Higher starting pay for fresh grads
Salaries for fresh graduates are showing an upward trend this year.
The Fresh Graduate Pay Survey by global management consultancy, the Hay Group, says engineering jobs are still in demand and fresh engineering graduates can expect to earn about S$2,745 a month.
This is slightly higher than starting salaries for jobs in the legal (S$2,738) and production (S$2,728) services for fresh graduates.
Conducted in July, the survey drew participation from 100 companies across general industries in Singapore this year.
It showed that the average starting salary for degree holders was around S$2,600 a month, S$60 higher than the average starting pay last year.
Diploma-holders are also expected to fare better this year in the job market.
Their average starting pay was around S$1,800 a month, about S$40 higher than last year.
Design and creative jobs topped the list of hot jobs for diploma holders who can command starting salaries of about S$1,900 monthly.
Despite the global economic slowdown, Mr Victor Chan, regional general manager (Singapore and ASEAN), said organisations here “are still competing for fresh graduate talent”.
“In the next 12 months, organisations are projecting a healthy forecast with regards to the starting pay for diploma and bachelor graduates, most notably in the legal and health and environment sectors,” he added.
The survey showed that employers place a premium of nearly 45 per cent for degree holders over diploma holders in terms of starting salaries.
The premium which employers place on a master’s degree over a general degree is less at around 11 per cent.
Mr Chan has this advice: “Rather than merely focusing on pay issues, fresh graduates should embrace career advancement opportunities to showcase a stronger value proposition for prospective employers, bearing in mind the push for productivity and growth in Singapore.”
One in four employers surveyed said they pay premiums to male employees who have completed National Service, with the average premium at S$166.
- Today Online