Human Resources magazine and the HR Bulletin daily email newsletter:
Asia's only regional HR print and digital media brand.
Register for your FREE subscription now »
If you want to work the least hours per week and still bring home the biggest paycheck, you should consider moving to the financial and insurance services industry.
According to the Singapore Yearbook Of Manpower Statistics, 2015 released by the Ministry of Manpower (MOM), the industry which earned the most in 2014 was the financial & insurance services industry.
The sector raked in a median gross monthly income of $6,300 including employer CPF ($5,625 excluding employer CPF) – highest among all the industries surveyed.
The industry also saw a total wage change of 5.9% last year.
Interestingly, professionals in this industry were also reported to work the least average weekly total paid hours of 41.1 hours.
The report classified the financial and insurance services industry within the overall services category, which included industries such as admin and support and real estate industries.
The overall services industry saw the largest positive change in wages (5.0%) last year. This followed by the manufacturing industry with a 4.9% change and the construction industry with a 3.8% change.
“Singapore’s biggest employer remains the services sector. It averaged 3.3% over the last 10 years. The employment rate is particularly high in labour reliant services such as the accommodation and food services sector (4.7% in 2014) as well as wholesale and retail (3.1% in 2014),” a report by Adecco stated.
Employees in the manufacturing industry brought back the highest median gross monthly income of $4,210 including employer CPF ($3,727 excluding employer CPF).
On the other hand, those in the services industry earned $3,750 including employer CPF ($3,250 excluding employer CPF) and those in the construction industry received $3,480 including employer CPF ($3,128 excluding employer CPF).
When it came to number of working hours, professionals in the services industry were found to work the least average weekly total paid hours of 43.2 hours while those in the construction industry worked the most of 52.9 hours.
Staff in the manufacturing industry clocked in a total of 49.7 paid hours per week.
“The employment market was positive in 2014. We remain confident in the 2015 outlook. Organisations are looking to increase their recruiting especially in the banking, finance, supply chain and engineering sectors,” Femke Hellemons, country manager, Adecco Singapore said.