Singapore residents ‘ real incomes increased in 2024 as wages increased and inflation decreased, according to the Manpower Ministry’s report on Thursday ( Nov 28 ).
Real wages take inflation into account, and determine the buying power of an entity.
The Ministry of Manpower ( MOM) announced in an advance release of its labor force report that nominal median gross monthly income increased from S$ 5, 197 ( US$ 3, 880 ) to S$ 5, 500. Nominal incomes increased at a faster rate this year than they did last year.
That is a 5.8 per cent improve, up from 2.5 per cent growth next month.
At the 20th percent- the lower ending of the income level - , minimum income stood at S$ 3, 026, a 7.1 per cent increase from S$ 2, 826. From 2022 to 2023, nominal revenue grew just 1.7 per share.
Real wages increased in 2024 as a result of the boost in minimum income, according to MOM.
For people at the 20th percent, real wages grew 4.6 per share after shrinking 3 per share in 2023. Median real estate increased by 3.4 % from last year’s 2.2 % decline.
” In fact, I think we see a broad-based improve across all deciles, so it’s not only these two parties that we are focusing on”, said Mr Ang Boon Heng, chairman of the workforce research and statistics office.
” The real money progress in 2024 was close to the average growth levels seen in the years preceding COVID-19… when inflation was lower”, the statement said.