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Household incomes rise; income inequality lowest since 2000
The Straits Times
|February 14, 2025
Median monthly household employment income above $10k for third straight time
Median household employment income grew to $11,297 in 2024, while income inequality fell to its lowest level 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 employment income grew by 3.9 per cent in nominal terms, before adjusting for inflation.
This is the third time in a row that the median monthly household employment income has crossed the $10,000 mark – $10,099 in 2022, $10,869 in 2023 and $11,297 in 2024.
Median monthly household employment income rose 1.4 per cent in real terms, or after adjusting for inflation, in 2024. Household employment income includes employer Central Provident Fund contributions. This is lower than the growth in 2023, which was 2.8 per cent.
From 2019 to 2024, median monthly household employment income of resident employed households increased 3.6 per cent cumulatively, 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 employment income per household member rose from $3,500 in 2023 to $3,615 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.
In 2024, households across all income deciles saw increases in average household employment income per household member after adjusting for inflation.
This story is from the February 14, 2025 edition of The Straits Times.
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