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Singapore anticipates a more stable trajectory towards recovery in 2024, coinciding with an expected rise in salaries.
In the face of economic uncertainty, job markets in the Asia Pacific region experienced a slowdown in 2023 as a whole.
While the job markets in Southeast Asia and especially Singapore, remained buoyant in 2023, they still didn’t manage to reach the demand observed in 2022. However, Singapore anticipates a more stable trajectory towards recovery in 2024, coinciding with an expected rise in salaries, according to latest data by Links International.
According to a Singapore Business Federation survey cited, 67% of employers have plans to increase salaries, averaging a 6% increment. Of the remaining, 32% intend to maintain current salary levels, while 1% were considering salary cuts.
In that vein, the 2024 Salary Guide by Links International provides insights into the state of the present job market, predictions on what to watch out for and salary ranges in the coming year — with data for sectors in Singapore as follows.
*All currencies hereon out are in SGD, with the data reflecting estimated annual salaries.
Human resources, administration & business support
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| HR Director | 150,000 | 190,000 | 290,000 |
| Human Resources Business Partner/ HR Manager | 90,000 | 120,000 | 190,000 |
| Talent acquisition/recruitment | 50,000 | 100,000 | 170,000 |
| Compensation & benefits/Payroll | 50,000 | 120,000 | 170,000 |
| HR Executive | 50,000 | 70,000 | 90,000 |
| Legal Secretary | 60,000 | 70,000 | 90,000 |
Banking, finance & accounting
Accounting
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Chief Financial Officer | 290,000 | 380,000 | 480,000 |
| Finance director | 240,000 | 270,000 | 300,000 |
| Financial controller | 160,000 | 200,000 | 230,000 |
| Senior accountant | 70,000 | 90,000 | 90,000 |
| Accountant | 50,000 | 70,000 | 80,000 |
| Senior financial analyst | 90,000 | 100,000 | 110,000 |
Corporate banking, private banking & wealth management
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Head of Compliance | 250,000 | 350,000 | 450,000 |
| Quality Assurance/Testing - VP/Director | 160,000 | 250,000 | 350,000 |
Operational risk
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Chief Risk Officer | 240,000 | 360,000 | 480,000 |
Internal audit
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Corporate Banking - VP/Director | 150,000 | 220,000 | 300,000 |
| Investment Banking & Wealth/ Fund Management - VP/Director | 150,000 | 220,000 | 300,000 |
Investment banking/capital markets
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Head of Compliance | 250,000 | 350,000 | 450,000 |
Information & technology
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| CIO | 210,000 | 260,000 | 380,000 |
| Programmer | 50,000 | 90,000 | 130,000 |
| Analyst programmer | 60,000 | 70,000 | 100,000 |
| System analyst | 80,000 | 90,000 | 100,000 |
| System engineer | 50,000 | 70,000 | 120,000 |
| Head of IT | 170,000 | 210,000 | 290,000 |
| IT manager | 110,000 | 130,000 | 150,000 |
Sales & marketing
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Marketing Director | 120,0001 | 160,000 | 230,000 |
| Marketing Manager | 80,000 | 100,000 | 190,000 |
| Digital Marketing Director | 130,000 | 180,000 | 260,000 |
Business development
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| Manager | 60,000 | 100,000 | 180,000 |
| Commercial Director (sales & marketing) | 210,000 | 290,000 | 410,000 |
Life science and healthcare
Medical / technical / commercial
| Role | Entry (Tier 1) | Senior (Tier 2) | Veteran (Tier 3) |
| General Manager | 230,000 | 350,000 | 490,000 |
| Business Unit Lead/Business Unit Director | 170,000 | 220,000 | 320,000 |
| Head of Sales/Sales Director | 140,000 | 180,000 | 230,000 |
| Head of Marketing/Marketing Director | 130,000 | 170,000 | 230,000 |
| Sales Manager (+10 years) | 100,000 + comms | 120,000 + comms | 130,000 + comms |
| R&D Director | 120,000 | 170,000 | 250,000 |
Lead image / 123rf.com
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