Singapore households see monthly median income exceed $8,400

This represents a 1.4% hike in income after adjusting for inflation, slower than the 2.8% growth seen in 2023, CNA reported, citing recently released data from the city-state’s Department of Statistics.

Nonetheless, 2024 marks the third consecutive year that the median monthly employment income for households has exceeded the S$10,000 threshold. It was S$10,099 in 2022 and S$10,869 in 2023.

The income per household member rose by 0.8% to S$3,615 per month, with increases seen across all income groups.

Some 14.1% of households in the lowest 10% income group owned a car while 8.5% of them lived in private property.

The statistics department also reported that resident households, including those without any employed individuals, received an average of S$7,825 per member from government schemes, up 22% from 2023, according to The Business Times.

Households living in one-room and two-room Housing and Development Board public flats received the most out of these schemes, averaging S$16,805 per member last year.

The Gini coefficient, a measure of income inequality, went up slightly to 0.435 from 0.433 in 2023. A lower Gini coefficient indicates less income disparity.

However, when factoring in government transfers and taxes, the adjusted Gini coefficient dropped to 0.364, representing a decline from 0.371 in 2023 and the lowest level since data tracking began in 2000.

"This reflected the increase in Government support for lower- and middle-income resident households," the department said in its press release.

Chua Han Teng, an economist at Singapore’s largest lender DBS Bank, told The Straits Times that the inflation-adjusted median monthly household employment income maintained the upward trend seen from 2021 to 2023.

"The sustained real income growth reflects Singapore’s economic resilience and healthy labour market performance despite rising global uncertainties," he said.

He also noted that the drop in income inequality highlights the city-state government’s commitment to promoting equality and inclusiveness.

Singapore’s economy expanded by 5% year-on-year in the fourth quarter of 2024, surpassing both the official preliminary estimate of 4.3% and economists' 4.7% forecast, according to Reuters.

GDP growth for the whole year was at 4.4%, up from 1.8% in 2023, while annual core inflation decreased to 1.8% in December, the lowest in three years.

This year, Singapore’s trade ministry has projected an economic growth of 1-3% and its government is expected to continue prioritizing cost of living, housing, and employment issues this year.

"Measures will look to cushion households' cost of living pressures and support families. Initiatives will aim at sharpening long-term economic competitiveness," Chua said.