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Incomes rose despite inflation
Friday, Feb 22, 2013
SINGAPORE - The median Singapore household income per family member has risen by 13 per cent over the past five years, even after factoring in inflation, said the Department of Statistics.
However, there are signs that income inequality has also widened more than previous years, according to the Key Household Income Trends 2012 report released on Feb 20.
The Gini coefficient, a measure of income inequality, stood at 0.478 last year, an increase from 0.473 in 2011, 0.472 in 2010 and 0.471 in 2009.
A Gini coefficient measure of one indicates complete inequality.
OCBC economist Selena Ling said last year's rise was not a good sign but, on the positive side, wage growth had been resilient across the board due to a tight labour market.
She added that it was an "enviable track record" that median household income from work per family member rose 10.7 per cent from 2002 to 2007, and 13.3 per cent from 2007 to last year, even after factoring in inflation.
Households with incomes in the first to 60th percentiles, which include low- and middle-income households, had stronger real-wage growth in the past five years, compared to the previous five-year period. For instance, the average monthly household income per household member increased 14.3 per cent in the period from 2007 to last year, a larger rise than 9.7 per cent for 2002 to 2007, for the 21st to 30th decile.
The median monthly household income was about $7,570 last year, higher than $7,040 the year before.
This was a growth of 7.5 per cent, and 2.7 per cent after accounting for inflation.
But, in 2011, household incomes rose faster, at 11 per cent from the year before, and 5.6 per cent after factoring in inflation.
Friday, Feb 22, 2013
SINGAPORE - The median Singapore household income per family member has risen by 13 per cent over the past five years, even after factoring in inflation, said the Department of Statistics.
However, there are signs that income inequality has also widened more than previous years, according to the Key Household Income Trends 2012 report released on Feb 20.
The Gini coefficient, a measure of income inequality, stood at 0.478 last year, an increase from 0.473 in 2011, 0.472 in 2010 and 0.471 in 2009.
A Gini coefficient measure of one indicates complete inequality.
OCBC economist Selena Ling said last year's rise was not a good sign but, on the positive side, wage growth had been resilient across the board due to a tight labour market.
She added that it was an "enviable track record" that median household income from work per family member rose 10.7 per cent from 2002 to 2007, and 13.3 per cent from 2007 to last year, even after factoring in inflation.
Households with incomes in the first to 60th percentiles, which include low- and middle-income households, had stronger real-wage growth in the past five years, compared to the previous five-year period. For instance, the average monthly household income per household member increased 14.3 per cent in the period from 2007 to last year, a larger rise than 9.7 per cent for 2002 to 2007, for the 21st to 30th decile.
The median monthly household income was about $7,570 last year, higher than $7,040 the year before.
This was a growth of 7.5 per cent, and 2.7 per cent after accounting for inflation.
But, in 2011, household incomes rose faster, at 11 per cent from the year before, and 5.6 per cent after factoring in inflation.
