Median and lower-wage earners in Singapore experienced real income growth in 2024 after adjusting for inflation, according to early findings from the Ministry of Manpower. The income gap between these groups also narrowed further.
SINGAPORE – Median and lower-wage earners saw their real incomes grow in 2024 after accounting for inflation, rebounding out of the negative range seen in 2023.
“Income growth was also inclusive, with income growing faster than the median,” it said in its report. Meanwhile, nearly six in 10 of the full-time resident employees aged 25 to 64 who switched industries earned at least 5 per cent more in real terms, as they were generally hired into higher-skilled positions in more productive sectors like financial and insurance services as well as information and communications.
The Monetary Authority of Singapore had said in its latest macroeconomic review released in October that some groups of workers may be having greater difficulty securing employment that matches their skills, running the risk of underemployment.
Real Income Growth Median Earners Lower-Wage Earners Singapore Inflation Ministry Of Manpower
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