Want to make S$10,000+ a mth in S’pore? MOM data shows it will cost you a few weeks each year.

Disclaimer: Opinions expressed below belong solely to the author. Data comes from latest releases by Singapore Ministry of Manpower.

We all want to make more money, and it’s the ambition of most to do a good job, be noticed and climb the ladder to higher positions, which come with higher pay.

However, what we tend not to think of is the cost associated with it. As it turns out, it’s not only the effort we put in to keep our performance high and improve or acquire new skills but also the time that we’re going to have to sacrifice once we make it.

And the highest earners in Singapore are also the ones putting in the most hours. Quite a lot more, in fact.

How much time would you trade for money?

According to the latest data published by the Ministry of Manpower, Singaporeans worked an average of 43.7 hours per week last year—the first time on record that the average dipped under 44.

However, while those making under S$2000 per month clocked in only 41.9 hours, the highest earners, taking home S$10,000 per month (gross, but excluding employer’s CPF), reported an average of 45.4 hours.

3.5 hours more each week doesn’t seem like a lot, but it quickly adds up, considering there are 52 weeks in a year—giving a total of 182 hours extra.

This is, effectively, an entire extra month, over four weeks of nine-hour days, spent at work.

And there’s a clear progression visible as you move up the ranks. People making between S$2000 and S$5000 work 109 fewer hours than top earners, while for those under S$10k but above S$5k, that number is 82.

82 hours is still about two weeks extra spent at work each year. Given that mandatory annual leave is between seven and 14 days depending on your years of service, and while some generous companies may provide 21 or so, it still barely covers the extra time requirement that comes with a higher position and salary.

Singaporeans already work 5+ weeks less each year than in 2010

However, while more money comes with a time sacrifice, the truth is that Singaporeans today work the fewest hours on record.

In fact, over the past 15 years, the average time spent at work each year has dropped by 239 hours, which adds up to over 26 work days—or more than five full work weeks.

The biggest time savings have been recorded among the lowest paid workers, with 338 hours extra, but the top earners have come in second, with a gain of 286 hours, or over six full-time work weeks.

In 2010, they put in an average of close to 51 hours weekly—or more than 10 hours each day.

We have to bear in mind that inflation affects the value of SGD over time and that some of these changes are explained by people moving up into higher brackets, diluting the averages.

Nevertheless, all Singaporeans have seen significant improvement in work-life balance over the past 15 years, and everybody is spending considerably less time at work.

One thing has not changed, though—if you want to earn the most, it’s going to cost you not only your skill and effort but also your precious time. And you’ll have to decide how much it is worth to you.

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