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Posted on December 27 2022

What are the highest paid jobs in Singapore in 2023?

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By  Editor
Updated December 22 2023

Why work in Singapore?

There’s a large number of professionals who consider Singapore a go-to destination for jobs. The country has had a phenomenal rise throughout its history, gaining the status of being counted among the best countries for skilled workers. The country offers a high standard of life too with high standards maintained in education and healthcare.

Singapore is also one of the easiest countries to do business in. The country has the best laws for the protection of intellectual property and is ranked among the top 10 in this aspect. Here are other factors that make Singapore an ideal destination to work abroad.

Singapore’s prospering economy

Singapore is counted among the top business-oriented countries in the world. The economic dynamism the country exhibits is exemplary.

As revealed by a study conducted by IMD (Institute for Management Development) and Hinrich Foundation in 2022, among 30 economies of the world, Singapore ranked fifth for the sustainability of global trade practices.

Singapore is the third most competitive market in the world. In terms of competence, the IMD World Competitiveness Center ranks this country as first in the Asia-Pacific.

Singapore has an economy that’s open to world nations. This is especially true regarding being open to trade as well as investments. The country attracts and builds a first-class labor force, inviting skilled foreigners to work in the country and contribute to its economy. Singapore is also highly regarded for maintaining an ecosystem that breeds innovation.

Singapore has excellent infrastructure. This facilitates the country’s global connectivity. Changi airport and the Port of Singapore are counted among the busiest globally.

Best salaries

With the tremendous progress Singapore is achieving, the need for professionals and specialists from the world over has become essential for Singapore. The right candidates are paid top salaries as well as benefit packages. The median annual salary in Singapore is close to SGD55,200 (nearly SGD4600 per month).

The ease of getting a residence/work permit

Singapore needs a significantly large number of foreign workers. So, what did they do to attract potential professionals? They created one of the easiest processes for obtaining a work/residence permit in the country. The application can be lodged online and can be done in a matter of a few clicks. If you are a business person, the procedure is even easier compared to many other countries!

It’s easy to get permanent residence

The same goes for permanent residency in Singapore. You just need to live and work in Singapore for a year, after which you can apply for a permanent residence card. The whole procedure is done online.

Singapore has zero corruption and low crime rates

Singapore is among those countries in the world with the lowest crime rates. The punishments for offenses are harsh and strictly enforced. The country has maintained its law enforcement practices to ensure that the system is bribe-free. Life and business are secure in Singapore and favoritism and under-the-table deals are a strict no-no in the country.

Political stability

The Government of Singapore is stable and is well-known for its policies that are open and fair for the advantage of the people residing and working in the country. The country constantly renews and introduces laws that create a better environment for work and business.

Job vacancies in Singapore

Singapore’s labor market showed continued improvement in Q3 of 2022 with the number of employed individuals (barring domestic workers who were migrated) growing by 75,600 workers. In Q2, the growth in such a working population had increased by 66,500. This indicates growing employment and a healthy job market.

In Q3 of 2022, 33,000 new workers were recruited in the services sector. In construction, 30,500 workers were newly added, and 12,100 in the manufacturing sector.

For the year 2022, the outlook of net employment is above 36 percent. This will lead to Singapore ranking tenth out of 41 global markets.

In Singapore, employers in as many as 11 industrial sectors are found to plan extensive hiring. These sectors include finance, banking, real estate, and insurance. The intention to hire seems to be the strongest since Q1 of the year 2010.

Singapore has become a major player in the Asia Pacific region where employers show stronger intentions to hire, right from Q2 of 2022.

In September 2022, of the total recruitment, IT sector recruitment in the following positions constituted 47.95 percent:

  • Programmers
  • Software and Web Developers
  • Software testers

Around 14 percent share of all IT recruitment was constituted by the following:

  • Database & Network Administrators
  • IT System Architects

Around 13 percent share of all IT recruitment was constituted by the following:

  • Computer & Information Analysts

All these IT recruitments were done by Singapore’s banking industry. Such skills in IT are also instrumental in other sectors of the industries in Singapore.

