One thing we’re all curious about when we get a new job offer is whether we will be getting a good salary or not. The more income we get, the faster we can accumulate our wealth. Now, the idea of a “good” salary might vary according to several factors. One major factor in calculating the average salary is age.
Keep reading this article to find out more about the average salary by age, especially in Singapore.
Average Salary By Age Group
According to studies, the average income in Singapore in 2021 was $4,680/month. Check out what the average salary in 2021 was by age group.
#1 Average Salary For Ages 15-19
Between ages 15-19, the average monthly salary is $1170. This age group mostly comprises students who work part-time to support themselves and their education.
#2 Average Salary For Ages 20-24
In 2021, the average monthly salary for these ages was $2691, slightly lower than $2793 in 2020.
#3 Average Salary For Ages 25-34
This age group saw a significant increase in average salary compared to the previous age group. The average salary between ages 25 and 34 in Singapore was $4095/month.
#4 Average Salary For Ages 35-40
Between ages 35 and 44, the average monthly salary in 2021 was $6102, which was slightly lower than $6143 in 2020.
#5 Average Salary For Ages 41-50
Across all age groups, the average salary for all occupations stood the highest between ages 41 and 50. The average monthly salary was $6825, with managers and administrators earning up to $10000/month.
#6 Average Salary For Ages 51-55
The average monthly salary for this age group in 2021 was $5010, which was greater than $4719 in 2020.
#7 Average Salary For Ages 56-60
The average salary reduces in this age group, with the average monthly salary being $3729.
#8 Average Salary For Ages 61 And Above
This is the time when most people would have taken retirement. The average monthly salary for this age in 2021 was $2543.
What Are The Factors That Influence Average Salary?
Here are some factors that determine the average monthly salary in Singapore.
#1 Gender
The gender pay gap has always been a debated topic in Singapore and across the world. We’ve definitely come a long way in narrowing this gap comparatively, but there’s still more to achieve.
#2 Education
People who possess educational qualifications and skills that are in demand tend to get paid more, especially in this rising corporate atmosphere.
#3 Industry
The industry that you work in also matters when it comes to how much you get paid. The manufacturing, construction, and services sector have seen the highest average monthly salary among the industries in Singapore.
Conclusion
The average monthly salary by age is the highest between the ages 41 and 50 and reduces as people retire. The COVID-19 pandemic has largely influenced the pay scales worldwide, but Singapore is notably catching up pretty quickly.