S’pore employee questions when 6-figure annual salary became ‘not that big of a deal’

Employee in Singapore asks when six-figure annual income became ‘no big deal’

A Singaporean employee has sparked discussion online after asking when earning a six-figure annual salary ceased to be considered a major financial milestone.

Six-figure incomes now seen as common

In a post on r/askSingapore on 31 May, the Original Poster (OP) shared how perceptions surrounding income and wealth appeared to have shifted dramatically over the past few years.

The OP recalled that just five years ago, earning more than S$100,000 annually was seen as a significant achievement in Singapore.

They also noted that their father had earned slightly above that before retiring.

However, they now feel that “almost everybody” seems to be earning six figures annually, including some fresh graduates.

The Redditor also pointed out that prices of housing, Certificates of Entitlement (COEs), and other expenses have surged in recent years.

According to the OP, Singaporeans have also generally become more affluent and wealthy over time.

Shift in financial expectations happened quickly, says OP

The OP said the most surprising aspect was the speed of the change.

While previous decades were deemed relatively stable, they felt the shift in expectations around income and wealth happened “so fast” within just a few years.

The OP also observed that financial goals which were once considered ambitious now appeared to be treated as minimum expectations.

For instance, accumulating S$100,000 in savings by the age of 30 used to be a target many worked towards.

However, it now seemed to the OP to be viewed as the minimum expectation that people should achieve.

Some netizens feel six-figure income still impressive

Online reactions were mixed. Some argued that a six-figure salary is still “a very big deal”, with one netizen urging the OP not to listen to Redditors who claimed to earn S$500,000 monthly.

A commenter opined that the general expectations in Singapore are “so high” that many may not see the actual standards to be on par with their expectations.

One Redditor pointed out that in Singapore, the “median salary is still well under S$100,000”.

Another netizen shared that salary really depends on the industry, with the recent pandemic potentially contributing to the sudden rise in salary among certain roles.

Also read: ‘Working here can change your fortune’: M’sian lecturer quits job to become cleaner in S’pore, earns 5x more

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image adapted from Alemedia.id on Canva for illustration purposes only.