Hello! If you are a fresh graduate in Singapore or wish to start a career here, you will have one common and burning question: “What could I possibly expect my salary to be?” So allow me while we plunge into the facts surrounding minimum wages in Singapore and what you may expect to earn as an entry-level employee in 2024.
Does Singapore Have Minimum Wage?
First things first – and this may surprise you – Singapore does not have a universal minimum wage system! Instead, Singapore utilizes a Progressive Wage Model (PWM) that was adopted to ensure workers engaged in certain sectors are compensated fairly according to skills, productivity, and career advancement.
According to MOM, PWM currently comprises several key sectors, such as:
- Cleaning
- Security
- Landscape
- Lift and Escalator
- Retail
- Food Services
Minimum Wage: What You Can Expect In These Fields As A Fresher in 2024
Though there is no legal minimum wage, let’s take a look at what any graduate could expect in the various sectors:
1. Information Technology
The information technology sector remains one of the top-paying industries for fresh graduates. Entry-level university graduates are expected to be paid a monthly salary ranging from $3,500 to $5,000. Barring specialized cases, there are nominal, some fintech companies and tech giants even offering higher packages!
2. Banking and Finance
Most of the fresh graduates starting out in the banking and finance sector can reasonably expect salaries starting at anything between $3,200 and $4,500, contingent on qualifications and the position in question. Some positions in investment banking pay even more handsomely.
3. Engineering
Freshers in a traditional engineering role usually start from a monthly salary of $3,000 to $4,200. Civil, mechanical, and electrical engineering jobs typically fall under this category.
4. Healthcare
Fresh nursing graduates can typically expect starting salaries from $3,200 to $3,800, while medical technologists and allied health professionals would usually receive a more or less comparable remuneration.
Also Read : Overtime Calculation Singapore: MOM Approved
Minimum Wage: Factors Affecting Your Wage In Singapore
Many factors govern starting salaries for recent graduates in Singapore.
- Educational background:
- the ranking of the university
- certifications pursued during or after their degree
- grade point average
- work experience
- Industry demand:
- current market conditions
- skill shortages or excesses
- economic scenario
- Company size:
- MNCs offer higher packages
- startups offer lower base salaries with equity
- SMEs offer mid-tier salaries
Also Read : Minimum Wage Singapore: A Guide for Employers and Employees 2024
Government Assistance for Young Graduates
The Singapore government offers various schemes to support fresh graduates in their career journey. Modified from its original Covid-19 responsiveness, the SGUnited Traineeships Programme still provides young college graduates with opportunities to accrue some work experience.
What is Next: Career Development
Many people assume about pay. What is important is to recognize that the first job is often just a small step ahead. The PWM encourages upskilling and career ascendance; most of which bear higher pay prospects over time. Many companies in Singapore offer clear career succession and training opportunities.
The Bottom Line:
Although Singapore has no known minimum wage system, it is such that the job market will fairly compensate new graduates. A starting salary largely depends on the candidate industry, qualification level, and negotiation skills. As a fresh graduate in 2022, you will expect to earn anything between $2,800 and $5,000, although there are sectors such as technology and finance willing to pay higher salaries for certain ranges.
Remember, your first salary is not the final word. Concentrate on learning and growth opportunities. They will do much towards your long-term successful career and earnings. Keep updating your skills and track industry trends to keep your competitive edge in Singapore’s dynamic job market.
Are you a fresh graduate looking for job opportunities in Singapore? What has been your experience with the job market and salary expectations? Provide your comments and share your experiences below!
