And you thought that times are bad.
Well, I do agree that we can argue about how bad the economy is—or will be, but at least it’s not all bad.
As you must’ve noticed from the title of the article, Singapore’s annual household income grew by 1.5% in 2017. That might not seem like much, but I’ll have you know that the 1.5% growth will decide whether you get to add an extra egg for your chicken rice.
According to official data, households headed by a Singaporean or a permanent resident with at least one working person saw a 2% nominal growth, from $8,846 in 2016 to $9,023 in 2017.
After accounting for inflation (you know, chicken rice price increasing), that’s where we get our 1.5%.
Sooo, did any of you guys actually get a pay rise? If not, maybe you should consider nudging your boss a little…
(Goody Feed disclaimer: Our writers and editors shall not be held responsible for poor life decisions on your part)
In case you’re one of those people who like to classify others by the amount of money they make, here’s what you might want to know.
The top-earning families(top 10%) in Singapore saw a real growth of 2.6% while the lowest-income households(bottom 50%) saw between 2.1% to 3.6% growth.
So, no matter if you consider yourself rich or poor, everyone’s still earning more now!
So for those of you who are stuck in the middle (51% to 90%), you’ll be glad to know that your income belongs to the group with 3.7% to 4.5% growth!
“Ehh, but the income inequality in Singapore quite jialat leh,” you might say.
And well, you’re not wrong to say that. If we were to take Government transfers and taxes into consideration, the Gini coefficient for Singapore was reduced from 0.459 to 0.401, which remained unchanged from 2016.
(Psst: Gini coefficient is a measure of income inequality and the value goes from 0 to 1, with 0 being total income equality)
So, you can’t actually say that our Government isn’t taking care of us, you know.
Families staying in one-room or two-room HDB flats generally receive more Government transfers than those living in other housing types.
On average, households living in one-room and two-room flats received S$10,245 per household member through various government schemes in 2017, which is way more than the average of $4,433 per household member if we were to take all housing types into consideration.
But the main takeaway is this: the average household income is $8,846. Is yours above average or below average?
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This article was first published on goodyfeed.com
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