Group Finance Manager Average Salary
Group Finance Manager Average Salary – The cost of living in Singapore is quite high. To compensate, Singaporean employers offer a generous salary package to their employees.
In this article, we will explore the different main points of the average salary in Singapore, such as the average salary. We will also explore the legal requirements for workers and the cost of living in Singapore.
Group Finance Manager Average Salary
The average monthly salary in Singapore depends on the employee’s experience level, field of work, job title, and educational level.
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They also vary widely in sectors such as IT (information technology), healthcare, banking, and type of work (full-time or part-time).
Considering all these points, an employee working in Singapore earns an average salary of S$8, 450 (Monthly Income). That’s about $6,220 USD, based on the exchange rate in August 2021 (1 SGD = 0.74 USD).
Moreover, the average hourly wage for a worker in Singapore is S$49. This equals about 36 USD.
Average salary is the amount of salary that divides workers into two different groups. Half earn above average income, while the other half earn below average income.
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According to the Salary Explorer salary report, the average salary in Singapore is S$8,790 per month. This equals about 6,470 USD.
According to Salary Exploration, a person working in Singapore is likely to get a salary increase of 9% every 15 months, and the average salary increase is 3% every 16 months worldwide.
If you calculate the annual salary increase based on this number, the salary increase for 12 months in Singapore is 7%.
Every salary figure mentioned in this article is an average and should only be taken as a general guide. Salaries and bonuses vary from person to person and depend on many factors, such as
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The Government of Singapore conducts the Household Expenditure Survey to determine average household income and expenditure every five years and to understand monthly income and expenditure trends.
It found that average household income in Singapore increased from S$10,470 (US$7,707) in 2012-13 to S$11,780 (US$8,672) in 2017-18.
However, Singapore’s Ministry of Manpower has introduced a ‘progressive pay model’ where cleaners and security guards will earn S$1,000 and S$1,100 respectively.
And professionals with a master’s degree will be 29% more likely than workers who have completed a bachelor’s degree.
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Experience level is the most important factor in determining the average salary for an employee. As experience level increases, so does the salary package.
Whether you want to move to Singapore or understand the work environment in the country, it is important to know the recruitment practices in Singapore.
Moreover, the cost of living in Singapore is high compared to neighboring countries such as the Philippines, Cambodia, and Indonesia.
Many expats (someone who works or lives outside their home country) choose to rent in Singapore. The national average is S$500 per month for a shared apartment, S$2,018 per month for a one-room apartment, and S$3,885 per month for a three-room apartment.
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Although buying a property is another way of acquiring housing, real estate is not very common in Singapore. Singapore has one of the highest cost real estate in the world.
According to the Global Cost of Living Survey 2019, Singapore is the most expensive place to buy a car, even for someone with a high monthly income. The average car will cost in Singapore 2.5 times more than in Malaysia.
It will cost upwards of $1,000 – $2,000 (SGD) per month to buy a car. The cost includes monthly loan payments, insurance premiums, fuel prices and maintenance costs.
Citizens can count on a range of bus and taxi services, which can cost $100 to $120 (SGD) per month.
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Food is also expensive in Singapore as the country imports its staple foods and does not depend on local grain production.
Therefore, groceries can cost around S$200 if residents shop locally and cook at home.
The Heritage Foundation’s Index of Economic Freedom ranked Singapore as the second most open economy in the world in 2017. With no government debt, high incomes, and a stable positive surplus, Singapore has created one of the most developed economies.
The country has 9, 310 km of paved roads and a railway network of 19.6 km. In addition, buses, taxis, and convenient ride-sharing options (Uber and Lyft) make the transit system reliable and punctual.
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It is also home to one of the busiest ports in the world, with nearly 1,000 ships docked at any given time.
To make up for the labor shortage, the country relies on building a pool of highly skilled workers and attracting skilled workers abroad.
In addition, Singapore’s literacy rate for people over 15 years of age has increased rapidly over the past few decades and reached 97.3% in 2020.
All the numbers mentioned show an increase in the educational level of the population. If you are a company looking to hire in Singapore, you will never run out of good candidates.
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Moreover, from 2014 to 2019, the average monthly income increased by 22.2% or 4.1% annually for each family member.
Outsourcing to Singapore companies will not affect the quality of your business operations. Moreover, when GDP growth is strong, firms grow faster by acquiring more business.
Singapore is the best place if you are looking to start a business in a stable and vibrant ecosystem.
With an employee-friendly work environment, excellent employment rate, and above-average salary packages, starting a business in Singapore will be beneficial in several ways.
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Lauren Susi is the Senior Vice President of Marketing for Time Doctor, the world’s leading time tracking and productivity software. He has over 15 years of marketing experience in fast moving companies. Her number one passion is SEO, she can’t start her day without coffee, and she enjoys spending time on the beach with her two sons and husband. Following the salary guide for software engineers, we wanted to follow up with another guide. For Quality Assurance (QA) Engineers, whose responsibilities include identifying and preventing product defects.
Even though COVID-19 has affected businesses all over the world, QA Engineers are still in high demand because let’s face it – the modern world uses code.
As a QA engineer, knowing you need it is great news but how can you use that knowledge to your advantage? How much more can you claim in particular?
In this article, we explore the best places to work if you are an assurance/test engineer. We also compiled a list of the 10 most searched companies on the internet. From there, we looked at the compensation they offered at four levels of seniority: junior, intermediate, senior, and leader.
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No matter if you are a recent graduate, looking to change careers, or move up the ranks, there will always be companies offering competitive salary packages. However, salary should not be your only consideration.
Also consider intangibles like company culture, the team you’ll be working with, and non-monetary benefits. But for the purposes of this article, we’ll focus on what we can count on. With that said, let’s start with the industry standard salaries for QA engineers.
Across the 9 companies we have listed, the average salary for a junior QA engineer is around $3,400 to $8,000 per month depending on the company. For Senior Quality Assurance Engineers, the average salary is $7,000 to $9,500 per month.
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