Degree Holders in Singapore Earn Over S$3,100 More Than National Median

Earning a university degree remains a strong pathway to higher salaries in Singapore, according to the Ministry of Manpower’s (MOM) Labour Force in Singapore 2024 report, which highlights that degree holders had a median income of S$8,650, surpassing the national median of S$5,500 by over S$3,100. This trend has remained stable over the past decade, with an increasing share of Singapore’s workforce holding degrees and benefiting from higher wages despite a global shift away from prioritizing academic qualifications in hiring.

MOM’s 2024 data reveals that degree holders earn more than S$3,100 above the national median salary of S$5,500, reinforcing the idea that education remains a reliable investment for career success. This earning gap has remained relatively stable over the past ten years, demonstrating that while wages have grown across the board, those with higher academic qualifications continue to see a disproportionate increase in earnings compared to non-degree holders.

Workforce Shifting Towards Higher Education as Degree Holders Surpass 40% of Employees

In 2014, only one-third of Singapore’s workforce held a degree. By 2024, this number exceeded 40%, with projections suggesting that half of all workers may be degree holders within five years. The increase is partly attributed to the retirement of older workers with lower educational qualifications, as well as a rising number of Singaporeans attaining university degrees. As the proportion of degree holders grows, their salaries are expected to continue increasing, reflecting both their higher qualifications and increased demand for skilled professionals.

Projected Salary Growth: S$9,000 Median Salary Expected by 2026, S$10,000 by 2030

With a year-on-year salary increase of over S$460, the median salary for degree holders is likely to exceed S$9,000 within the next two years, with estimates placing the median salary at S$10,000 by 2030. This growth persists despite employers in Singapore and globally shifting towards skills-based hiring, indicating that while some industries may prioritize experience over degrees, having a university qualification still translates to better job opportunities and higher wages.

While companies worldwide are reducing reliance on academic qualifications in hiring, Singapore’s data suggests that a degree continues to offer a salary advantage. The report indicates that many employers still view degree holders as more capable of handling complex tasks, with industries such as engineering, medicine, and finance seeing the highest returns on education. The continued preference for university graduates reflects the intellectual and analytical skills associated with higher education, even in sectors where practical experience is equally valued.

The MOM report confirms that a degree still pays off in the long run, offering not only higher salaries but also better career mobility. While skills-based hiring is on the rise, the financial gap between degree and non-degree holders remains substantial. International professionals looking to work in Singapore should also note that higher educational qualifications remain a key factor in securing well-paying roles, reinforcing Singapore’s reputation as a highly competitive job market.

Sources: The Independent SG, Vulcan Post (2025)

Keywords: Singapore Salary Report, MOM Labour Force Data, Degree vs Diploma Earnings, Singapore Job Market, National Median Salary, University Graduates Pay, Labour Trends Singapore, Career Earnings Growth, Academic Qualifications Value, Workforce Development