I've just started my first job in a semiconductor R&D MNC here in SG. I must say that not everyone can earn big bucks as an engineer.

Firstly, quite a number of MNCs are still quite traditional (at least I find mine is) and they hire their own people first in top positions. If they can't find someone from their side to take up the position, they'll release it to someone who has a long history in the company (10-15 years maybe?)

Secondly, like how my boss actually puts it, "if you are in your early 30s and you still haven't rise up to somewhat a managerial level or not able to take large tasks and responsibilities yourself as an engineer, forget about continuing down the path." To earn big $ in an engineering firm, one has to stand out. There're hundreds of engineers but only a handful are exceptional.

Lastly, do look at what your company does. IMO, those company at the bottom of the tech chain usually suffers the most. For example, semi-con MNCs get paid very low because they're squeezed by their clients who are then squeezed by their clients and so forth. That's one of the reason why gadgets are becoming cheaper these days

So when everything wraps up, it seems that the only people who can earn and stay long in an engineering firm are those who are smart and those who have passion for the job. Being good at your job is a no-brainer explanation. Having passion on the other hand allows one to look beyond the merits of $. For those who just want to go to engineering for the money, engineers in SG are not paid lucratively as people used to say.