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Saturday, 23 February 2008

Degree holder - is your Income above the Median?

So, you slogged through more than 10 years of your life to get that coveted degree.

But are you earning a decent monthly income?

Let’s define “decent” as being at least slightly more than 50% of your cohort, or what’s called the median.

If you’re getting way below the median, maybe you need to do something about it.

Based on data from the latest MOM report on the labour force (for 2007), the median gross monthly income for degree holders in their 30s is $4,880; and that for degree holders in their 40s is $7,000.

The numbers are higher for males, by more than 5%. I’m not sure why…

The gross monthly income reported includes bonuses, commissions and other allowances that can be construed as income.

The following are the median gross monthly income for the various age groups (those for males are in brackets):

  • Age group 25-29: $3,250 (males $3,270)
  • Age group 30-39: $4,880 (males $5,130)
  • Age group 40-49: $7,000 (males $7,580)
  • Age group 50-59: $7,500 (males $7,930)
  • Age 60 & above: $7,250 (males $8,170)

Are you above the median?

Reference: Report on Labour Force in Singapore 2007, Ministry of Manpower.

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