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The Ministry said attracting investments, growing high-value industries, and equipping graduates with industry-relevant skills will be key to sustaining wage competitiveness amid automation and offshoring pressures.
Fresh graduates in Singapore continue to rank among the most competitive earners in East Asia, according to a written parliamentary reply by the Ministry of Manpower (MOM).
A parliamentary question by Member of Parliament Henry Kwek on how Singapore fresh graduate wages compare with East Asian economies prompted MOM to outline the Singapore’s wage position, key drivers behind the differences, and strategy to sustain competitiveness amid automation and offshoring.
Responding to the question, the Ministry said that Singapore’s median wage among fresh graduates was higher than most major East Asian economies based on the latest comparable data for 2023 and 2024.
After adjusting for purchasing power, Singapore graduates earned more than those in China, Japan, South Korea, and Taiwan. Hong Kong was the only economy that recorded a slightly higher median wage for fresh graduates.
MOM said the wage differences reflect variations in economic structures and the types of industries across different economies.
According to the Ministry, Singapore’s economy is more similar to Hong Kong’s, with a stronger concentration of high value-added industries and services, alongside deeper integration into global supply chains.
The Ministry also highlighted Singapore’s role as a hub for multinational corporations and regional headquarters, noting that these companies contribute significantly to job creation.
In addition, these firms compete internationally for talent and offer competitive wages to candidates with the skills and qualifications required for the roles.
Looking ahead, MOM said sustaining wage growth for fresh graduates will require Singapore to continue creating good jobs which will involve attracting investments, raising productivity, and supporting growth sectors including advanced manufacturing, as well as the green and digital economy.
It added that fresh graduates will also need to be equipped with industry-relevant skills both in schools and after entering the workforce to support sustainable wage growth.
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