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Median salary in Singapore projected to increase by 3.8% to S$4,850 in 2022 and over S$5,000 in 2023
As much as $6500 to $7000 per month can be expected by the end of the decade
After a pandemic-induced hiccup in 2020, salaries in Singapore have rebounded in 2021 and the trend is expected to continue the next year as well.
By official statistics, the median monthly wage including CPF contributions increased by 3.2 per cent to S$4,680 in 2021 (data is reported for the middle of the year, that’s why we already have figures for 2021).
While the government itself does not publish future projections, the latest independent report 2021 Salary Increase and Turnover Study by insurance giant AON projects that salaries should increase by another 3.8 per cent in 2022. This would take the median monthly wage north of $4,850 next year and, if the trends continue, beyond $5,000 in 2023.
This is up from little over S$4,500 last year, S$,4000 in 2016 and just S$3,000 in 2010.