Fresh university graduates in Singapore are now earning a higher starting salary, with the median salary reaching SGD 4,500 (approximately RM14,800).
However, while salaries have gone up, fewer graduates are securing full-time jobs, according to the latest 2024 Graduate Employment Survey.
Full-time employment rate falls below 80%
The survey, released on Feb 24, found that the full-time employment rate has dropped to 79.5%, a 4.6% decline from the previous year.
This marks the second time since 2018 that the rate has fallen below 80%, with the previous dip occurring in 2020 when the COVID-19 pandemic disrupted the job market.
Conducted among 12,500 graduates from five public universities in Singapore—NUS, NTU, SMU, SUTD, and SUSS—the survey revealed that 87.1% of respondents managed to secure a job within six months of graduation.
However, this figure is still lower than 89.6% in 2023 and a more significant drop from 93.8% in 2022.
More grads turning to freelancing & part-time gigs
With full-time opportunities declining, more graduates are choosing freelance, part-time, or temporary roles instead.
The percentage of those working as freelancers has increased slightly to 1.6%, while those in part-time or temporary positions have risen to 6%, a 2% increase compared to the previous year.
Tech & engineering grads lead in pay
Despite the decline in employment rates, salaries have continued to grow across most fields. Information and Digital Technology graduates continue to have the highest earnings, with a median monthly salary of SGD 5,600 (approximately RM18,400).
Engineering graduates follow closely, earning a median of SGD 4,650 (RM15,300). Business graduates saw the largest salary jump, increasing from SGD 4,150 (RM13,600) in 2022 to SGD 4,400 (RM14,500) this year.
Meanwhile, Arts, Design, and Media graduates had the lowest salary growth, with their median pay increasing only slightly from SGD 3,740 (RM12,300) to SGD 3,800 (RM12,500).
Professional degree holders still earning the most
According to Zaobao, a separate follow-up survey of over 700 graduates from professional fields such as Architecture, Medicine, and Law found that while their full-time employment rate dipped slightly from 96.5% to 94.4%, their salaries continued to increase.
The median monthly salary for these graduates rose from SGD 6,000 (RM19,700) to SGD 6,275 (RM20,600).
Higher pay, tougher job market
While fresh grads in Singapore are earning higher salaries, the job market is becoming more competitive, with fewer securing full-time employment.
For many, this raises the question of whether it’s better to hold out for a full-time role with higher pay or take on freelance and temporary gigs in the meantime.
Check out the full report here.
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