Award Banner
Award Banner

Oil traders, tech professionals among big earners in 2023: MOM salary data

Oil traders, tech professionals among big earners in 2023: MOM salary data
Jobs pertaining to technology, finance and the media were also well represented among the top 20 roles ranked by median gross wage.
PHOTO: The Straits Times file

SINGAPORE – Oil and bunker traders were among those handsomely rewarded in 2023, a bumper year for Singapore’s ports.

They earned a median gross wage of $14,911 per month as at June 2023, coming in tops among the jobs covered by the latest annual occupational wage data released by the Ministry of Manpower (MOM).

Bunker sales in Singapore had weighed in at a record 51.8 million tonnes in 2023, rewriting the 50.6 million tonne mark notched in 2017.

Marine superintendents also ranked high in median gross wage, coming in 19th out of around 500 common occupations across all industries.

Jobs pertaining to technology, finance and media were also well represented among the top 20 roles ranked by median gross wage.

The Straits Times on July 30 released the 2024 Singapore Salary Guide, which draws from MOM’s annual Occupational Wage Survey, among other sources.

Almost 4,800 private-sector employers were polled from July to December in 2023 for the MOM survey, with the results released in June 2024.

These employers collectively employed some 288,700 full-time Singaporean and permanent resident employees who had Central Provident Fund (CPF) contributions in June 2023.

Chief information officers, chief technology officers and chief security officers came in second with a median gross wage of $13,840.

The wage figures include employee CPF contributions but exclude employer CPF contributions.

Other tech roles in the top 20 include enterprise or solution architects, digital forensics specialists, and infocomm technology sales and services professionals.

The highest-paying finance-related job was that of business valuer, which drew a median gross wage of $13,649, coming in fourth place.

Insurance services managers, risk management managers, financial or investment advisers, financial risk managers and financial services managers followed closely behind with median gross wages of more than $10,000.

Editors of news and periodicals pulled in median gross wages of $10,577, while directors of stage, film, television, game, commercial, video and radio earned median gross wages of $11,252.

Read Also
Fresh university grads get higher salaries in 2023 but fewer find full- or part-time work: Survey
singapore
Fresh university grads get higher salaries in 2023 but fewer find full- or part-time work: Survey

Meanwhile, top wage gainers spanned an eclectic range of roles.

Roles relating to healthcare, wellness, beauty and environmental services featured alongside those in finance, marketing and social services.

The median gross wages recorded for hairdressers increased from $1,595 per month in June 2022 to $2,770 per month in June 2023, which is up by more than 73 per cent.

Median gross wages for wellness centre managers followed behind, with a jump of over 60 per cent between both surveys to $5,628 in June 2023.

The median gross wage commanded by certain types of specialist medical practitioners, as well as clinical research professionals, also made large gains.

Rounding off the list of top 10 gainers were telemarketers and family counsellors, with increases of over 30 per cent between the 2022 and 2023 surveys.

However, Associate Professor Terence Ho of the Lee Kuan Yew School of Public Policy told ST that year-to-year comparisons of wages for particular occupations may not be a very good reflection of underlying trends because of sample size limitations and sampling variability in the survey.

Overall, the median gross monthly income of full-time employed residents rose 2.5 per cent year on year in 2023, according to MOM data released in January.

Salary data for common occupations in all industries was also classified by sex in the survey results.

Jobs with the largest pay gaps include various healthcare and manufacturing roles, according to calculations by ST.

The widest gap was observed among plant and machine operators involved in chemical processing and products.

Men working that job were recorded drawing a median gross wage of $8,908, almost quadruple that of women reported to be in the same role.

Prof Ho said occupations that have seen strong wage gains could reflect robust demand relative to supply of workers.

Salary growth in lower-wage occupations could have been spurred by the implementation of progressive wages, he added.

Progressive wages refer to a wage ladder for lower-wage occupations tied to training and productivity improvements that covers seven sectors and two occupations.

The latest to be covered are the food services sector, as well as administrators and drivers in all sectors in March 2023, and the waste management sector in July 2023.

Even lower-wage roles that are not covered by progressive wages could have benefited from the spillover effect of increased wages in the broader market of lower-wage roles, Prof Ho added.

