What a great time to be a fresh grad in Singapore now.
According to a survey conducted by the National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU), it found that the fresh graduates’ median pay is racking up to a new height at S$3,360 (approx. RM 9,930) a month.
It’s an increase from $3,300 (approx. RM 9,750) for the class of 2015. On top of that, the survey found that 89.7% of fresh graduates landed a job within the first six months after finishing their final exams, compared to 89.5% in 2015.
Among the graduates who found jobs with within half a year, 80.2% of them landed themselves in a permanent full-time job. The number saw a decrease of 2.9% in comparison to 2015.
Whereas for the rest of the 19.8% graduates, they reported that they were working in part-time, temporary or freelance work for various reasons. When asked why they chose to be in an unstable job, they said they were trying to start a new business, trying out new fiend or deciding for further studies.
Here’s a list graduates’ pay increment in comparison to the year 2015
Talking to education experts, The Straits Times reported that the experts think local graduates are still in demand and many employers are willing to pay them well.
NUS economics lecturer Kelvin Seah who specializes on the economics of education said that: “Despite the overall weak growth in the global economy last year, there were still many industries which managed to remain relatively unscathed and continued to grow.”
When commenting on the drop of graduates who found jobs within the first six months after their final exam, Dr Seah explained that it could due to the unstable economic landscape faced by companies.
“External developments last year, such as the subdued growth in global trade, Brexit (in 2016) and weak investment growth in emerging markets and developing economies, may have led companies to exercise more caution in their expansion plans and the number of full-time workers hired,” he said.
According to The Straits Times, different university graduates have different employment rate and salary range. For example, Singapore Management University (SMU) scored 93.8% employment rate within six months of their final exams, taking the first place in the list. While graduates from National University of Singapore (NUS) and Nanyang Technological University (NTU) scored 3.8% lower than SMU.
SMU graduates also attained higher salary across the board with $3,500 starting salary, whereas NUS and NTU graduates received $3,400 and $3,500 starting pay respectively.
The survey was published last year February.