Singapore’s Key Household Income Trends 2023, was released by the Department of Statistics last month. While there was overall income growth for most households, a lot of that growth was eroded by inflation. Let’s take a deeper look at the changes in income trends, and how government incentives may reduce income inequality. This article was written by a Financial Horse Contributor. Median Household Income Grew for the tenth-year The median household income from work in Singapore grew to $10,869 last year. This is up from $10,099 in 2022. Adjusting for inflation, this is a real increase of 2.8% increase. The median monthly household income from work has grown for the last 10 years. But growth over the last five years have been significantly slower than the first half of the decade. From 2013 to 2018, median monthly household income from work rose 16.6% cumulatively or 3.1% annually in real terms. In the next five-year period, it only grew 3.1% cumulatively or 0.6% annually in real terms....