Households are earning more in 2014 compared to the previous year, according to the latest report by the Singapore Department of Statistics (SingStat) on “Key Household Income Trends, 2014”.
Median monthly household income among resident employed households – a household headed by a Singapore citizen or Permanent Resident and with at least one working person – from work rose from S$7,870 in 2013 to S$8,290 in 2014. This is a 5.3 per cent increase in nominal terms, or a 4.1 per cent increase in real terms, after taking inflation into account.
Median monthly income from each member of the household also rose from S$2,247 in 2013 to S$2,380 in 2014. This is an increase of 5.9 per cent in nominal terms, or 4.7 per cent in real terms.
Overall, resident households received S$3,370 per household member on average from various Government schemes in 2014. This is 25 per cent higher than the average amount of S$2,700 received five years ago, in 2009.
However, this was lower than the average of S$3,650 received in 2013, owing to a lower level of one-off transfers in 2014, said SingStat. Government structural transfers – transfers excluding one-off payments, rose in 2014 compared to 2013.