Based on the Department of Statistics' annual Key Household Income Trends survey, the median household income from work rose to S$8,666 last year, up S$374 from S$8,292 in 2014. This is an increase of 4.5 per cent in nominal terms, or an increase of 4.9 per cent in real terms, after accounting for inflation.
Household income from work includes employer Central Provident Fund contributions.
From 2010 to 2015, the median monthly household income from work of resident employed households rose by 20.4 per cent cumulatively, or 3.8 per cent per annum in real terms, Singstat said in a press release on Friday (Feb 26).
Median monthly household income from work over the last five years. (Infographic: Singapore Department of Statistics)
Taking household size into account, median monthly household income from work per household member rose 5 per cent in nominal terms, or 5.4 per cent in real terms.
This increase came about amid a tight labour market, as well as an increase in the employer CPF contribution rates in 2015.
Speaking to Channel News Asia, Standard Chartered Singapore economist Jeff Ng said it was "positive" that household income growth outperformed GDP growth, which came in at 2 per cent for 2015.
Noting that household income growth was also boosted by government measures, such as the pioneer generation package, Mr Ng said: "Going forward I think further household income growth will rely on productivity growth."
CIMB Private Banking economist Song Seng Wun said that while Singapore's income growth will slow in tandem with a slowing global economy, it is likely to "continue growing at levels above annual GDP growth".
CW8888: How much do we need to retire at present passive income level in Singapore to live like the next person on our left or right?
It is about $2,500 per retiree in our household and about $5K for Uncle8888 and his spouse.