A lunchtime crowd is seen at Raffles Place in Singapore on Feb 16, 2023. SINGAPORE: Real median income in Singapore fell 4.5 per cent in the first half of 2023 compared with the first half of 2022.
In comparison, the five-year outlook from 2017 to 2022 showed that income growth outpaced inflation – real median income grew by about 9.4 per cent over that period, or 1.8 per cent a year.Mr Zaqy was responding to questions from Members of Parliament about real wage growth, and particularly about the impact of price increases on vulnerable workers.Real income at the 20th percentile rose 15.4 per cent from 2017 to 2022, or 2.9 per cent a year. This was faster than 1.
Singapore government says report on rising minimum income standards 'may not be accurate reflection of basic needs' For lower-wage workers, Mr Zaqy said the progressive wage model was recently expanded to cover more workers.
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