He also noted that the comparison of male and female employees’ wages by occupation is not adjusted for seniority and job responsibility.

“Hence, it’s possible that men may be holding more senior positions in the occupations where their wages are significantly higher than (those) for women.”

On the strong earnings that oil and bunker traders posted, Ms Jenny Su, senior director at executive search firm Ethos BeathChapman, said the occupation has historically commanded high salaries owing to the specialised knowledge and significant financial stakes involved.

“The volatility in global energy markets has intensified the need for expert traders, contributing to the recent wage surge,” she said, citing geopolitical tensions and fluctuating oil prices as some causes of the volatility.

Ms Su said positions related to artificial intelligence (AI) and sustainability are expected to see continued wage growth.

“These fields, still relatively new, with less than 20 years of development, face a significant supply gap as demand surges worldwide,” she added.

Conversely, traditional retail and administrative support services are among the sectors likely to experience slower wage growth or decline due to advancements such as augmented reality and AI that could supplant human beings for some tasks, she noted.

Female executive search consultants drew a median gross wage of over 20 per cent higher than males in the same occupation. It is one of the largest gender pay gaps in favour of women.

On this, Ms Su said that in her industry, networking and relationship-building skills are highly valued.

Female consultants tend to be perceived by clients as more empathetic and better communicators, which can lead to better outcomes and higher earnings, she added.

This article was first published in The Straits Times. Permission required for reproduction.

homepage

trending

trending
    140 coffeeshops in Singapore offering SG60 promotions and discounts, here's what to expect
    Man, 63, drove through a playground and into a swimming pool after drinking alcohol
    Islamic association says former NMP Calvin Cheng's comments on pro-Palestine activists 'dehumanising, dismissive'
    'I felt lonely and upset': Grandma, 73, worked at hawker stall to support grandkids during daughter's imprisonment
    Govt's response to US tariffs 'partly to instil fear': PSP chairman Tan Cheng Bock
    Thrill or chill: Enjoy more for less at Resorts World Genting
    47 injured in Tokyo expressway bus accident; at least 1 Singaporean on board
    SCDF team recovers body from partially collapsed hotel after Myanmar quake, sets up 2 medical outposts
    Man charged for allegedly stealing over $1,800 worth of items at Changi Airport in 3 hours
    New platform for a new era: Audi A5 Sedan now available in Singapore
    Woman who allegedly cheated son in Netflix's Con Mum charged in Singapore with fraud
    Edwin Goh proposes to Rachel Wan, both returning to Singapore after 2 years in Australia

Singapore

Singapore
    • 'I thought I could outwit scammers': Woman who lost over $78,000 to job scam in 4 days
    • 'Akan datang': WP Sengkang MPs coy on whether they will remain as team in GE2025
    • Woman hit by car at Sengkang East Drive pedestrian crossing after cars refuse to give way
    • Former MOF director Shawn Loh seen at Jalan Besar GRC community events
    • Salt, sauces and instant noodles to have Nutri-Grade labels by mid-2027
    • Singaporeans have to work together to deal with uncertainty, says SM Lee, citing new Trump tariffs
    • Fewer candidates this time, but PSP confirms it is contesting West Coast-Jurong West and Chua Chu Kang GRCs
    • SG60 initiative timing not planned to coincide with GE, says Tan See Leng
    • Man, 55, found dead in car left stationary for 2 days in Paya Lebar
    • PSP's potential new candidates seen at walkabout in Boon Lay

Entertainment

Entertainment
    • NewJeans changes social media handles and deletes posts after court ruling
    • Hong Kong actor Lee Lung Kei still plans to marry fiancee 37 years younger after her release from prison
    • 'My brain got so fried up': Gurmit Singh hit by anxiety attack while acting in his 1st Chinese drama
    • Gossip mill: Diana Ser's son to enlist, Takeshi Kaneshiro back after 3 years, agency says late Sulli wasn't forced to film nude scene
    • Paul Sculfor says his kids gave him 'purpose' after battling addiction issues
    • Ed Sheeran releases new single Azizam
    • UK police charge comedian Russell Brand with rape, sexual assaults
    • Jean-Claude Van Damme accused of having sex with trafficked women
    • 'I was right there just 3cm behind her': Exo's Kai recalls joys of simple life during military service, meeting commuter checking him out online
    • Jim Carrey pays tribute to Val Kilmer's 'grace and courage'

