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Friday, 29 November 2013

Singapore's real income growth surged in 2013

Singapore Business Review 

Real median income up 9.7%.

According to the Ministry of Manpower, real income growth strengthened in 2013, as nominal median monthly income from work of full-time employed residents (including employer CPF contributions) increased over the year by 6.5% to $3,705 in June 2013 and inflation eased.

The growth in real median income accelerated from 2.5% in 2012 to 3.9%P in 2013.

Cumulatively, the median income (including employer CPF contributions) of full-time employed residents rose by 27.9% or 5.0% p.a. from 2008 to 2013.

After adjusting for inflation, real median income grew by 9.7%P or 1.9% p.a.P over this period, faster than 7.0% or 1.4% p.a. in the earlier five years (2003 to 2008) and bringing the increase over the decade to 17.4% or 1.6% p.a.

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