In Singapore, employers offer attractive benefits to help cope with the high living costs. Despite global economic uncertainty, employment prospects in the country are on the rise.
As of 2024, the average monthly wage is approximately 8,450 SGD (around 6,324 USD), varying based on factors like education, job title, industry, and experience.
Aon plc, a global professional services provider, anticipates a 4.0% growth in Singapore’s median pay for 2023. Interested in learning more about the Average Salary in Singapore? Keep reading this article.
Expected Increase Salary in Singapore
Singaporean employees can expect a 4.0% nominal pay increase in 2024, aligning with the trend from 2023. After experiencing a 1.5% real pay decline in 2023, the outlook for 2024 suggests a 0.5% real salary gain when factoring in inflation.
In various industries, both small and medium-sized firms (SMEs) and large corporations are looking to increase pay by an average of 6%, as reported by 64% of the 282 businesses surveyed in the Singapore Business Federation’s (SBF) Survey on Manpower and Pay. However, 32% plan to maintain current salaries, while 1% are considering salary reductions.
How to Calculate Salary?
Your annual income encompasses your total earnings in a year, covering commissions, tips, overtime, and bonuses. If you have a monthly wage, calculating your yearly income is simple—just multiply by 12. For those paid weekly, multiply by 50.
The value you bring to a company isn’t always fully reflected in the position you’re seeking. Assess your technical skills, experience, education, and expertise. Researching market averages for similar roles can help you understand what organizations typically pay.
In cases where a company can’t adjust the offer, explore non-monetary benefits. If you like the company but have reservations about the salary, there might be additional financial perks beyond the paycheck. Consider all these factors when evaluating your compensation.
How to Negotiate Salary?
Consider negotiating a pay raise or compensation adjustment if you feel your efforts deserve better recognition. Timing is crucial – avoid discussing it during financial struggles, after a tough day, or after a failed project. Optimal moments include your annual performance review or the launch of a successful project.
Highlight your successes and outstanding contributions, such as meeting KPIs or surpassing sales quotas. Justify your request by emphasizing the value you bring to the company and expressing your readiness for new initiatives that contribute to organizational growth.
Recognize the company’s limitations; some may have policies restricting pay raises due to factors like temporary freezes, salary constraints, or strict budget allocations. Be prepared for potential rejection even if you have valid reasons for a raise.
Whether or not your pay negotiation succeeds, express gratitude, humility, and respect to the hiring manager or company.
Concluding Words
Opting to establish a company in Singapore is a fantastic decision if you seek a thriving and stable environment. Starting a business in Singapore comes with numerous benefits, thanks to the country’s employee-friendly work climate, robust employment rates, and above-average compensation packages.
Securing a stable financial future hinges on early savings and wise investments, whether your business thrives amid economic uncertainty or faces challenges.
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