Here are the major trends in job vacancies and hiring practices followed in Singapore in 2022:

  • The majority of jobs hired were related to technology.
  • Job roles that deal with eliminating financial crimes and ensuring compliance with laws as well as governance had relatively high hiring in 2022.

Singapore Employment projections in 2023

There will be large number of hirings for technology roles and occupations in emerging areas like

  • Machine learning
  • Artificial intelligence
  • E-Commerce
  • Cybersecurity

In Q3 of 2022, the unemployment rate in Singapore was 2 percent. This was 2.1 percent in Q2. The unemployment rate in Q3 of 2022 was the lowest since Q3 of 2016.

By the end of Q3, the unemployment rate in Singapore is expected to touch 2.3 percent. Going with the trend, in 2023, the unemployment rate is expected to be 2.2 percent.

Top 10 Highest-Paid Professions in Singapore

Here are the highest-paid professions in Singapore in 2022:

Job role

Average annual salary (in Singapore Dollars)

Healthcare

Nurse

42,000
Surgeon

75,000

Education

Teacher

61,000

IT

Software Developer

66,514
Software Engineer

66,000

Software Tester

48,600

Finance

Accountant

57,500

HR

HR Professional

33,600

Engineering

Mechanical Engineer

54,000

Finance and Accounting

Accountant

53,100

How to start your career in Singapore?

If you are interested in finding a job and building a career in Singapore, you should be eager to know how to go about it. Let’s help you get a basic idea of how to start a career in Singapore.

Being a national of an English-speaking country will give you the opportunity to work in Singapore. The reason is that English is widely spoken in Singapore. If you better your English skills, it would give you more benefits when you are approaching Singapore companies for a job.

That brings us to the major part of the whole plan, which is to land a job in Singapore. If you have the essential requirements of having a relevant degree, work experience, and sufficient references, the next big consideration is to find the right employer.

Before you apply for a job with a company in Singapore, you must learn thoroughly about it and it’s recommended that you visit the place. It would be great to start as an intern in the company so that you can be well-acquainted with the organization before you decide to join it as an employee or not.

The best place to find jobs in Singapore is on social media. Among the best job portals to find jobs in Singapore, if you want to do it on your own, are:

  • LinkedIn
  • Indeed
  • Grabjobs
  • FastJobs
  • E27
  • JobsCentral
  • Google for Jobs
  • Intern5G

Once you shortlist some jobs that suit you best, you have to now create a resume. In Singapore, employers prefer CVs that are short and concise and highlight your skills and abilities.

Now, you apply for a job online. Send them your resume and add a cover letter too. Don’t just wait silently for the next response; rather follow up with the company, not only to get a call for an interview but also to receive any type of communication relevant to your application.

Once your job interview is scheduled, be there at the fixed time. The interview could need you to meet them physically, or maybe via call or online. Whatever the mode, be clear about the job description and make an impression by letting them know how you can be resourceful to the company.

If all goes well, you will need to apply for a Singapore work visa to arrive in Singapore and work there. There are various types of work visas offered by Singapore including:

  • Entre Pass: It's a work permit issued to foreign entrepreneurs interested to start their own business enterprise in Singapore.
  • Employment Pass: It's a permit for foreign professionals as well as executive and managerial-level people with the required qualifications offered more than SGD3,600 per month in Singapore.
  • Personalized Employment Pass: It’s a work permit that’s more flexible as regards work compared to the Employment pass. It's issued to individuals who are going to earn a higher salary.
  • S pass: This is the work permit meant for skilled workers of the mid-level. To be eligible for the S pass, you must be offered a minimum monthly pay of SGD2,200. You must also meet the assessment criteria in the visa process.
  • Miscellaneous Pass: It's a type of visa issued to foreign nationals enabling them to work in Singapore for a short term.

How can Y-Axis assist you to find the right profession in Singapore?

For the best overseas job search and visa services of world standards to live and work in Singapore, visit Y-Axis. Professionals wanting to work in Singapore can seek our valuable services namely:

If you are looking for expert immigration advice and overseas job assistance, talk to Y-Axis, the leading immigration and career consultant in the UAE.

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