The Singapore Department of Statistics (Singstat) has released Key Household Income Trends, 2023 outlining the noteworthy growth in median household incomes in both nominal and real terms.
The report also highlights the decline in income inequality after accounting for government transfers and taxes.
According to the report released on (Feb 7), median household income from work among resident employed households saw a 7.6% increase in nominal terms, rising from $10,099 in 2022 to $10,869 in 2023. After adjusting for inflation, the median monthly household income from work rose 2.8% in real terms.
Cumulatively from 2018 to 2023, median monthly household income from work experienced a 3.1% increase in real terms.
The report also reveals that the median monthly household income from work per household member rose from $3,287 in 2022 to $3,500 in 2023, amounting to a 6.5% increase in nominal terms or 1.7% in real terms.
Over the five-year period from 2018 to 2023, median monthly household income per household member grew by 10.5% in real terms.
The report further highlights that households in most income deciles witnessed real average household income increases from work per household member. However, households in the 1st, 9th, and 10th deciles experienced declines of 1.7%, 0.2%, and 1.9% respectively. From 2018 to 2023, the average household income per household member in the first nine deciles grew between 0.7% and 2.5% per annum in real terms, while the top decile experienced a decline of 1.2% per annum.
In terms of government transfers, the report notes an increase in support measures rolled out in 2023 to counter high inflation and cushion the impact of the GST rate increase.
- Resident households, including those with no employed person, received an average of $6,371 per household member from government schemes, surpassing the $5,859 received in 2022.
- Residents staying in HDB 1- & 2-room flats continued to receive the highest average government transfers, with $13,623 per household member in 2023, nearly double the transfers received by residents in HDB 3-room flats.
The report also highlighted a reduction in income inequality, with the Gini coefficient (The Gini coefficient is a summary measure of income inequality. It is equal to zero in the case of total income equality and to one in the case of total inequality) based on household income from work per household member (before government transfers and taxes) falling to 0.433 in 2023, down from 0.437 in 2022. After adjusting for government transfers and taxes, the Gini coefficient further decreased to 0.371, illustrating the positive impact of redistributive measures by the government.
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