Median Salary by Age Group in Singapore (2024)
| Age Group | Median Monthly Salary (SGD, Incl. Employer CPF) |
|---|---|
| 15 – 19 | $1,170 |
| 20 – 24 | $3,269 |
| 25 – 29 | $4,680 |
| 30 – 34 | $5,870 |
| 35 – 39 | $7,049 |
| 40 – 44 | $7,434 |
| 45 – 49 | $7,498 |
| 50 – 54 | $6,400 |
| 55 – 59 | $4,731 |
| 60 & Over | $3,052 |
Reference: https://smartwealth.sg/average-income-salary-singapore
The typical Singaporean career path is similar to climbing a carefully planned staircase in that it increases gradually with age, experience, and value creation. This rise is especially evident in the salary figures, which are closely monitored by the Ministry of Manpower. Incomes increase dramatically by early adulthood, from a modest $1,170 for youths aged 15 to 19 to $3,269 for those aged 20 to 24.
The way that early-career workers profit from their education, credentials, and early career choices is what makes Singapore’s income structure so remarkably effective. In just five years, median salaries increase by nearly 43% to $4,680 by the time they are in their late 20s. For a generation yearning for independence and security, that kind of advancement is not only inspiring, but also profoundly empowering.
As the climb continues with noticeable acceleration, it enters the 30s. Singaporeans typically make $5,870 by the time they are 30 or 34 years old, marking the start of what many call the “stabilization phase” of income growth. Because mortgages are secured, long-term investments are started, and family planning is taken into consideration, this time frame is especially advantageous for financial planning. The benefits here are a result of strategic decision-making as well as the high level of productivity in Singapore’s workplace.
However, the peak of this salary journey occurs between the ages of 35 and 49. Professionals between the ages of 45 and 49 typically hold managerial or specialized positions, with earnings rising to $7,049 and eventually $7,498. These are important years because they influence intergenerational support, long-term wealth accumulation, and retirement readiness. Many members of this group also mentor younger colleagues by drawing on their most productive decade, which reinforces the cycle of competence and contribution.
Salary trajectories do, however, start to decline past the peak, much like the arc of a day starts at dawn and progresses toward dusk. The median falls to $6,400 between the ages of 50 and 54, and then more precipitously to $3,052 by the age of 60. Although anticipated, this fall is still noteworthy. It represents a change in priorities, health concerns, and frequently a move toward part-time or less demanding work.
It becomes abundantly evident how important it is to prepare during the prime earning years. Digital financial tools that are surprisingly inexpensive now enable people to create multi-layered investment and savings plans. Even moderate earners can create strong safety nets by combining insurance planning, CPF top-ups, and budgeting apps. However, according to surveys like the one conducted by MoneySense, almost 30% of adults between the ages of 30 and 59 have not started retirement planning. This statistic highlights a persistent hesitancy regarding personal finance.
The topics of equity and pay fairness have also gained more attention in recent years. One of the more obstinate factors is still gender. In 2024, the median salary for men in Singapore was 11.1% higher than that of women. Even though the gender gap has closed, it still exists—not because people aren’t competent, but rather because of structural obstacles to career progression following maternity leave or caregiving changes.
Education is yet another potent differentiator. The median monthly income for those with degrees has skyrocketed to $8,656, which is an astounding 73% more than that of their peers without degrees. For those thinking about pursuing additional education or mid-career academic advancement, that gap—driven by access to higher-tier roles and leadership positions—remains a motivating factor. These numbers provide recent graduates with an extremely accurate indication of the potential returns on long-term educational investment.
Singapore’s median income increased dramatically over the last ten years, from $3,770 in 2014 to $5,500 in 2024. More than just inflation adjustments, this growth, which averages 3.8% per year, points to a highly responsive economy that incentivizes innovation, industry adaptability, and upskilling. That growth, when adjusted for inflation, remains robust at 2.2%, indicating that Singaporeans are not only making more money but also holding onto more purchasing power.
It’s critical to comprehend the difference between mean and median incomes when comparing them. Currently, the mean, which is impacted by high earners, is $6,138 per month. However, the median, a more realistic measure, is $5,500. This distinction is important. By avoiding the distortion brought about by extremely high earners whose salaries might not be typical, it enables families to benchmark realistically.
Although the salary plateau and subsequent decline after the age of fifty may seem discouraging, ambition is not doomed. By making calculated moves into consulting, part-time teaching, or starting their own business, many professionals reshape their careers with impressive flexibility. Such shifts are becoming the rule rather than the exception in a society that is becoming more accepting of non-linear career paths.
Salary landscapes are changing as a result of the digital economy. The earning curve for younger professionals is starting to tilt earlier because positions in fintech, blockchain, and artificial intelligence offer starting salaries that are higher than those in traditional industries. Older workers can maintain their exceptional competitiveness by re-skilling or pivoting. For example, people who transition into project or digital strategy consulting frequently continue to make mid-six figures well into their fifties.