SINGAPORE: Median monthly household income from work in Singapore grew to S$10,869 (US$8,092) last year, from S$10,099 in 2022, rising 2.8 per cent in real terms, after adjusting for inflation.
Accounting for household size, the median monthly income per household member rose from S$3,287 in 2022 to S$3,500 in 2023, a real increase of 1.7 per cent.
These figures were released on Wednesday (Feb 7) in the Key Household Income Trends 2023, a paper by the Singapore Department of Statistics (Singstat).
Over the last five years, from 2018 to 2023, median monthly household income of resident employed households rose 3.1 per cent, or 0.6 per cent per year in real terms, said Singstat. By household member, the real increase was 2 per cent per annum.
While households in most deciles saw increases in their average income per household member in real terms, those in the first, ninth and 10th deciles recorded declines in 2023.
Households in the first decile, or those earning the least, had their incomes drop by 1.7 per cent. On the other end of the spectrum, in the ninth decile, the decline was 0.2 per cent and for the 10th decile, it was 1.9 per cent.
Over time, the average household income from work per household member of resident employed households in the first nine deciles rose 0.7 to 2.5 per cent per annum in real terms between 2018 and 2023. But for households in the top decile, it declined 1.2 per cent per annum.
Singstat noted that some households in the lowest 10 per cent owned a car, hired a domestic helper, and lived in private property and/or were retirees.
Resident households, including those with no employed person, received S$6,371 per household member on average from government schemes in 2023. This was higher than the S$5,859 received in the year before that, said Singstat.
This was due to the additional support measures rolled out in 2023 to support households during the period of high inflation and to cushion the impact of the increase in Goods & Services Tax (GST) rate.
Resident households staying in HDB 1- & 2-room flats continued to receive the most government transfers. In 2023, they received S$13,623 per household member on average, close to double the transfers received by resident households staying in HDB 3-room flats.
The Gini coefficient, which is widely used to measure income inequality, fell in 2023. A Gini coefficient of 1 indicates perfect inequality, and a lower figure indicates less income inequality.
The coefficient fell to 0.433 last year, from 0.437 in 2022, before government transfers and taxes. After adjusting for government transfers and taxes, the Gini coefficient was 0.371.
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Accounting for household size, the median monthly income per household member rose from S$3,287 in 2022 to S$3,500 in 2023, a real increase of 1.7 per cent.
These figures were released on Wednesday (Feb 7) in the Key Household Income Trends 2023, a paper by the Singapore Department of Statistics (Singstat).
Over the last five years, from 2018 to 2023, median monthly household income of resident employed households rose 3.1 per cent, or 0.6 per cent per year in real terms, said Singstat. By household member, the real increase was 2 per cent per annum.
While households in most deciles saw increases in their average income per household member in real terms, those in the first, ninth and 10th deciles recorded declines in 2023.
Households in the first decile, or those earning the least, had their incomes drop by 1.7 per cent. On the other end of the spectrum, in the ninth decile, the decline was 0.2 per cent and for the 10th decile, it was 1.9 per cent.
Over time, the average household income from work per household member of resident employed households in the first nine deciles rose 0.7 to 2.5 per cent per annum in real terms between 2018 and 2023. But for households in the top decile, it declined 1.2 per cent per annum.
Singstat noted that some households in the lowest 10 per cent owned a car, hired a domestic helper, and lived in private property and/or were retirees.
MORE GOVERNMENT TRANSFERS
Resident households, including those with no employed person, received S$6,371 per household member on average from government schemes in 2023. This was higher than the S$5,859 received in the year before that, said Singstat.
This was due to the additional support measures rolled out in 2023 to support households during the period of high inflation and to cushion the impact of the increase in Goods & Services Tax (GST) rate.
Resident households staying in HDB 1- & 2-room flats continued to receive the most government transfers. In 2023, they received S$13,623 per household member on average, close to double the transfers received by resident households staying in HDB 3-room flats.
The Gini coefficient, which is widely used to measure income inequality, fell in 2023. A Gini coefficient of 1 indicates perfect inequality, and a lower figure indicates less income inequality.
The coefficient fell to 0.433 last year, from 0.437 in 2022, before government transfers and taxes. After adjusting for government transfers and taxes, the Gini coefficient was 0.371.
Continue reading...