Posted 11/7/2023, 4:14:00 AM
Real Incomes in Singapore Fall in 2023 as Inflation Erodes Gains
- Real median income in Singapore fell 4.5% in first half of 2023 compared to first half of 2022 due to inflation and weaker economic outlook
- Nominal median income grew 0.9% over the same period
- Income growth had outpaced inflation from 2017-2022 before slowing in 2023
- Lower-wage workers saw faster real income growth of 2.9% annually from 2017-2022 vs 1.8% for median
- Government recognizes impact of inflation and announced S$1.1 billion cost-of-living support package
- Strategy is to raise productivity and upskill workers through industry transformation maps and career conversion programs