Median monthly household income rises to S$10,869 in 2023, a real increase of 2.8%

Median monthly household income rises to S$10,869 in 2023, a real increase of 2.8%

SINGAPORE: After accounting for inflation, the median monthly household income from work in Singapore increased to S$ 10, 869 ( US$ 8, 092 ) last year from S$ 10, 099 in 2022.

Taking into account family size, the middle quarterly earnings per family member increased by 1.7 percent from S$ 3, 287 in 2022 to S$ 3, 500 by 2023.

These numbers were made public on Wednesday ( Feb 7 ) in the Singapore Department of Statistics ‘ ( Singstat ) Key Household Income Trends 2023.

According to Singstat, resident employed households ‘ median monthly household income increased by 3.1 %, or 0.6 % annually in real terms, over the previous five years, from 2018 to 2023. The real boost by household member was &nbsp, 2 % annually.

While families in the first, ninth, and tenth deciles experienced increases in their average income per family representative in real terms, drops were observed in 2023.

Earnings for households in the first class, or those with the lowest incomes, decreased by 1.7 %. The decline was 0.2 % for the seventh class on the other end of the spectrum, and it was 1.9 percent for ten deciles.

Between 2018 and 2023, the average household income from operate per family member in native employed homes in the first nine deciles increased over time by 0.7 to 2.5 percent annually in real conditions. &nbsp, However, it decreased by 1.2 percent annually for families in the major class.

According to Singstat, some families in the bottom 10 % had private property, hired a local companion, owned cars, and/or were retirees.

MORE Swaps OF GOVERNMENT

In 2023, state programs provided S$ 6, 371 per family member on average for native families, including those without a job. According to Singstat, this was higher than the S$ 5, 859 received the year before that.

This was brought on by the additional support measures implemented in 2023 to help households cope with the high inflation rate and mitigate the effects of the rise in the Goods &amp, Services Tax ( GST ) rate.

Residents who resided in HDB 1 &amp, two-room apartments continued to receive the majority of government payments. They received S$ 13, 623 per family member on average in 2023, which is nearly twice as much as payments received by native families residing in HDB three-room apartments.

In 2023, the Gini coefficient, a common indicator of money inequality, decreased. Great inequality is indicated by a Gini coefficient of 1, while less inequality in terms of income is suggested.

Prior to government transfers and fees, the index decreased from 0.437 in 2022 to 0.43 next year. The Gini index was 0.371 after accounting for taxation and federal payments.