Average Salary in Singapore for Indian Students in 2024

Singapore is a promising destination for study and post-study work opportunities. The unemployment rate in Singapore is only 1.8%. This assuring rate is one of the many reasons why Indian students prefer Singapore for their higher studies.

The average salary in Singapore for Indian is INR 43 Lakh (S$70,000). In general, the full-time workers in the country make over INR 3.5 lakh (S$5,700) a month. The average salary in Singapore has increased by 8% from last year’s. Over the past ten years, Singapore minimum wage has risen by 46%. Moreover, understanding the variations in salary, as it depends on the field you choose to work in, is essential, especially for students who want to pursue higher studies in Singapore.

Now, as we have discussed in detail the average salary in Singapore, it's time to find out what the average salary in Singapore is based on industry, work experience and profession.

Below is the table that shows some of the top industries and respective average salary:

There is always a strong connection between experience and earnings. A beginner is generally not paid as much in the same field as an experienced person. A higher level of expertise denotes your comprehensive exposure, on-field experience, and awareness of the work field.

For your convenience, we have compiled data on Singapore’s general salary growth rate based on work experience in this section. However, the salary growth rate can vary depending on your profession. This information will give you a general understanding of the variations in salaries. Below is the table that shows the average salary based on work experience:

Given below is the list of Singapore’s average salary based on profession:

Also, Read: Nursing Post Registration Singapore 

Entering into a well-known company assures you a high salary package and provides other perks. However, some companies also pay you allowances like travel, medical, and housing and an additional bonus over your base pay.

The average salary for a doctor in Singapore is INR 12.7 lakh (S$20,600) monthly. Most doctors also receive additional cash compensation of INR 9 lakh (S$15,500) annually. The salary varies depending on the occupation in the company. However, your company also plays a vital role in your salary scale because of its reputation and size.

The list below shows some of  the top employers offering high-salary jobs to candidates:

Various factors influence your salary, including your field, years of experience, specialisation, location, and job profile. The demand and job potential in the country can also affect your salary scale. While finance, IT and medicine offer some of the highest salaries in Singapore, there's much more to explore in this vibrant economy. Here are some more high salary jobs in Singapore. These profiles are known for their attractive earning potential.

Some of the other leading employers in Singapore are as follows:

Also, Read: MBBS Abroad Without NEET for International Students

According to the Human Capital Index, Singapore ranks as one of the best countries in the world. Ranking amongst the world’s most competitive economies, the country is booming with opportunities for the youth. There are several salary distribution points that one should take into consideration, as follows:

• The minimum salary in singapore divides the working population into two groups. Half earn above the minimum wage, while the other half earn below the minimum. According to a salary report by a salary reporter, the minimum wage in Singapore is 8,790 SGD per month.

• The top 10% of workers earn more than ₹50.0lakhs per year. However, workers in Singapore earn an average of ₹32.7lakhs, generally ranging from ₹25.0lakhs per year to ₹50.0lakhs per year, depending on 655 profiles. 

• If you perform well in your career, your salary will surpass the minimum and average figures. If it is less than both these numbers, then you are earning less than many other professionals, with plenty of scope for growth.

If you have more experience, you will have a higher chance of compensation because experience and compensation are related. Studies have proven that professionals with more than five years of experience make 36% more than those who don’t have that much experience.

Even companies like to give significant and frequent hikes during their booming stage. There might be some expectations, but any company's financial status is completely linked to the economic situation of the particular region or country.

Across all businesses and specialities, anyone with two to five years of experience is paid 32% more than juniors and freshers. According to the survey done by the salary portal, the following are the yearly salary increment per cent:

• Junior Level- 3% – 5%

• Mid-Career- 6% – 9%

• Senior Level- 10% – 15%

• Top Management- 15% – 20%

As we have discussed above, what are the changes in basic salary in Singapore over time. Now, it's time to learn about the incentives and bonuses they provide. According to employees who have received it, the bonus in Singapore ranges from 3% to 6% of a person’s annual pay. There are different bonus types rewards, which are as follows:

• Bonus based on Company performance:

Various companies like to share their extra profits and revenues with their employees by giving bonuses to everyone. The bonus amount will likely vary from person to person, depending on their position.

In addition, those who achieve a milestone or a specific goal will likely be presented with incentives.

• Performance-based Bonus:

Performance-based bonuses are among the most common bonuses given to employees for their excellent performance.

• Comparison of Bonus based on Seniority:

Bonuses or incentives automatically increase for higher management than lower staff because their duties are higher in the hierarchy. Depending on their performance, they sometimes get a doubled or tripled bonus.

Also, Read: 10 Highest Paying Jobs in USA for Indian Students 

Finding a job in Singapore might be exhausting; however, having a perfect plan can make it easy for you. Singapore's booming economy offers the youth vast job opportunities; now it's your turn to find the job that best suits you and your profile.

