SINGAPORE: A new study shows that Singapore is the best country for senior product managers and start-up CEOs to work in Southeast Asia. The salaries for these positions in Singapore are three times that of other countries in the region.
Junior project managers earn a base salary between US$3,000 (S$4,030) and US$4,4000 (S$5,900) per month, while the base salary of mid-level project managers is between US$4,700 (S$6,300) and US$6,000 (S$8,000).
Senior product managers earn a monthly base salary ranging from US$8,000 (S$10,750) to US$14,200 (S$19,080).
CEOs earn a base monthly salary between US$19,000 (S$25,500) and US$20,000 (S$26,900). However, those not based in Singapore earn a monthly base salary between US$5,700 (S$7,600)and US$6,700 (S$9,000).
The recently released Southeast Asia Startup Talent Trends Report 2024 from Glints and Monk’s Hill Ventures (MHV) shows that compared to senior product managers in Indonesia, those in Singapore earn up to 3.3 times more.
Compared to senior product managers in Vietnam, those in Singapore earn up to 2.2 times more.
In 2023, among tech jobs in Southeast Asia, product managers had a median increase of 27 per cent, the highest increment.
However, across all markets, salaries tended to stay unchanged. The report said this was due to the streamlining of start-up product roles and a market correction.
Nevertheless, the report shows that experienced product managers continue to be in demand because of an emphasis on “user-centric product development tailored to specific market needs.”
As for the CEOs of start-ups, those based in Singapore are similarly doing very well compared to those in other Southeast Asian countries.
The report says that the gap in the compensation between CEOs of startups at the $11 million to $50 million funding stage of those based in Singapore and those based in other countries has risen significantly.
When the data was last analyzed, the gap was at 2.1 times.
At present, the CEOs of startups at the $11 million to $50 million funding stage who are based in Singapore are earning 3.1 times more than their counterparts based in other Southeast Asian countries.
The report also said that the CEOs of start-ups based in Singapore at the $6 million to $10 million funding stage are bringing home salaries 1.4 times more than their regional peers.
The salaries at start-ups have been increasing, with those junior roles receiving 3 per cent more last year and those at the mid-level getting 8 per cent more. Those in senior roles have received a 5 per cent bump in salary, SBR says. /TISG
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