wages reach $7,498 before declining in later years. The sharpest increase occurs between 25-39, with wages rising from $4,680 to $7,049, reflecting career advancement and higher-value roles. Earnings plateaued in the 40s, with only a marginal increase from $7,049 (35-39) to $7,498 (45-49), suggesting that salary growth slows after reaching senior positions.

From 50 onwards, wages declined, dropping to $6,400 (50-54) and further to $4,731 (55-59), before settling at $3,052 for workers 60 and over. This reflects a shift toward part-time work, early retirement, or less senior roles as employees exit peak earning years. The median wage for those 60 and above is 57% lower than the peak income group, highlighting the financial challenges of late-career employment.

Median gross monthly income by occupation (including employer CPF) in Singapore (2024)

Source: Labour force in Singapore 2024, MoM

Income disparities across occupations in Singapore highlight the wage gap between PMETs (Professionals, Managers, Executives, and Technicians) and non-PMET roles. Managers & Administrators earn the highest median wage at $10,820, followed by Professionals at $8,363. The overall median income for PMETs stands at $7,308, more than double that of non-PMET roles ($3,000). Among non-PMETs, Clerical Support Workers ($3,510) and Service & Sales Workers ($3,107) earn slightly above the median, while Cleaners, Labourers & Related Workers ($2,070) fall at the lowest end of the wage scale.

The wage gap is stark, with the highest-earning group (Managers & Administrators) making 5.2 times more than the lowest-earning group (Cleaners & Labourers). Technicians & Associate Professionals ($4,735) earn significantly below the PMET median, despite being categorized within the same broad group. Meanwhile, skilled trades such as Craftsmen ($3,072) and Plant & Machine Operators ($2,683) earn comparable salaries to service workers. These figures reflect the premium placed on higher-skilled roles and professional qualifications in Singapore’s job market.

Median gross monthly income by age & occupation (including employer CPF) in Singapore (2024)

Source: Labour force in Singapore 2024, MoM

Income progression by age and occupation in Singapore reveals distinct earning trajectories. Managers consistently earn the highest salaries across all age groups, starting at $6,669 (25-29) and peaking at $12,156 (45-49), before declining to $8,612 for those 60 and above. Professionals follow a similar trend, with median wages rising from $6,067 (25-29) to $9,999 (50-54), maintaining relatively high earnings into the later years. PMETs as a group experience steady income growth, reaching a peak of $9,351 (45-49) before declining to $6,230 beyond age 60.

For clerical support workers, wage progression is significantly flatter. Salaries increase modestly from $3,264 (25-29) to $3,900 (50-54), then slightly decline to $3,220 in the later years. This contrasts sharply with managerial roles, where wages more than double over a career. The data highlights the long-term financial advantage of higher-skilled professions, with PMETs and managers seeing strong wage growth through their peak working years, while clerical roles remain relatively stagnant.

Median gross monthly income by industry (including employer CPF) in Singapore (2024)

Source: Labour force in Singapore 2024, MoM

Income distribution by industry in Singapore highlights significant wage disparities, with Financial & Insurance Services offering the highest median salary at $8,736, followed by Information & Communications ($7,605) and Professional Services ($6,900). These industries, which typically require specialized skills and advanced qualifications, maintain a strong earnings advantage over sectors like Accommodation & Food Services ($2,974) and Administrative & Support Services ($3,296), where wages are significantly lower.

Traditional sectors such as Manufacturing ($5,860) and Wholesale & Retail Trade ($5,070) offer mid-range salaries, while Construction ($4,914) and Real Estate Services ($4,908) remain close to the median. Notably, Public Administration & Education ($7,032) ranks among the higher-paying industries, reflecting stable career progression and structured pay scales. The sharp contrast between top-earning and lower-income industries underscores the value of professional qualifications and sectoral demand in shaping income potential.

Income distribution in Singapore (2023)

Income inequality in Singapore remains a significant concern, as evidenced by the distribution of taxable incomes among residents and non-residents for the Year of Assessment (YA) 2023. The data reveals a pronounced disparity between the highest and lowest earners, highlighting the challenges in achieving equitable income distribution.

Source: Data.gov.sg

Income inequality in Singapore remains a pressing issue, as shown in the Year of Assessment (YA) 2023 data on taxable incomes. The distribution reveals a stark contrast—8,903 individuals reported annual incomes exceeding $1 million, while 61,258 taxpayers earned $25,000 or less. The majority of residents fall within the $30,001 to $100,000 range, indicating a strong middle-income group, but the sharp divide between the top and bottom earners highlights the persistent challenge of wage disparity.

Singapore’s Gini coefficient—a measure of income inequality—stood at 0.433 before government transfers and 0.371 after redistributive policies, reflecting the role of taxation and social support in narrowing the wealth gap. The government employs progressive taxation, CPF contributions, and targeted subsidies to support lower-income households, but economic shifts and cost-of-living pressures continue to test financial inclusivity. While Singapore maintains a competitive, merit-based economy, addressing income disparity remains crucial for long-term social cohesion and economic sustainability.

Securing your future: Earning well is just the first step

Your salary determines your lifestyle today, but true financial security comes from growing your wealth over time. While salary progression is important, inflation and rising costs can erode your purchasing power if your money isn’t working for you. The key isn’t just to earn more—it’s to invest strategically so that your wealth grows beyond what your paycheck alone can provide. No matter where you stand on Singapore’s income scale, smart investing can help bridge the gap between your earnings today and financial freedom tomorrow.

That’s where StashAway comes in. With expertly managed portfolios and diversified investment options, StashAway helps you turn your income into long-term wealth—without the stress of market timing. Whether you're looking to preserve your purchasing power, grow your savings, or plan for retirement, investing with StashAway ensures that your money is working as hard as you do. Because securing your future isn’t just about what you earn—it’s about what you do with it.