Median income of S'poreans increased over past 10 years
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SINGAPORE: The median income of Singaporeans has increased over the past 10 years, according to key findings in a paper released by the Manpower Ministry on Tuesday.
The median monthly income of Singaporean workers grew by 11 per cent in real terms from 2001 to 2010, or 29 per cent in nominal terms.
Almost all of the income growth occurred in the later half of the decade.
Income for households at the bottom 20th percentile grew 34 per cent in nominal terms and 8.1 per cent in real terms.
The Singapore government has pledged to raise average Singaporeans' median incomes by 30 per cent in real terms over the next 10 years.
There were also more Singaporeans working over the decade.
The number of Singaporeans in the labour force grew by 1.8 per cent per annum from 2001 to 2010.
There were 1,712,600 Singapore citizens in the labour force in June 2010, making up the majority or 58.3 per cent of the labour force.
This is faster than the growth in citizen population aged 15 & over of 1.6 per cent per annum over the same period.
Government transfers had a redistributive effect on household income.
The ministry said Singapore has one of the highest employment rates internationally.
There were nearly eight in ten Singaporeans (aged 25 to 64) employed in 2010.
This employment rate surpassed economies such as Hong Kong, Taiwan, South Korea, Japan, the United States, Canada and the United Kingdom.
The ministry explained that although Singapore's labour force participation rate is not higher than in many advanced economies, the unemployment rate amongst those in the labour force is low.
With the strong economic recovery, the unemployment rate amongst citizens declined to 3.1 per cent in June 2011, down from a high of 4.5 per cent in 2009 during the recession.
The unemployment rate was lower among better educated citizens, as well as older citizens.
However, once out of work, older Singaporeans were more likely to stay unemployed longer.
The ministry said with continued emphasis and investment in education and training, more Singaporeans are holding higher skilled jobs today.
Twenty-three per cent of citizens employed in 2010 were degree holders, up from 14 per cent in 2001.
Including those with diploma & professional qualifications, the share was 41 per cent compared with 28 per cent in 2001.
Forty-nine per cent of citizens employed in 2010 were in professional, managerial, executive & technical (PMET) jobs, up from 42 per cent in 2001.
- CNA/cc -
why now then the income increase???why cant they have increased the salary 15 or 20 years ago or even every year?its too late.....by the time i wait for things to increase slightly!
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Another joke of statistics^^
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Wat sort of CRAP is this? so what? i ask u, THEN THE COST OF LIVING? BOOM. EXPLODE EXPONENTIALLY. PBFFFT............ wat a load of bull.
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another basis to raise costs again
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"There are three kinds of lies: lies, damned lies and statistics." - Benjamin DIsraeli
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Originally posted by Fcukpap:
"There are three kinds of lies: lies, damned lies and statistics." - Benjamin DIsraeli
i say this comes under damned lies. -
More propaganda, they hope to win back the 6% that gave up on them.
Real wage growth or inflationary growth?
How much does food, transport and housing cost these days?
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Originally posted by βÎτά:
More propaganda, they hope to win back the 6% that gave up on them.
Real wage growth or inflationary growth?
How much does food, transport and housing cost these days?
Yah lor -
high property prices, high food prices, transport increases, but how come salary no increase? salaries should be inflation adjusted so as not to be eroded in time value of money.
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Present Value
Future Value calculated using Compound Interest
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1% increase in income... 300% increase in hdb prices... which seems better?
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why is this not in jokes forum?
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This one is really CSB
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"The median monthly income of Singaporean workers grew by 11 per cent in real terms from 2001 to 2010, or 29 per cent in nominal terms."
"The bottom fifth of working S'poreans saw their pay stagnate over the last 10 years, MOM reports. "
...eer how do you reconcile the two statements.