[ad_1]
SINGAPORE – In the financial sector, Singaporeans in the middle of the income spectrum for citizens earn less than permanent residents and foreigners at the same point in their income spectra.
Monetary Authority of Singapore board member Ong Ye Kung told Parliament on Friday (Sept 4) that for Singaporeans, the median wage band is $6,000 to $8,000 a month, while for PRs and foreigners, it is $8,000 to $10,000.
In senior-level positions, about half of Singaporeans and about half of foreigners earn above $30,000 a month, while almost two-thirds of PRs do so, he said, adding that these sets of data are “as one would expect”.
The reason is that financial institutions often bring in higher-earning foreigners to perform specialised, or regional and global roles. Also, Singapore’s rules constrain the inflow of foreigners at the lower end, said Mr Ong, who is also Transport Minister.
This means a larger share of foreigners tend to be earning higher wages and consequently, the median would be at a higher level too.
[ad_2]
Source link