Lifestyle

Lifestyle
    • The rise of Chinese F&B brands in Singapore: What stirs Singaporeans' appetites?
    • AI and art: Studio Ghibli-inspired trend sparks debate on ethics and consent
    • The iconic Milo Van beverage is now available in supermarkets
    • Disney's Beauty and the Beast musical to make Asia premiere in Singapore this December
    • A bright minimalist condo apartment with a loft
    • The truth about integrated developments in Singapore: 5 homeowners share their living experience
    • How to pay in China like a local: 2025 guide for foreigners and tourists
    • Battlebox, but make it art: Portals will change how you see this underground bunker
    • 5 things I didn't expect to find in my new BTO estate
    • Sunda Festival 2025: 2 friends shaping Singapore's music and festival scene

Digicult

Digicult
    • A $500 wake-up call: How the Samsung Galaxy Ring made me realise my stress
    • Monster Hunter Wilds producer explains how game has remained unique and fresh over 20 years
    • One Beijing man's quest to keep cooking — and connecting with Americans — on camera
    • Nintendo Switch 2 to launch in June with US$449.99 price tag
    • Games in April: RPGs, racing and Ronaldo in a fighting game
    • Is it time to get a MacBook at a good price? The M4 MacBook Air says yes
    • China's Baidu launches 2 new AI models as industry competition heats up
    • China's top universities expand enrolment to beef up capabilities in AI, strategic areas
    • International Women's Day: Meet the Singapore women levelling up in gaming
    • US indicts slew of alleged Chinese hackers, sanctions company over spy campaign

Money

Money
    • Giant deal: Malaysian company to acquire Cold Storage and Giant supermarket chains in Singapore
    • EU seeks unity in first strike back at Trump tariffs
    • US stock futures tumble indicating another plummet on Wall Street
    • Trump compares tariffs to 'medicine' as markets point to rough week ahead
    • Personal loans for new parents: When do they make sense?
    • 9 best personal loans in Singapore with lowest interest rates (April 2025)
    • Best travel insurance policies for places prone to natural disasters (2025)
    • 'We spent just $5,000 on reno': Why some buyers are skipping big renovations in 2025
    • Wedding loan vs personal loan: What's the best way to finance a wedding in Singapore
    • Triple record-breaking $3.06m EC: How did they manage it?

Latest

Latest
  • Daily roundup: Man charged for allegedly stealing over $1,800 worth of items at Changi Airport in 3 hours — and other top stories today
  • China calls US tariffs 'bullying', urges others to continue with consultation
  • China holds military drills at newly expanded Cambodian naval base
  • North Korea holds first Pyongyang marathon after pandemic
  • Iran-backed militias in Iraq ready to disarm to avert Trump wrath
  • Australia's opposition dumps policy on return to office as election nears
  • Taiwan eyes zero tariffs with US, pledges more investment
  • Pope Francis makes surprise first appearance at Vatican after hospital stay
  • Indonesia will not retaliate against Trump tariff, official says

In Case You Missed It

In Case You Missed It
  • 'She should be with her family': Employer gives maid plane ticket, $800 to return to Myanmar and search for missing mum
  • 'He needed something to help him fight,' says man who bought Hokkien mee for dying patient
  • Thai woman struggles to evacuate during earthquake while her dog sleeps unfazed
  • Workers painting exterior of Geylang block discover man's skeletal remains in flat
  • 'New, younger' PAP team vows to reclaim WP-controlled Sengkang GRC, says Lam Pin Min
  • New face Jackson Lam 'very good on the ground' and will be asset to Parliament, says Shanmugam
  • Woman who publicised tips on how she evaded GST for luxury purchases fined $18k
  • Powerful quake in Southeast Asia kills several, 81 trapped in Bangkok building rubble
  • Dog dies after being skinned alive in Malaysia, animal welfare group condemns 'barbaric' act
This website is best viewed using the latest versions of web browsers.