Lower-wage earners uplifted, retrenchments decline: gov’t report
Real income growth of 20th percentile earners was 2.7% per annum.
With the help of unions, employers, and the government, lower-wage workers experienced an improved income growth, the Ministry of Finance (MOF) said.
In a statement, MOF declared in its report that real median income of 20th percentile earners grew 2.7% per annum from 2016 to 2021.
This was faster than the 2.1% per annum increase for median earners.
“Income inequality, based on the Gini coefficient, has been falling in the past decade, due in part to enhanced social policies and measures that support more individuals to be in employment. The Gini coefficient, before accounting for taxes and transfers, fell in 2021 due to stronger income recovery among lower-income groups,” read the report
Unemployment rates have improved but are still elevated in 2021, especially amongst residents aged 40 years and above.
Retrenchments amongst residents declined to 6,430 in 2021, after reaching an 11-year high of 14,380 in 2020.
On sustainability efforts, MOF said Singapore made good progress on net-zero carbon initiatives.
For instance, as at 2021, more than three in four journeys during peak hours were completed by walking, cycling, and using public transport.
Solar panels were established on top of more than 2,900 HDB blocks, which is equivalent to powering about 32,000 four-room flats with solar energy.