Did you know Singaporeans with AI skills can earn up to 45% more?

SINGAPORE: The rise of artificial intelligence (AI) initially worried many people, but did you know that Singaporeans with AI skills can now earn up to 45% more in the same job?

When AI started making waves in 2022, there were fears it would take away millions of jobs. However, the reality is quite different. Instead of causing mass unemployment, AI is opening up new opportunities and helping people earn higher wages, provided they can work with the technology.

According to the latest PwC AI Jobs Barometer report, now there are “seven times as many postings for specialist AI jobs as there were in 2012.”

The report also shows how AI affects jobs in Singapore, and this number is growing.

The Vulcan Post reported that according to the PwC analysis of Lightcast data, twelve years ago, in 2012, only one in a thousand job postings in Singapore required skills in AI.

By 2022, that number had risen to 50 per thousand, meaning 5% of job postings now seek AI-related skills. This equates to between 12,000 and 16,000 vacancies and is a figure expected to grow.

Industries with strong demand for AI skills

Some industries are seeing a particularly strong demand for AI skills.

For example, professional services have seen a significant increase, likely due to the popularity of tools like ChatGPT. As of 2023, 21% of jobs in this sector require AI skills. Even industries like construction are feeling the impact.

AI skills can give job seekers a big advantage, even if the job doesn’t specifically require them.

One of the most interesting findings from the PwC report is the impact of AI skills on salaries. Jobs that require AI skills tend to pay more. Although the report doesn’t prove that AI skills directly cause higher pay, the pattern is clear.

Either AI skills make you more valuable, or the best companies are willing to pay more for these skills.

Across the Singapore job market, jobs listing AI skills offer an average of 7% higher wages than those without. But this average hides some big differences.

For example, trade brokers with AI skills can earn 45% more than their peers without these skills. Database designers and administrators see a 35% wage boost, and university teachers get 34% more.

Here’s a closer look:

• Trade Brokers: +45%
• Database Designers and Administrators: +35%
• University Teachers: +34%
• Systems Analysts: +28%
• Financial Advisors: +13%
• Financial Analysts: +11%
• Real Estate Agents: +9%
• Interior Designers: +4%
• Electricians: +4%
• Hand Packers: 0%

These numbers show that jobs that deal heavily with data and numbers, such as trade brokers and financial analysts, see the highest premiums because AI can greatly improve their work efficiency and outcomes.

Even teachers benefit because schools need experts to teach AI skills to the next generation.

If your job isn’t listed, most white-collar roles will also see some benefit from AI. A 5-10% increase in salary is possible by learning AI skills, which you can do online.

The key takeaway is to learn AI skills now to stay competitive. /TISG

Read also: Tan See Leng: Those who embrace AI & tech will displace those who don’t