{"id":3175,"date":"2024-02-11T09:53:08","date_gmt":"2024-02-11T01:53:08","guid":{"rendered":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/?p=3175"},"modified":"2024-02-11T09:53:10","modified_gmt":"2024-02-11T01:53:10","slug":"singapores-median-monthly-household-income-surpasses-10000-for-second-consecutive-year","status":"publish","type":"post","link":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/singapores-median-monthly-household-income-surpasses-10000-for-second-consecutive-year\/","title":{"rendered":"Singapore&#8217;s Median Monthly Household Income Surpasses $10,000 for Second Consecutive Year"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.singstat.gov.sg\" target=\"_blank\" rel=\"noreferrer noopener\">Singapore Department of Statistics<\/a> (<a href=\"https:\/\/singstat.gov.sg\" target=\"_blank\" rel=\"noreferrer noopener\">SingStat<\/a>) has released data revealing that the median income from work for households in Singapore exceeded $10,000 for the second consecutive year in 2023. The figure, which applies to resident employed households, saw a 7.6% increase from the previous year, reaching $10,869. The data sheds light on the economic well-being of households, considering changes in household purchasing power.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Key Findings:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Income Growth:<\/strong> The median monthly income from work per household member rose by 6.5% in nominal terms to $3,500 in 2023. This growth, while substantial, was slower compared to the 8.6% increase recorded in 2022.<\/li>\n\n\n\n<li><strong>Real Income Growth:<\/strong> After adjusting for inflation, the real median monthly income per household member increased by 1.7% in 2023, reflecting a slightly slower pace compared to the 2.6% growth in 2022.<\/li>\n\n\n\n<li><strong>Income Distribution Among Deciles:<\/strong>\n<ul class=\"wp-block-list\">\n<li>In 2023, income growth across the 10 income groups (deciles) ranged from 2.5% to 6.8% in nominal terms.<\/li>\n\n\n\n<li>The first decile, representing the lowest household incomes, experienced the slowest growth at 2.5%, with incomes falling by 1.7% after accounting for <a href=\"https:\/\/thejalantembusu.sg\/emeraldofkatong\/us-fed-flags-end-of-rate-hikes-sees-drop-in-borrowing-costs-in-2024\/\" data-type=\"post\" data-id=\"3137\">inflation<\/a>.<\/li>\n\n\n\n<li>The highest-income group (tenth decile) saw a 3.1% increase in average nominal household income per household member. However, after adjusting for inflation, this group experienced the largest income drop among all deciles.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Government Transfers and Taxes:<\/strong> To mitigate the impact of rising living costs, the Singaporean government increased support measures in 2023. Average annual government transfers per household member rose by 8.7% to $6,371 in 2023.<\/li>\n\n\n\n<li><strong>Income Inequality (Gini Coefficient):<\/strong>\n<ul class=\"wp-block-list\">\n<li>The Gini coefficient, a measure of income inequality, fell for the third consecutive year to 0.433 in 2023 (before accounting for government transfers and taxes).<\/li>\n\n\n\n<li>After adjusting for government transfers and taxes, the Gini coefficient further decreased to 0.371 in 2023, indicating a narrowing of income inequality.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Singapore&#8217;s household income landscape continues to show positive growth, with the median monthly income surpassing $10,000 for the second year. While income growth was slower on a per household member basis, government support measures contributed to a reduction in income inequality. The data provides valuable insights into the economic well-being of households and the effectiveness of policy interventions in mitigating economic challenges.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.straitstimes.com\/business\/median-monthly-household-incomes-in-s-pore-above-10000-in-2023-for-second-consecutive-year\" data-type=\"link\" data-id=\"https:\/\/www.straitstimes.com\/business\/median-monthly-household-incomes-in-s-pore-above-10000-in-2023-for-second-consecutive-year\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Straits Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Singapore Department of Statistics (SingStat) has released data revealing that the median income from work for households in Singapore exceeded $10,000 for the second consecutive year in 2023. The figure, which applies to resident employed households, saw a 7.6% increase from the previous year, reaching $10,869. The data sheds light on the economic well-being [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3176,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-3175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-property-news"],"_links":{"self":[{"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/posts\/3175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/comments?post=3175"}],"version-history":[{"count":1,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/posts\/3175\/revisions"}],"predecessor-version":[{"id":3177,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/posts\/3175\/revisions\/3177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/media\/3176"}],"wp:attachment":[{"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/media?parent=3175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/categories?post=3175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/tags?post=3175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}