The workforce in Singapore has seen a significant rise, with the number of full-time workers earning at least S$10,000 monthly increasing by 31,200 to reach a total of 404,900. This growth, representing an 8.3% increase, coincides with a robust Gross Domestic Product (GDP) growth of 5% in 2025. Approximately 19.3% of locally employed residents now earn an annual salary of S$120,000 or more, highlighting a strong trend in high earnings.
Financial and insurance services lead the way, employing 90,600 individuals in this income bracket, which is 38.5% of the sector's workforce. Other notable sectors include public administration and education, with 56,400 workers, and wholesale and retail trade, with 53,800 individuals earning comparable salaries. The technology sector also plays a significant role, with nearly 30% of its workforce earning five figures monthly.
Age appears to be a factor in salary levels, as earnings peak in the 40s, although there are nearly 100,000 workers in their 30s earning above S$10,000. The data, released by the Ministry of Manpower, reflects trends in Singapore's labor market and its economic landscape.