Median monthly salary for Singapore’s highest-paying job exceeds $15,500

Flying instructors topped the list of Singapore’s best-paid professionals, according to the Ministry of Manpower’s Occupational Wage Survey 2024 released earlier this month.

They were followed by foreign exchange brokers with a median monthly salary of S$19,750 and in-house legal counsel, earning S$17,972.

Commodities traders, excluding those dealing in oil and bunker, came next at S$16,000, while chief information, technology and security officers placed fifth with S$15,258, as reported by Yahoo! News Singapore.

Managing directors and CEOs, meanwhile, ranked 10th with a median wage of S$13,000.

The survey, carried out between July and December of last year, sampled 4,286 private sector firms with a combined 407,800 full-time resident employees. These firms had at least 25 staff. Public sector workers are not covered.

The wage figures include overtime pay, commissions, allowances, and other regular cash payments, but are calculated before employee Central Provident Fund contributions and income tax. They also exclude employer CPF contributions, bonuses, stock options, lump-sum payouts, and payments-in-kind.

CPF is Singapore’s mandatory social security savings scheme that helps working citizens set aside funds for retirement, housing, healthcare and other purposes.

Because bonuses are not factored in, occupations where performance incentives form a large part of overall total wages may appear to earn less than expected.

At the other end of the scale, bus attendants, civil engineering and construction laborers, along with manual workers such as building painters and waiters, are among the lowest paid with median salaries of S$1,400-1,600.

While flight instructor boasted the highest median wage, it also had the biggest pay disparity, with salaries ranging from S$8,050 for the bottom quarter to S$30,000 for the top quarter of earners, according to The Straits Times.

Economists also see a broad spread, from S$4,848 to S$20,000, while trade brokers record a difference of S$14,232 between the lowest and highest quartiles.

The ministry’s survey also showed gender pay gaps that vary widely across occupations. Male economists, human resources consultants and ICT quality assurance specialists take home much higher median salaries than women in the same roles.

On the other hand, women working as security operations specialists, attractions managers and beauticians generally earn more than their male peers.

Meanwhile, jobs like executive search consultant, auxiliary police officer, masseur and foot reflexologist show no gender pay gap at all.

People walk on the boardwalk in front of commercial high rise buildings at Marina Bay in Singapore on Sept. 26, 2024. Photo by AFP

According to another manpower ministry report, released in May, real wages rose by 3.2% last year, the fastest pace of growth since 2019 and up from 0.4% in 2023 as inflation eased to 2.4% from 4.8% during the same period.

The ministry said nearly 80% of companies raised their staff’s salaries last year, compared to 65.6% in 2023, as profitability improved.

However, it warned of the potential impacts of global trade uncertainties and geopolitical tensions, which have dampened business sentiment. Its forward-looking survey in the first quarter suggested fewer employers may plan to raise wages this year.

"These trends point to a potential moderation in nominal wage growth in 2025 compared to 2024, especially in trade-reliant sectors such as manufacturing and wholesale trade," the ministry said, as quoted by Channel News Asia.

Even so, Ang Boon Heng, director of the ministry’s manpower research and statistics department, said the moderation is unlikely to be substantial.

"The labor market, even though we expect some softening, will still remain tight," he said, adding that demand remains strong in areas such as community, social and personal services.