Singapore’s Department of Statistics painted a positive picture with the latest Key Household Income Trends, 2014 report amidst the backdrop of the tight Labour Market.
Essentially, the report indicates that households are earning more in 2014 compared to 2013.
Here are some highlights of the report which you should note:
Resident employed households in all deciles (one tenth of all households arranged by their incomes from minimum to maximum) enjoyed nominal and real growth in average household income per household member in 2014.
Households in the lowest 50% enjoyed higher real growth in average household income per household member than the top 50% over the last 5 years from 2009 to 2014.
The median monthly household income from work, among resident employed households rose from $7,870 in 2013 to $8.290 in 2014, a 5.3% growth in nominal terms, or 4.1% increase in real terms.
From 2009 to 2014, the median monthly household income from work of resident employed households rose by 18% in real terms.
The report also indicated the increased number of Government Transfers received by households in 1- & 2-Room HDB flats.
Overall, resident households (including those without working persons) received $3,370 per household member on average from various Government schemes in 2014. This was 25% higher than the average amount received five years earlier, though it was about 8% lower than the average amount of $3,650 received in 2013.
These Government Transfers include various schemes such as the Workfare Income Supplement, GST Vouchers, rebates on utilities, service and conservancy charges, and Pioneer Generation Package.