Median Income of S'poreans increased for 10 years

[CKP]

Median income of S'poreans increased over past 10 years

 

By Saifulbahri Ismail | Posted: 11 October 2011 1935 hrs

 

 

Photos 1 of 1

 

Singapore workers

 

SINGAPORE: Singapore has one of the highest employment rates internationally and the median income of workers also increased 11 per cent in real terms, over the past 10 years.

 

These were some key findings in a paper released by the Manpower Ministry on Tuesday.

 

Singapore faced three recessions in the past 10 years, yet Singaporean workers are earning more.

 

But almost all of the income growth occurred in the later half of the decade.

 

From 2001 to 2010, the median monthly income grew 11 per cent in real terms, or 29 per cent in nominal terms.

 

However, income for households at the bottom 20th percentile grew only 8.1 per cent in real terms, or 34 per cent in nominal terms.

 

The government has pledged to raise average Singaporeans' median incomes by 30 per cent in real terms over the next 10 years. To achieve this, the median income must grow by threefold from the current level. Analysts said this is not something that is impossible.

 

"What we need to do is to try and aim for growth of between 5 to 10 per cent over the coming decade before we can actually achieve the aspiration that has been set. Singapore's economic condition is actually determined to a large extent by circumstances beyond our control. So, this really has to depend on the global economic climate that would allow such an ambitious growth performance," said Associate Professor Randolph Tan, head of the Business Programme at SIM University.

 

There were also more Singaporeans working over the decade. The number grew by 1.8 per cent per annum.

 

There were 1,712,600 Singapore citizens in the labour force in June 2010, making up the majority or 58.3 per cent of the labour force.

 

This is faster than the growth in citizen population aged 15 & over of 1.6 per cent per annum over the same period.

 

Government transfers had a redistributive effect on household income.

 

In addition, Singapore has one of the highest employment rates internationally - with nearly eight in ten Singaporeans (aged 25 to 64) employed in 2010.

 

This employment rate surpassed economies such as Hong Kong, Taiwan, South Korea, Japan, the US, Canada and the UK.

 

The ministry explained that although Singapore's labour force participation rate is not higher than in many advanced economies, the unemployment rate amongst those in the labour force is low.

 

With the strong economic recovery, the unemployment rate declined to 3.1 per cent in June 2011, down from a high of 4.5 per cent in 2009 during the recession.

 

The unemployment rate was lower among better educated citizens, as well as older citizens.

 

However, once out of work, older Singaporeans were more likely to stay unemployed longer.

 

The long-term unemployment rate of older citizens aged 50 & over was 0.8 per cent, compared with 0.7 per cent for all citizens in 2010.

 

With continued emphasis and investment in education and training, more Singaporeans are also holding higher skilled jobs.

 

In 2010, 23 per cent were degree holders, up from 14 per cent in 2001.

 

Including those with diploma & professional qualifications, the share was 41 per cent compared with 28 per cent in 2001.

 

Forty-nine per cent of citizens employed in 2010 were in professional, managerial, executive & technical (PMET) jobs, up from 42 per cent in 2001.

 

- CNA/cc

 

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The above good news prove, once and for all, that citizens are champion grumblers.

 

Edited October 11, 2011 by CKP

[Eyke]

just ask urself in the same period, each year inflation is how many percent...

[CKP]

just ask urself in the same period, each year inflation is how many percent...

 

Haiz... Bro, they already minus inflation. The reported increase is in REAL terms minus inflation.

 

[Saycheese78]

In the past 10 years, we saw those who were borned in the 1940s retire, replaced by those born in the 1980s. Mean educational level went up. In fact, that is the real challenge for our government in the next 10 years, the average employee (assume us 40 year old) would have been born around 1980, with most having a degree or diploma. How to create so many jobs?

[Porche]

ask yourself does your income really increased that much?

[CKP]

In the past 10 years, we saw those who were borned in the 1940s retire, replaced by those born in the 1980s. Mean educational level went up. In fact, that is the real challenge for our government in the next 10 years, the average employee (assume us 40 year old) would have been born around 1980, with most having a degree or diploma. How to create so many jobs?

