Singapore's real median income predicted to be 35% higher versus 2010

Is restructuring becoming effective?

According to DBS, income should increase along with the improvement in the real underlying productivity.

This is different from the macro level measured productivity mentioned earlier. For example, a worker who is more proficient and hence more productive than others, should see his income rising faster over time.

Here's more from DBS:

Technology and innovation can make a big difference in boosting such micro level productivity, which will thus raise income.

But the main point to note is that real income should always increase along with the gains in such type of productivity.

So this brings us to the ultimate end goal of this entire restructuring exercise. The restructuring is aimed at increasing the real median income of Singaporeans by 30% in the current decade.

Therefore, a better gauge on the success of the restructuring would then be the improvement made in the real median income.

In this regard, real median income has increased by an average pace of 3.1% per annum since the announcement of the ESC recommendations.

At the current pace, real median income will be 35% higher than what it was in 2010. This is precisely what policymakers have aimed for. By this measure, restructuring is smack on track .

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