SINGAPORE, Nov 30 — Singapore residents' real median income fell 2.3 per cent in 2023 due to high inflation, according to Labour Force in Singapore Advance Release 2023 from the Ministry of Manpower on Thursday, reported Xinhua.
Nominal incomes continued to increase, but at a more moderate pace compared to most years in the last decade. The median gross monthly income from employment of full-time employed residents increased 2.5 per cent in 2023. This increase was lower than the annualised average rate of increase from 2013 to 2023.
At the 20th percentile (P20), income got a 1.7 per cent increase in 2023, also lower than the annualised average rate of increase from 2013 to 2023.
However, over the longer term, real income growth for the P20 worker still outpaced that of the median worker, due to measures to uplift lower-wage workers. As a result, the gap in income between the P20 and P50 workers has narrowed.
— Bernama
