Disclaimer: Unless otherwise stated, any opinions expressed below are solely the author’s. The data is taken from the Singapore Ministry of Labor report on Wage Trends 2025 released on May 28, 2026.
Although the Ministry of Manpower (MOM) has already provided information on average and average salaries in Singapore for the past few months, we have recently received a complete breakdown of the industry.
Although the median of S$5,775 represents a 5% increase by 2024, it is understood that it does not apply to everyone or every business. It is the nature of the economy that not all industries perform equally well all the time.
So, where to pay to work? Here’s what the data says about the last two years:
| Industry | Salary growth in 2024 (%) | Income growth in 2025 (%) |
| Management and Support Services | 8.70% | 7.50% |
| Insurance Services | 4.90% | 6.60% |
| Financial Services | 6.70% | 5.90% |
| Property Services | 5.30% | 5.30% |
| Professional Services | 5.30% | 5.10% |
| Public, Community & Personal Services | 5.70% | 5.00% |
| Transportation and Storage | 5.50% | 4.90% |
| Information and Communication | 5.10% | 4.70% |
| Retail Trade | 5.50% | 4.40% |
| Wholesale Trade | 4.20% | 4.40% |
| Production | 5.10% | 4.10% |
| Building | 5.50% | 4.00% |
| Place of residence | 5.50% | 3.90% |
| Food and Beverage Services | 4.80% | 3.90% |
Management and Support Services lead the rankings, recording an average increase of 7.5% by 2025—nearly double the rate of the slowest industries: Place of residence again F&B services.
Those in high-income industries, such as Finance or Insurancethey had reason to be happy, although that is not surprising. But cumulatively, over the course of two years, both are still more active than support staff.
Between one and two month increments
When taking into account cumulative salary growth between 2024 and 2025, the rates change slightly. The most noticeable change is inside Wholesale Tradefalling to the floor of the table.
This may change in the near future, however. The continuous development of electronic production has encouraged an increase in commercial activity, making retail trade one of the fastest growing and most promising industries heading to 2026.
With wages expected to rise by nearly 17% from 2023, workers are entering Management and Support Services they effectively received the equivalent of two additional months of their 2023 salary.
Meanwhile, those at the bottom of the list, while not doing as well, saw wage growth of about 8-9%, which equates to about one more month of income by 2023. Not great but not too bad.
What can you expect in 2026?
As I reported here two weeks ago, Singapore’s economy is currently reeling from the uncertainty caused by the war with Iran and disruptions to global trade and energy sectors.
This is despite the fact that the economy is doing well, having jumped 6 percent in Q1, and this growth is not limited to AI-related sectors.
However, because the recession caused by the war is not yet known, employers are likely to be cautious when it comes to raising wages.
The only workers who can expect wage growth are those in electronics manufacturing and, ultimately, the wholesale trade. After a few lean years, they should gain momentum in 2026, given the ongoing AI rally. They may also see more bonuses, especially after seeing the deals that have been agreed upon at Taiwanese and Korean semiconductor companies (such as Samsung).
It may not always translate into a permanent pay raise, but small bonuses should be more important this year amid record profits.
Singaporeans employed in other industries, however, may have to wait for the fighting in the Middle East to stop before they can receive a salary.
- Read other articles we’ve written about Singapore businesses here.
Featured Image Credit: rochu_2008/ depositphotos
