Considered the second favorite destination for expatriates according to the famous HSBC Expat Survey. Singapore is even ranked first in the “Family life” category where expatriates appreciate this balance between professional and personal life. However, is moving to Singapore worth the cost given that it is considered one of the most expensive cities in Mercer. And above all, what is the median salary in Singapore? We answer these questions below.
The average salary in Singapore
According to the Numbeo site which is the largest database in the world on cities and countries. The average salary in Singapore is $4,689 (SGD) or €2,967.39. The median salary in Singapore was $4,437 (SGD) or €2,855.
Namely:
- The local currency is the Singapore dollar where 1€ is equivalent to 1.61 Singapore dollars;
- If your salary is more than $4,500 (SGD), know that working conditions are governed by the will of both parties. The opportunity to review country leave, maternity and paternity leave and even negotiate the notice period in the event of resignation or dismissal.
Sectors that are recruiting
Before you move abroad, know that Singapore welcomes with open arms all profiles from the field:
- Biomedical
- From Teaching:
- From Finance / Banking:
- From the petrochemical industry
- Digital / IT: specifically the Big Data and Cyber security sectors are in demand, a web engineer can hope to earn on average $108,000 (SGD) or €71,000 / year
- Tourism: in 2018, Singapore welcomed nearly 18.5 million tourists, proof that the sector was growing before the covid-19 episode…
Namely:
- Medical professions are only reserved for Singaporeans!
- The legal weekly working time is 44 hours per week;
- Please note, there are no social charges, this means that you will not be able to benefit from unemployment, health insurance or retirement contributions!
Moreover, Singapore is one of the most innovative countries in the world! Discover its rank as well as the other countries that are part of the top 10.
The cost of living
The cost of living in Singapore is estimated at 8 or even 9% higher than in France. To get a clear idea of the cost of living in Singapore, know that the average cost of renting a studio in the city center is $2,803 (SGD) or €1,839.52. Knowing that the minimum price varies between $1800 (SGD) (€1181.14) and $4000 (SGD) (€2624.76).
However, if you prefer an apartment it will cost you on average 5216 (SGD) or 3422.41€ or even up to 8000$ (SGD) or 5249.51€. But generally, the buildings have a gym and a swimming pool.
Apart from the rent, daily expenses are not excessively high. For example, the price of a cup of cappuccino will only cost you €3.58 on average and a lunch in a restaurant between €3.28 and €15.09.
On the other hand, Singapore is considered the third most expensive city in the world behind Hong Kong and Tokyo. Please note that out of the first ten cities in the ranking Mercer 2019, eight are Asian! We find Seoul (4th), Shanghai (6th), Ashgabat (7th), Beijing (8th), Shenzhen (10th). Otherwise the two other cities that we find in the ranking are Zurich which occupies respectively 5th place and New York which occupies 9th place. And according to the ranking of The Economist Intelligence Unitit has been considered the most expensive city in the world for five years!
Discover all our tips to avoid breaking the bank on a university exchange
How to find a job in Singapore
Be aware that it is difficult to find a job from France to Singapore given that as a foreigner, you will have to find a sponsor who will take care of your administrative procedures to obtain the work visa. In fact, the company that hires you will have to submit a file to the Minister of Employment (MOM).
On the other hand, Singapore favors holders of a higher education diploma such as a Master’s or MBA or who have a specialty in a sought-after field.
However, the French community is very present in the city. In fact, there is an estimated presence of 15,000 French people in the territory according to the Singapore Consulate. This can be a real asset in your research, not to mention the help of your school’s career center or even good old Linkedin!
However, there is also the VIE solution which turns out to be a real career accelerator according to an EDHEC study.
To summarize, the VIE is intended for 18-28 year olds and allows beneficiaries to work in a foreign subsidiary of a company, an administration or an association attached to France. In 2020, all volunteers receive €723. If we add the location compensation, which amounts to €1805.26, you will then earn €2529.25 in total.
Namely:
- In the event of termination of the contract, the work visa is no longer valid and must be renewed;
- Several types of work visas are applicable depending on your level of qualifications and your income;
- When working in Singapore, you will only be entitled to fourteen days of leave per year in addition to ten public holidays per year. Please note that if one of them falls on Sunday, Monday is off!
- If you are an expatriate, you will not have access to the Singaporean health system, so take out private insurance or CFE (Caisse des Français Abroad).