We have created a sample guidelines for you in which you can make changes according to your needs and preferences:

• Choose your field: You can decide on your depending on your qualifications and interests. In addition to this, it is essential to consider the Singapore industry. As job prospects for professionals in IT, digital marketing and compliance specialists are rising, looking for a job in this field can be promising. 

• Keep track of recruitment practices in your field: Once you have decided on your field, the next step is to understand the standard employment practices in your field. Under the country's Employment Act, employees are entitled to certain employment rights and conditions. This includes information on leave, public holidays, managing work-related disputes, salary-related claims, and fair employment practices. You can find more information on the official website of the Ministry of Manpower in Singapore. 

• Discover your job: The most crucial step is finding the right job; when choosing a career, consider all essential factors such as work profile, location, sector, payment, and other employee rights. You can find a job either through online job-hunting sites or through offline recruiting agencies and placement cells. 

Some of the online platforms in Singapore are

1. LinkedIn

2. Indeed Singapore

3. Jobs DB

4. My Career Future

5. Monster

But if you want to search for jobs offline in Singapore, then here are some agencies that can help you to find them:

1. Randstad

2. Persolkelly

3. Robert Half

4. Manpower

5. 3C Synergy

Check eligibility criteria and apply: Your first step is determining the suitable work permit for your career. It varies depending on your qualifications. For example, EntrePass is for foreign entrepreneurs looking to start new business ventures in Singapore, and Employment Pass is for foreign professionals, managers and executives. Moreover, you can figure this out using the online self-assessment tool established by the Ministry of Manpower in Singapore.

To sum up, the average salary in Singapore for Indian workers in 2024 shows the status of a booming economy in the global business world. However, the high cost of living must be considered when estimating salary packages. Generally, the blend of a strong economy, multicultural work environment, and high living standards continue to make Singapore an appealing destination for career growth and financial stability for Indian professionals in Singapore.

We hope the above information regarding the average salary in Singapore for Indian students in 2024 is useful to you. If you would like to gain a deeper insight into this, we encourage you to speak with our team of expert counsellors at Meridean Overseas Education Consultants (MOEC). Our counsellors will provide you with guidance throughout your study abroad. Get help with the application process, SOPs, and filing for a visa. Visit us for one-to-one counselling or avail yourself of free video counselling via our website. We will be happy to help you, so please do not hesitate to contact us at application02@meridean.org or 1800-1230-00011. 

1. What are the factors influencing salary in Singapore?

Factors that influence salary in Singapore are

• Work experience

• Company you work

• Demand in the country

• Work field

• Private /Public sector

• Work location

2. How does my experience affect my salary in Singapore?

According to the statistics, the average annual salary of an employee with 2 to 5 years of experience is 32% higher than that of a beginner in the field. Similarly, employees with more than 20 years of experience earn 9% more than employees with 15 to 20 years of experience in the area.

3. What is the basic salary in Singapore for Indian?

Although there is no basic salary in Singapore, the average salary in singapore is INR 3.5 lakh per month. However, two jobs are exceptional in this regard. They are cleaner jobs and security guards.

4. Is Singapore a better choice for IT professionals?

The average salary for IT professionals in Singapore is INR 43 lakh (S$70,000), so yes, it is a better choice for them. A few high-paying jobs in this field are software engineer, AI specialist, business analyst and software engineer.

5. How much is the salary increase based on the experience level in Singapore?

The average salary increase based on the experience level is given below:

• Junior Level- 3% – 5%

• Mid-Career- 6% – 9%

• Senior Level- 10% – 15%

• Top Management- 15% – 20%

6. How much is the salary increased based on the industry in Singapore?

The average salary increase based on the industry are:

• Healthcare Sector - 1%

• IT Sector - 3%

• Education Sector - 4%

• Energy Sector - 5%

• Banking Sector - 7%

• Travel Sector - 8%

7. Is there any gender inequality in salaries in Singapore?

Gender equality in Singapore is significantly higher than in other Asian countries. According to the survey, the monthly salary for a female employee in Singapore is INR 3.4 lakh (S$5,500), and for a male employee, it is 4.3 lakh (S$7,000).

8. What is the present Salary in Singapore?

The salary in Singapore is approximately INR 43 lakh (S$70,000), but it is not fixed. It varies depending on your work location, experience, speciality, and field.

9. Do the companies in Singapore provide other benefits?

Yes, some companies in Singapore offer medical insurance, travel allowance, housing allowance and many more benefits instead of just giving salaries.

10. Is Singapore a better choice to work?

Singapore balances itself among the global giants for innovation and business. The booming economy of the vibrant city-state of Singapore offers numerous job opportunities for international students. So, yes, it is a better choice to work.