The Top 10 Highest Paying Jobs in Singapore
Money isn’t everything, but having a high paying job can’t hurt. In our Decoding Global Talent report, respondents from Singapore wrote financial compensation as their third top priority among job preferences, rising three spots from sixth in 2018. Meanwhile, financial stability became a fifth top priority, up from being seventh in 2018.
The ongoing global pandemic has encouraged many individuals to save money for a rainy day. According to a survey by online personal finance platform Singsaver, one in three Singaporeans’ relationship with money improved since the pandemic began. The respondents cited economic recession and change in personal goals as factors that influenced their financial habits.
Singaporeans can expect pay raise in 2022
Employers are taking note of their workers’ needs. Mercer’s 2021 Total Remuneration Survey found that to combat high attrition rates, employers are now looking at financial incentives to attract and retain talent. Companies are offering referral bonuses, retention bonuses, and a salary increase.
According to The Straits Times, employers are preparing to pay workers more as Singapore’s economic outlook improves. They plan to offer average pay rises of 3.8%, in 2022, according to a Willis Towers Watson survey that polled local firms in Q4 2021.
Furthermore, Singaporean workers are also still ranked among the best paid in total compensation across the region. According to Jobstreet’s Salary Report for 2022, Singapore has 41 industries with over 40% increase in salary, ranking number one among Malaysia, Indonesia, Philippines, Thailand, and Hong Kong.
Looking for that high salary role
With all these in mind, the Singaporean workforce looks to be in a good position financially in the coming year. Don’t be afraid to speak to your boss if you feel like you deserve a pay raise.
But remember that not all jobs are created equal – some industries pay higher than others. If you’re interested in earning more for your work hour, then you should look into the highest paying jobs in the country.
Knowing the average salary in a certain industry can help you figure out how to negotiate your salary when presented with a job offer.
Top 10 highest paying jobs in Singapore
Here are the top 10 specialisations with the highest salaries in Singapore (by median salary), according to Jobstreet’s Salary Report 2022.
Computer/IT
Tech jobs continue to be the most in-demand in Singapore, as the country strengthens its digitalisation efforts to become a tech powerhouse in Asia. Computer/IT is the specialisation with the highest median salary across all position levels.
Computer/IT jobs also hold the distinction of being the highest-paid in various industries, including Banking & Finance, Hospitality, Electrical/Electronics, Marketing/Advertising, Oil & Gas, Property/Real Estate, Retail/Trade, Science/Technology, Social Services, Telecommunication and Entertainment.
Jobs in Computer/IT:
Project Manager - Integrations/Dynamics
Accounting/Finance
In terms of corporate salaries, Accounting/Finance was seen to be the top growth specialisation, growing by 17.3% from the previous year. In terms of position level, managers and senior managers with this specialisation can see the highest salaries (consulting industry), salary increment (construction/building industry), and largest salary growth (transportation industry).
Expect demand to grow, as well – Banking & Finance had the most amount of job ads by industry posted in 2021. According to the Business Times, the industry expects to add 6,000-7,000 jobs by 2025.
Jobs in Accounting/Finance:
Engineering
According to the Ministry of Education, Singapore’s engineering sector is a primary contributor to global business. It is the leading location in the region for oil and gas equipment production and aerospace maintenance repair and overhaul.
In 2021, entry-level workers in the public service industry specialising in engineering saw the highest jump in salary at 23.4% from the previous year. Meanwhile, managers specialising in engineering in the healthcare industry had the highest monthly income in 2021 versus their counterparts in other fields.
Jobs in Engineering:
Senior Manager (Mechanical Engineer)
Operations and Blending Executive
Sciences
Singapore has long built a solid scientific foundation in the country. The country has seven research institutes and five research consortia in key fields, including clinical sciences, genomics, and bioengineering, among others.
Singapore is also a well-known biomedical hub. According to our Job Outlook Report, the biotech and pharma industries saw a 102.8% increase in job ads in Q1-Q3 2021. There has been a higher demand for emergency and intensive-care use drugs due to the pandemic, with Europe, US and Japan being the largest export markets for Singapore.
Jobs in Sciences:
Senior Laboratory Technologist
Building/Construction
Our salary report found that the building/construction specialisation posted the highest salary decrements in 2021. Across all the specialisations, it had the highest percentage of decrease in median salary, dropping by 9.1%.
The construction industry was one of the hardest hit by the pandemic, due to high costs for materials and labour as well as a severe labour shortage. The government’s SGD 1.4 billion construction support package may have helped boost recovery, as construction and building industry job ads saw a 91.32% increase in Q2 2021 compared to Q2 2020, per Jobstreet’s Job Outlook Report.
Jobs in Building/Construction:
Sales/Marketing
Sales and marketing jobs in Singapore saw high increases in median salary for 2021, particularly for senior managers in the consumer goods industry, senior executives in industrial machinery and equipment and senior managers in the manufacturing industry.
According to our Job Outlook Report, retail and merchandise are one of the four most impacted industries that have modestly recovered from the COVID-19 pandemic. While shopper traffic has dropped significantly, a push in online sales can lead to a slow recovery. Meanwhile, manufacturing saw an increase in job ads, partly due to a higher demand for digital goods and services to help individuals stay connected during the pandemic.
Jobs in Sales/Marketing:
Business Development - Strategic Sourcing & Procurement
Healthcare
There is a high demand for healthcare roles in Singapore, with job ads increasing by 35.9% in Q1-Q3 2021 compared to the previous year.
According to the US International Trade Administration, Singapore’s healthcare market is expected to grow to USD 49.4 billion by 2029. Healthcare spending, both public and private, is expected to account for 5.9% of GDP and could go up to 9% by 2029.
Jobs in Healthcare:
Applied Psychologist/ Sociologist, Manager
Admin/Human Resources
Our salary report found that managers in the Admin/Human Resources specialisation had the highest salary increment in the food & beverage industry, rising by 18.3% or SGD 850 from the previous year.
Food & beverage is among the industries that were heavily impacted by the pandemic in 2020, but saw strong hiring recovery in 2021. The digitisation in the industry, along with increased demand for food delivery helped the sector recover quickly.
Jobs in Admin/Human Resources:
Global Head, Talent Management & Acquisition
HR Manager F&B industry ( F&B / Retails)
Manufacturing
Our Job Outlook report saw a 41.5% increase in job ads in the manufacturing industry from Q1-Q3 2021.
The manufacturing sector is one of Singapore’s biggest industries, accounting for 20% of the country’s GDP. Trade and Industry Minister Chan Chun Sing announced in early 2021 that they aim to grow the sector by 50% over the next ten years.
Jobs in Manufacturing:
Senior Manager Warehouse Operations
Services
The services specialisation saw an average median salary of SGD 4,840 across the different position levels. Senior Executives specialising in services had the highest salary increment in the chemicals industry at 18.1%, while entry-level workers in services had the largest salary growth in the travel and tourism industry at 26.4%.
According to the Department of Statistics, there are 212,000 establishments in the services sector. As a whole, services contribute a value add of SGD 250 billion to GDP.
Jobs in the Services sector:
Senior Business Coordinator (Performance Chemicals)
Check out our Career Resources page for more tips to learn how to make the most out of your compensation and benefits. It also offers expert insights and advice that could help you on your career journey.
