MOM Releases Income Stats For Singaporeans
Singaporeans are known far and wide for our kaypoh mentality — we just like to compare everything. You can often hear aunties gossiping away about how their children are earning big bucks in the corporate world.
Well now, you can throw your auntie stats away and make space in your brain for official government statistics on monthly income among Singaporeans.
The Ministry of Manpower (MOM) has released the statistics of Singaporeans’ gross monthly income from full-time work from 2006 to June 2016 (excluding employer CPF), and the figures shed some light on how much Singaporeans are really earning across the age groups and sexes.
So those of you who want to keep up with your peers, these stats will tell you just where you stand among people in the same age group as you are.
Let’s take a look at some of the findings:
Looking at people of all ages, it looks like the largest percentage of both men (14.01%) and women (14.35%) earn between $3,000 and $3,999 monthly.
However, a worrying statistic is that 8.37% earn more than $12,000 but only half the proportion (4.18%) of women earn that amount of money. Maybe Grace Fu’s 2020 target could help improve this?
To get a clearer picture, let’s take a look at the figures broken down by age:
Millennials just kicking off their careers seem to be faring quite well, with the largest proportion having salaries of around $3,000 plus.
Better still, both genders seem to have similar proportions of people in the various salary scales.
While this seems to be a good sign for the future of gender equality, we have to take note that the girls actually have a 2-year headstart in their careers as they are not liable for national service.
Thus, most guys in the 25-29 year old age group are truly starting off their careers after finishing their education, while girls in this age group would have been working for a few years already.
However, the salaries they receive are similar.
Is this a sign of gender inequality, as women who have worked for 2 years more than men in the same age group are still being paid the same amount?
Or is this justified as men have sacrificed 2 years of their life serving the nation, and thus should be paid more as compensation when they finally do start work?
A special shoutout goes to the 0.82% of guys and 0.60% of girls who have already made it big in their industries at a young age, earning more than $12,000.
Perhaps the best representation of working Singaporeans’ wages would be to look at citizens who should be at the height of their professional careers.
It looks like many men have had great career progression, with the largest proportion (15.62%) earning more than $12,000 per month.
However, women do not seem to be enjoying similar monetary gains, as the bulk of them (12.42%) earn just $3,000 plus monthly.
Although people who are over 65 years old should be retired by then, many of them are still working — but not getting much.
It’s quite sad that most old timers who are working get just $1,000 to $1,400, with 66.67% of men and 82.08% of women earning less than $2,500 monthly.
This is even more sad when you consider that people who are working past the age of 65 are probably doing so because they really need the money.
If you’re wondering what work old people would still be doing way into their golden years, you might want to check out our video.
Gender Income Gap
It’s a little obvious from the statistics, that a higher percentage of men take home higher bracket wages as compared with women.
While it makes sense for the older generation, given that men were expected to be the sole breadwinners back then and thus received more education, what is surprising is that the trend is prevalent among working adults now too.
This begs the question, should more measures be taken to close the gap between men and women, income-wise?
At least the figures for the Millennials show promise that the income inequality may be getting better, which is good news for them as they may have terrible retirement prospects.
For the full report, you can check out this excel sheet.
And if you want to know whether you’re being paid enough for the job you’re doing, read our story on how much Singaporeans should be earning. Then if you want to change your job to a better-paying one, check out the 10 best-paid jobs in Singapore apart from businessman or politician.
Featured image adapted from openclipart.org