As reported in the papers today, official CPF figures show that employees working in the real estate and financial services industries got the highest pay increase this year.
The average increase is 8.3% for financial services and a whopping 23.8% for real estate & leasing services.
But what is more interesting (to me) in the Straits Times front page article is that the “average monthly real earnings” in financial services is the highest at $8,097, which is more than 1.5 times that of Information & Communications, the next best paid industry.
Here are the average monthly real earnings for the various sectors, from highest to lowest:
- Financial Services – $8,097
- Information & Communications – $4,904
- Professional Services – $4,537
- Manufacturing – $4,029
- Transport & Storage – $3,820
- Community, Social & Personal Services – $3,663
- Real Estate & Leasing Services – $3,580
- Wholesale & Retail Trade – $3,322
- Construction – $2,783
- Administrative & Support Services – $2,387
- Hotels & Restaurants – $1,507
As you can see, Real Estate is only “ranked” 7th, even though it got the highest increase in wages.
The Financial Services sector is still the champion…