Singapore Job Market Update
With a fast growing economy and a high standard of living, Singapore is one of the most attractive destinations for expatriate workers.
What makes Singapore so attractive a locale?
With an equatorial, humid climate, Singapore offers a unique climate that is easy to live in all year round. But no matter how gorgeous a location can be, it is hard to reconcile a move abroad if one cannot maintain a comfortable standard of living. Luckily for hopeful expats, salaries in Singapore are amongst the most competitive in Asia.
Individuals with less than one year of experience can earn a median salary of approximately US $23,000. Meanwhile, the median income for those with twenty years of experience is in the range of US $90,000. Salaries are also regularly reviewed and updated by national task forces who work to ensure that wages match the increased costs of living and are in line with changes in the global economy.
As a global economy continues to mature, the growth and influence of Southeast Asia continues to rise. Centrally located within this up-and-coming region is none other than Singapore. With its world class shipping centres, Singapore is an epicentre of global trade.
Further, opportunities abound for expatriate workers, as foreigners account for one-third of the country’s population. Expats are spread across all facets of the economy, from labor to service to white collar jobs. These workers frequently open recruitment policies, low personal taxation, and an English speaking environment. Basic wages have also shown an increasing trend in recent years, with the unemployment rate remaining considerably low.
Industries with the most opportunities
Singapore is rated as one of the most business-friendly economies in the world, with lots of opportunities for foreign expatriates in multi-national corporations. Opportunities are traditionally available in the following sectors:
• Science and technology
• Industrial development
Other industries are also beginning to present increased opportunities for foreigners. These growing sectors include:
• Banking and Finance
• Maritime services
When it comes to the job market in 2016, we can safely say that Singapore remains a very competitive marketplace with a positive outlook for both employers and job seekers. With all that Singapore has to offer, it’s no surprise that it has become a hotbed for expatriates. Will you join their ranks?