SINGAPORE — Median monthly household income from work has increased in both nominal and real terms, according to data from the paper ‘Key Household Income Trends in 2023’ published by the Singapore Bureau of Statistics (Singstat) on Wednesday, January 7.
For resident employed households (meaning households where at least one employee is a Singaporean or permanent resident), the median household monthly income will increase by 7.6% in nominal terms, from S$10,099 in 2022 to S$10,869 in 2023. It became a dollar. The amount earned from work includes your employer’s Central Provident Fund (CPF) contribution.
Adjusting for inflation, households’ median monthly income from work increased by 2.8% in real terms in 2023. Over the past five years, from 2018 to 2023, median household monthly income from jobs in residential employment households increased by a cumulative 3.1%. 0.6% per year after adjusting for inflation.
At a more granular level, the median monthly household income from labor per household member rose from S$3,287 in 2022 to S$3,500 in 2023. This is an increase of 6.5 percent in nominal terms and 1.7 percent after adjusting for inflation. Over the past five years, median monthly household income per household member increased by 10.5% cumulatively from 2018 to 2023, or 2.0% annually in real terms.
Average household income per household member increased substantially in most income deciles
In 2023, average household income per member of resident-employed households increased by 2.5% to 6.8% in most income deciles, before adjusting for inflation.
However, while average household income per household member increased in real terms for most income deciles, it decreased by 1.7%, 0.2%, and 1.9% for the 1st, 9th, and 10th income deciles, respectively. Recorded.
Singstat pointed out that “not all households consistently belong to the same decile group from one year to the next.” “For example, a household member’s temporary unemployment may cause a household to move from the top decile to the bottom in a given year, and then move up the decile the following year when that member resumes employment.” Singstat said. “Therefore, when comparing the performance of particular decile groups over time, it is important to note that the comparisons may not concern the same group of households.”
The report also highlighted that from 2018 to 2023, average household income per household member in the top nine deciles of living and employed households increased by 0.7% to 2.5% per year in real terms. For households in the top decile, average household income per household member decreased by 1.2% per year.
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