Median monthly household income from work rose 1.4 per cent in real terms, or after adjusting for inflation, in 2024. - ST/ANN
SINGAPORE: Singapore's median household income from work grew to S$11,297 (US$8,351.42) in 2024, while income inequality fell to the lowest in 25 years after accounting for government assistance and taxes.
Figures from the Singapore Department of Statistics (SingStat) also showed that resident households got more money from government schemes, due to support measures rolled out in 2024.
Singstat’s Feb 13 report showed that among resident employed households, median monthly household income from work grew by 3.9 per cent in nominal terms, before adjusting for inflation. This was up from S$10,869 (US$8,035.02) in 2023.
Median monthly household income from work rose 1.4 per cent in real terms, or after adjusting for inflation, in 2024. Household income from work includes employer Central Provident Fund contributions.
From 2019 to 2024, median monthly household income from work of resident employed households increased 3.6 per cent, or 0.7 per cent per annum in real terms.
Such households have at least one employed person, and the household reference person – previously referred to as the head of household – is a Singapore citizen or permanent resident.
Taking into account household size, median monthly household income from work per household member rose from S$3,500 (US$2,587.45) in 2023 to S$3,615 (US$2,672.49) in 2024, an increase of 3.3 per cent in nominal terms, or 0.8 per cent after adjusting for inflation.
From 2019 to 2024, median monthly household income per household member grew by 6.8 per cent cumulatively, or 1.3 per cent per annum in real terms.
Households across most income deciles saw increases in average household income from work per household member after adjusting for inflation.
In 2024, the average household income from work for each household member in resident employed households in all income groups rose in nominal terms, with the increases ranging from 3.0 per cent to 5.9 per cent.
After adjusting for inflation, the increases ranged from 0.6 per cent to 3.2 per cent.
Between 2019 and 2024, the average household income from work for each household member in resident employed households in the first nine deciles rose by 0.3 per cent to 1.9 per cent per annum in real terms, while that for households in the top decile declined by 0.7 per cent per annum.
A decile is the one-tenth of all households arranged by their incomes from lowest to highest. The last, or 10th, decile is one-tenth of the households with the highest incomes.
The Gini coefficient based on household income from work per household member rose from 0.433 in 2023 to 0.435 in 2024, before taking into account assistance or benefits provided by the government and taxes.
After such adjustments, the Gini coefficient in 2024 was 0.364, lower than the 0.371 in 2023. This is the lowest since records of the measure began in 2000, said SingStat.
The Gini coefficient is a measure of income inequality. A Gini coefficient of zero occurs when there is total income equality, and one means there is total inequality.
SingStat also reported that resident households, including households with no employed person, received S$7,825 (US$5,785.16) per household member, on average, from government schemes in 2024.
This was higher than the S$6,418 (US$4,745.14) received in 2023.“This was due to measures rolled out in 2024 to support households in areas such as cost-of-living, retirement and healthcare needs,” said SingStat.
Resident households living in one- and two-room Housing Board flats continued to receive the most government transfers.
In 2024, they received an average of S$16,805 (US$12,425) per household member from government schemes, more than double the amount received by all resident households. - The Straits Times/ANN
