Fresh out of university, graduates experienced a boost in their salaries in 2023 compared to previous years. However, finding full-time or part-time work became tougher amidst slower economic growth.
According to the latest graduate employment survey released on Feb 22, the median gross salaries for fresh graduates increased to $4,313, up from $4,200 in 2022. This data concludes that, on average, graduates earn more money.
But here is the catch: fewer graduates could secure stable employment. Only 84.1% found full-time permanent roles, compared to 87.5% in 2022. There were also fewer part-time jobs (4%, down from 4.5% in 2022) and freelance work (1.5%, down from 1.8% in 2022).
Of the 10,900 graduates surveyed, 89.6% found permanent employment and freelance or part-time jobs within six months of graduating. While this percentage dropped from the previous year, it was similar before the Covid-19 pandemic.
Graduates in health sciences, information, digital technologies, and business had the best luck finding full-time jobs in 2023, with health sciences at 95.9%, information and digital technologies at 88.7%, and business at 88.3%.
Graduates from information and digital technology courses still earned the highest monthly pay at $5,500, although there was a slight decrease from $5,625 in 2022.
However, engineering graduates saw a slight decrease in their median gross monthly salary to $4,500 from $4,600 in 2022.
Despite these challenges, Singapore’s economy grew by 1.1% in 2023, although slower than the previous year, which is 3.8%. Dr David Leong, managing director of PeopleWorldwide Consulting, said, “This trend suggests that employers are in a position to select top-tier candidates from the job market. It indicates a competitive environment where quality trumps quantity, allowing companies to prioritise hiring the most qualified individuals within their fields.
