Median Monthly Income Of Singapore Households Went Up By 2.8% To S$10.8K Last Year
In 2023, the median monthly income of Singapore households rose to S$10,869 from S$10,099 in 2022.
After adjusting for inflation, the increase was 2.8% in real terms.
Due to enhanced support measures rolled out by the government last year, resident households received an average of S$6,371 per member.
The figures were reported in a press release by the Singapore Department of Statistics (SingStat) on Wednesday (7 Feb).
Median monthly household income rose by 2.8% in real terms
For resident employed households, their median monthly income increased by 7.6% in nominal terms, from S$10,099 in 2022 to S$10,869 in 2023.
A resident employed household is one in which the household reference person is a Singapore citizen or permanent resident.
It must also have at least one employed individual.
Source: Steven HWG on Unsplash
After adjusting for inflation, this increase was 2.8% in real terms.
Moreover, the median monthly household income per household member rose from S$3,287 in 2022 to S$3,500 in 2023.
This measure accounts for differences in household size.
The increase reflects a rise of 6.5% in nominal terms and 1.7% in real terms.
Increases in real average household income per member for most income deciles
Upon ranking of their monthly household income per household member, resident employed households are divided into 10 equal deciles or groups.
The first decile refers to the bottom 10% of resident employed households, whereas the 10th decile reflects the top 10%.
In addition, SingStat reported that the average household income per household member increased nominally across all 10 deciles, between 2.5% and 6.8%.
Households from most of the deciles experienced a real increase.
However, those from the first, ninth, and tenth deciles saw a dip of 1.7%, 0.2%, and 1.9% respectively.
Households received more financial support from the government in 2023
Last year, households generally received more financial support from the government.
This support included government transfers which aimed to cushion the impact of the rise in Goods and Services Tax (GST) and high inflation rates.
In December 2023, all Singaporeans aged 21 and above received GST vouchers between S$200 to S$800Â as part of the Assurance Package payouts.
Resident households, including households without employed individuals, received S$6,371 per household member on average from the government schemes rolled out last year.
This figure was higher compared to the S$5,859 received in 2022.
Notably, resident households residing in one- and two-room HDB flats received the most government transfers.
In 2023, they received S$13,623 per household member on average from government schemes.
Before accounting for government transfers and taxes, the Gini coefficient — which measures the degree of income inequality — based on household income per household member decreased from 0.437 in 2022 to 0.433 in 2023.
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from joyt from Getty Images on Canva.
