Search the Community

https://www.straitstimes.com/singapore/household-incomes-rose-in-2022-income-inequality-fell SINGAPORE – Median household income grew in 2022 and income inequality fell when compared with 2021, figures released by the Singapore Department of Statistics (SingStat) on Thursday showed. Among resident employed households, monthly household income from work grew by 6.1 per cent in nominal terms, or before adjusting for inflation, from $9,520 in 2021 to $10,099 in 2022. Median monthly household income from work rose 0.2 per cent in real terms, or after adjusting for inflation, in 2022. Household income from work includes employer Central Provident Fund (CPF) contributions. From 2017 to 2022, median monthly household income from work of resident employed households increased 2.9 per cent cumulatively, or 0.6 per cent per annum in real terms. Such households have at least one employed person, and the household reference person – previously referred to as the head of household – is a Singapore citizen or permanent resident. Taking into account household size, median monthly household income from work per household member rose from $3,027 in 2021 to $3,287 in 2022, an increase of 8.6 per cent in nominal terms, or 2.6 per cent after adjusting for inflation. From 2017 to 2022, median monthly household income per household member grew by 11.9 per cent cumulatively, or 2.3 per cent per annum in real terms. Rise in income for all but top earners Households across most income deciles saw increases in average household income from work per household member after adjusting for inflation. In 2022, the average household income from work per household member of resident employed households in all income groups rose in nominal terms, with the increases ranging from 5.3 per cent to 15.6 per cent. After adjusting for inflation, households in the first nine deciles saw real income growth of 1.1 per cent to 10.1 per cent, while those in the top decile saw a real income decline of 1.3 per cent. Between 2017 and 2022, the average household income from work per household member of resident employed households in the first nine deciles rose 1.5 per cent to 3.0 per cent per annum in real terms, while that in the top decile recorded a decline of 0.4 per cent per annum in real terms. The decline experienced by the top decile was because of a larger increase in household size from 2.26 in 2021 to 2.34 in 2022, compared with households in the other deciles. This, coupled with higher inflation experienced in 2022, contributed to the decline in their real household income in 2022. More money distributed through government schemes Resident households, including households with no employed person, received $5,765 per household member, on average, from government schemes in 2022. This was higher than the $5,257 received in 2021, due to the one-off and transitionary measures in 2022, as well as enhanced schemes, to cushion the impact of the goods and services tax (GST) rate increase and higher inflation on cost of living, said SingStat. Resident households living in one- and two-room Housing Board flats continued to receive the most money from the Government. In 2022, they received $12,189 per household member, on average, from government schemes, close to double the amount received by resident households living in HDB three-room flats. The Gini coefficient based on household income from work per household member – before government transfers and taxes – fell to 0.437 in 2022, from 0.444 in 2021. The Gini coefficient is a measure of income inequality. A Gini coefficient of zero occurs when there is total income equality, and a coefficient of one means there is total inequality. After adjusting for government transfers and taxes, the Gini coefficient in 2022 fell from 0.437 to 0.378. “This reflected the redistributive effect of government transfers and taxes,” said SingStat. Nonetheless, this is still slightly higher than the Gini coefficient of 0.375 in 2020, which was the lowest on record. The report, Key Household Income Trends, 2022, is available on SingStat’s website.

http://sbr.com.sg/economy/news/here-are-6-...poreans-incomes pay no increase, many FT and FW drove the wages down, businesses gained more profits.......locals either bite the bullet and work for low pay....

http://sbr.com.sg/economy/news/here-are-6-...poreans-incomes Here are 6 ugly facts about Singaporeans' incomes There's a downward trend in average monthly incomes. According to the Singapore Social Health Project 2013 by the National Volunteer & Philanthropy Centre, declining trend in average monthly incomes and the increasing cost of living have made many Singaporeans feel vulnerable, especially those from lower-income families. The inadequacy of CPF for many who are retiring poses a threat to the well-being of the fast ageing population of Singapore. Singaporeans, especially the lower income, are increasingly finding it difficult to cope with escalating costs. The Gini coefficient has also increased, reflecting greater income inequalities. The report outlines six points that describe the current trends in Singapore's income security. 1. Real growth in average monthly household income per member increased for all residents in 2012; poor households suffered a decline in incomes. Income security in Singapore declined for the low income between 2010/11 to 2011/12. The lowest 10% are the hardest hit with a decline in wages in 2012. Gross real median wages across the common occupations listed by the Ministry of Manpower fell in all nine occupation categories from 2007 to 2011. 2. Cost of living has increased, eroding the purchasing power of savings. The inflation rates of 5.8% in 2011 and 4.6% in 2012 were higher than the average inflation rate of 1.9% over the last two decades. The inflation rates exceeded the 4% Central Provident Fund (CPF) interest rates on the Special and Retirement Accounts. 3. Inequality has increased. The Gini coefficient for Singapore increased from 0.473 in 2011 to 0.478 in 2012. It is the second highest in the world according to the Human Development Report among "very high human development countries

Anyone got the full story? How can one underestimates their household incomes? Unless the wife or hubby under declare their monthly salary to each other?keep spare cash for personnal flings and Bags/cosmetics? my paper Thursday, Jun 28, 2012 Nearly seven in 10 people underestimate their monthly household incomes, a survey commissioned by fund management firm Fidelity Worldwide Investment revealed. About 500 people here were polled in March. For more my paper stories click here.

REALLY MERH??!?!?!?! HOW COMES I DUNNNO!!?!?!?!?! http://sg.news.yahoo.com/singapore-residen...comes-rise.html Incomes of Singaporeans and permanent residents rose sharply this year amid good economic growth and a tighter labour market. Also, the employment rates for older residents and for women in their prime-working age reached new highs, according to findings of the Ministry of Manpower (MOM). Based on the Labour Force Survey conducted in June, the median monthly income from work of full-time employed residents