You need to make sure that your paycheck is enough to compensate you for your daily grind, so it pays off to periodically assess how your salary stacks up.
Whether you’re sticking in your current job, or looking around for your next one, you want to make sure you’re getting what you’re worth.
Based on Ministry of Manpower’s Occupational Wage Survey (H2 2017), we’ve dissected how much you should be earning based on the range of incomes earned by Singapore workers in these sectors and roles:
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3. Wholesale and Retail Trade
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4. Transportation and Storage
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5. Hospitality and F&B
6. Information and Communications
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7. Financial and Insurance Services
8. Education, Health and Social Services
9. Real Estate Services
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11. Professional Services
12. Administrative and Support Services
Is your current salary in line with your job?
Based on the tables above, it’s clear that the best-paying sector is the finance industry, with health trailing closely behind.
Notably, a foreign exchange dealer/broker is the highest-paying job with a basic wage of $14,000.
So if you find out that you’re making less than you’re worth, you can either ask for a raise or look for a new job that offers you pay that is aligned with the market rate.
Remember that salary ranges are continually changing, based on the job market and rate of inflation, so it’s best to keep tabs on annual salary guides so you can have an idea of how much you should be paid.
That said, keep in mind that there may be other perks that make the tradeoff of staying — even at a lower salary — worth it for you.
Such employee benefits can include cash bonuses, profit-sharing, healthcare, and flexible work offerings.
If the company is a startup or a new venture, you should also consider future growth and compensation potential.
At the end of the day, salary is not the only compensation consideration you should think about — the benefits package you receive should also be included in the equation.