SINGAPORE: Median household incomes fell last year as Singapore’s economy shrank, but had increased over the last five years, according to a paper released by the Singapore Department of Statistics (DOS) on Monday (Feb 8).
The median monthly household income from work fell by 2.5 per cent from S$9,425 in 2019 to S$9,189 in 2020, reflecting the impact of the COVID-19 pandemic. After adjusting for inflation, it was a 2.4 per cent drop.
However, from 2015, when the median monthly household income was S$8,666, there was a cumulative increase of 5.2 per cent or 1 per cent per annum in real terms, said DOS.
To account for different household sizes, DOS also provided figures for the median monthly household income from work per household member.
This fell from