Singapore wage report: Oil and bunker traders highest-earner at over RM50,000 a month, hairdressers see over 75pc increase

KUALA LUMPUR, July 30 — In 2023, Singapore’s ports witnessed a remarkable year, especially for oil and bunker traders, who topped the wage charts with a median gross wage of S$14,911 (RM51,311) per month as of June.

This figure positioned them at the pinnacle among various professions, according to the latest annual occupational wage data released by Singapore’s Ministry of Manpower (MOM).

Bunker sales in Singapore reached an all-time high of 51.8 million tonnes in 2023, surpassing the previous record of 50.6 million tonnes set in 2017.

Marine superintendents also fared well, ranking 19th in median gross wage among approximately 500 common occupations across all industries.

The Straits Times, on July 30, unveiled the 2024 Singapore Salary Guide, incorporating data from MOM’s annual Occupational Wage Survey and other sources.

The survey polled nearly 4,800 private-sector employers between July and December 2023, covering about 288,700 full-time Singaporean and permanent resident employees with Central Provident Fund (CPF) contributions in June 2023.

Chief information officers, chief technology officers, and chief security officers were among the top earners, with a median gross wage of S$13,840, ranking second.

Other high-paying tech roles included enterprise or solution architects, digital forensics specialists, and ICT sales and services professionals.

In finance, business valuers led the pack with a median gross wage of S$13,649, placing fourth.

Insurance services managers, risk management managers, financial or investment advisers, financial risk managers, and financial services managers also featured prominently, each earning more than S$10,000 in median gross wages.

Editors of news and periodicals earned a median gross wage of S$10,577, while directors of stage, film, television, game, commercial, video, and radio earned S$11,252.

Wage increases were notable across various sectors.

Hairdressers, for example, saw their median gross wage jump from S$1,595 per month in June 2022 to S$2,770 in June 2023, a rise of over 73 per cent.

Wellness centre managers experienced a 60 per cent wage increase, reaching S$5,628 in June 2023.

Specialist medical practitioners and clinical research professionals also saw significant wage gains.

Telemarketers and family counsellors recorded increases of over 30 per cent between 2022 and 2023.

However, Associate Professor Terence Ho from the Lee Kuan Yew School of Public Policy cautioned that year-to-year wage comparisons might not accurately reflect underlying trends due to sample size limitations and sampling variability.

Overall, the median gross monthly income for full-time employed residents rose by 2.5 per cent year-on-year in 2023, according to MOM data released in January.

Salary data by sex showed significant pay gaps in various healthcare and manufacturing roles.

Plant and machine operators in chemical processing saw the widest gap, with men earning a median gross wage of S$8,908, nearly four times that of women in the same role.

Ho suggested that strong wage gains in certain occupations might indicate robust demand relative to worker supply.

He noted that salary growth in lower-wage occupations could be attributed to the implementation of progressive wages, which link wage increases to training and productivity improvements.

Jenny Su, senior director at executive search firm Ethos BeathChapman, highlighted the high salaries commanded by oil and bunker traders due to their specialised knowledge and the significant financial stakes involved. She attributed the recent wage surge to global energy market volatility driven by geopolitical tensions and fluctuating oil prices.

Su also predicted continued wage growth in fields related to artificial intelligence (AI) and sustainability, citing a significant supply gap amid rising demand.

Conversely, she anticipated slower wage growth or declines in traditional retail and administrative support services due to advancements in augmented reality and AI, which could replace some human roles.

Interestingly, female executive search consultants earned over 20 per cent more than their male counterparts, one of the largest gender pay gaps favouring women.

Su attributed this to the high value placed on networking and relationship-building skills in her industry, with female consultants often perceived as more empathetic and better communicators, leading to better outcomes and higher earnings.