Real income growth drops to a measly 0.4% in 2014

It was weighed down by higher inflation.

The Ministry of Manpower today revealed that Singapore’s real median income grew by a mere 0.4% in 2014, a far cry from the “exceptionally high” increase of 4% last year.

The nominal median monthly income from work of full-time employed residents, including employer CPF contributions, increased over the year by 1.8% to $3,770 in June 2014, compared to 6.5% in June 2013.

Here’s more from the MOM:
There was a sustained rise in median income over the recent five years, even though growth varied from one year to another.

The median income (including employer CPF contributions) of full-time employed residents rose by 29% or 5.2% p.a. in nominal terms from 2009 to 2014, slightly higher than the 26% or 4.7% p.a. from 2004 to 2009.

Weighed down by higher inflation in the recent five years, real median income growth of 9.7%P or 1.9% p.a.P from 2009 to 2014 was lower than the gains of 13% or 2.5% p.a. from 2004 to 2009.

Boosted by on-going initiatives to raise the incomes of low-wage workers, real income growth at the 20th percentile not only kept pace with the median income growth in the recent five years, but was also higher than the previous five years. Income (including employer CPF contributions) at the 20th percentile of full-time employed residents rose by 31% from $1,500 in 2009 to $1,972 in 2014 in nominal terms, or 5.6% p.a.

The increase after adjusting for inflation was 12%P or 2.3% p.a.P from 2009 to 2014, higher than the gains of 3.4% or 0.7% p.a. from 2004 to 2009.

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