 

PM Lee already said the strategy is "immigration".

 

Be prepared for a population of 6.5M then 8.5M.

 

Edited October 11, 2011 by CKP

[CKP]

ask yourself does your income really increased that much?

 

If did not increase, then it is due to my own incompetence.

 

You did not watch the 9 PM drama?

 

 

 

[Tigershark1976]

8.1 per cent in real terms, or 34 per cent in nominal terms?? does it means that over the past 10 yrs, our inflation is only around 24%( 34%-8%)? anyone can tell me whether my assumption is correct?

 

 

anyway, this is just another number games....

[CKP]

8.1 per cent in real terms, or 34 per cent in nominal terms?? does it means that over the past 10 yrs, our inflation is only around 24%( 34%-8%)? anyone can tell me whether my assumption is correct?

 

 

anyway, this is just another number games....

 

"From 2001 to 2010, the median monthly income grew 11 per cent in real terms, or 29 per cent in nominal terms."

 

18% inflation = 29% (nominal median income) - 11% (real median income)

 

18% inflation is cummulative over 10 years or 1.8% inflation per annum.

 

Edited October 11, 2011 by CKP

[CKP]

Full report is here.

 

http://www.mom.gov.sg/Publications/mrsd_si...e_workforce.pdf

 

If you read the full report and its "presentation", then maybe you can find a valid point of contention.

 

 

[Tigershark1976]

"From 2001 to 2010, the median monthly income grew 11 per cent in real terms, or 29 per cent in nominal terms."

 

18% inflation = 29% (nominal median income) - 11% (real median income)

 

18% inflation is cummulative over 10 years or 1.8% inflation per annum.

 

 

 

1.8% per year??? [laugh] our gov is really good in numbers.... wonder how they could come out with such ridiculars number....

[CKP]

1.8% per year??? [laugh] our gov is really good in numbers.... wonder how they could come out with such ridiculars number....

 

Year Consumer Price Index (2009=100) Annual Inflation Rate

 

2000 87.6 1.3

 

2001 88.4 1.0

 

2002 88.1 -0.4

 

2003 88.5 0.5

 

2004 90.0 1.7

 

2005 90.4 0.5

 

2006 91.3 1.0

 

2007 93.2 2.1

 

2008 99.4 6.6

 

2009 100.0 0.6

 

2010 102.8 2.8

 

http://www.singstat.gov.sg/stats/themes/ec...y/hist/cpi.html

 

 

Accurate or not?

 

[Nlstch]

So what? Housing alone already increase more than 100%, which is one of the biggest purchase anyone living here have to pay, 29% or 11% is nothing compare to it!!! :angry:

[Si4dr]

haha..tats what our million dollars MP good at - playing with numbers & statistic

[Celicar]

haha..tats what our million dollars MP good at - playing with numbers & statistic

International evaluation that puts SG in positive light - never challenge, because must be correct.

International evaluation that puts SG in negative light - must challenge, because must be wrong.

 

Please lor.

[Tigershark1976]

Year Consumer Price Index (2009=100) Annual Inflation Rate

 

2000 87.6 1.3

 

2001 88.4 1.0

 

2002 88.1 -0.4

 

2003 88.5 0.5

 

2004 90.0 1.7

 

2005 90.4 0.5

 

2006 91.3 1.0

 

2007 93.2 2.1

 

2008 99.4 6.6

 

2009 100.0 0.6

 

2010 102.8 2.8

 

http://www.singstat.gov.sg/stats/themes/ec...y/hist/cpi.html

 

 

Accurate or not?

 

 

 

1 word.... KELONG [laugh]

[Jasonjst]

So what? Housing alone already increase more than 100%, which is one of the biggest purchase anyone living here have to pay, 29% or 11% is nothing compare to it!!! :angry:

 

COE from 2K to 50K is 2500 % increased

[Maldini03]

COE from 2K to 50K is 2500 % increased

2k? Might as well use 200++ in nov08. But however if come to think of it again in 2001 the Coe is ard 30k