If you’ve been feeling like everything around you is getting more expensive, you’re not imagining things.
Satays are no longer as cheap as they once were, supermarket eggs feel like a luxury item, and that 50-cent bottled water from a decade ago is now just a distant memory.
While the cost of living in Singapore has been rising, so has household income. But is it enough to keep up?
According to Channel News Asia, the median monthly household income from work in Singapore increased to S$11,297 in 2024, up from S$10,869 in 2023.
In real terms (after adjusting for inflation), that’s a 1.4% increase.
This marks the third consecutive year that median household employment income has crossed the S$10,000 threshold – $10,099 in 2022, $10,869 in 2023 and $11,297 in 2024.
The numbers were released on 13 February 2025 in the Key Household Income Trends 2024 report by the Singapore Department of Statistics (SingStat).
What Does ‘Median Household Income’ Even Mean?
For those of us who aren’t economists, here’s a quick explanation.
Median household income refers to the income level where half of Singapore’s households earn more and half earn less.
It gives a more accurate picture of how the “middle” household is doing compared to just using the average, which can be skewed by ultra-high earners.
Accounting for household size, the median monthly income per household member also saw an increase, rising from S$3,500 in 2023 to S$3,615 in 2024 — but this was a slower growth rate of just 0.8% compared to the previous year.
Household employment income includes employer Central Provident Fund contributions.
Household Income Trends Over the Years
From 2019 to 2024, the median monthly household employment income for resident employed households grew by a total of 3.6%, or about 0.7% per year in real terms.
Across different income groups, the average household employment income per household member rose by 0.6% to 3.2% in real terms in 2024.
Interestingly, some resident employed households in the lowest 10% income bracket still managed to own a car, hire a domestic helper, or live in private property.
More Financial Assistance for Households
It’s not just salaries that are increasing — so is the financial support from government schemes.
Figures from SingStat show that resident households received an average of S$7,825 per household member from government schemes in 2024, up from S$6,418 in 2023. This rise was due to measures introduced to help households cope with cost-of-living, retirement, and healthcare needs.
Those living in one- and two-room HDB flats received the most assistance, averaging S$16,805 per household member — more than double the average amount received by all resident households.
The Gini Coefficient Falls to a Record Low
The Gini coefficient, which measures income inequality, fell to a record low.
A Gini coefficient of one indicates perfect inequality, and a lower figure indicates less income inequality.
The coefficient rose from 0.433 in 2023 to 0.435 in 2024, before government transfers and taxes.
On paper, median household income has been increasing, and government support has also risen to help with higher costs of living. But at the same time, the growth rate of income is slowing down, and everyday expenses continue to climb.
So while Singaporeans may be earning more than before, is it enough to keep up with the cost of kaya toast and kopi?
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