Household incomes in S’pore rose in 2022 but inflation has chipped away at growth

[Windwaver]

https://www.straitstimes.com/singapore/household-incomes-rose-in-2022-income-inequality-fell

SINGAPORE – Median household income grew in 2022 and income inequality fell when compared with 2021, figures released by the Singapore Department of Statistics (SingStat) on Thursday showed.

Among resident employed households, monthly household income from work grew by 6.1 per cent in nominal terms, or before adjusting for inflation, from $9,520 in 2021 to $10,099 in 2022.

Median monthly household income from work rose 0.2 per cent in real terms, or after adjusting for inflation, in 2022. Household income from work includes employer Central Provident Fund (CPF) contributions.

From 2017 to 2022, median monthly household income from work of resident employed households increased 2.9 per cent cumulatively, or 0.6 per cent per annum in real terms.

Such households have at least one employed person, and the household reference person – previously referred to as the head of household – is a Singapore citizen or permanent resident.

Taking into account household size, median monthly household income from work per household member rose from $3,027 in 2021 to $3,287 in 2022, an increase of 8.6 per cent in nominal terms, or 2.6 per cent after adjusting for inflation.

From 2017 to 2022, median monthly household income per household member grew by 11.9 per cent cumulatively, or 2.3 per cent per annum in real terms.

Rise in income for all but top earners

Households across most income deciles saw increases in average household income from work per household member after adjusting for inflation.

In 2022, the average household income from work per household member of resident employed households in all income groups rose in nominal terms, with the increases ranging from 5.3 per cent to 15.6 per cent.

After adjusting for inflation, households in the first nine deciles saw real income growth of 1.1 per cent to 10.1 per cent, while those in the top decile saw a real income decline of 1.3 per cent.

Between 2017 and 2022, the average household income from work per household member of resident employed households in the first nine deciles rose 1.5 per cent to 3.0 per cent per annum in real terms, while that in the top decile recorded a decline of 0.4 per cent per annum in real terms.

The decline experienced by the top decile was because of a larger increase in household size from 2.26 in 2021 to 2.34 in 2022, compared with households in the other deciles. This, coupled with higher inflation experienced in 2022, contributed to the decline in their real household income in 2022. 

More money distributed through government schemes

Resident households, including households with no employed person, received $5,765 per household member, on average, from government schemes in 2022.

This was higher than the $5,257 received in 2021, due to the one-off and transitionary measures in 2022, as well as enhanced schemes, to cushion the impact of the goods and services tax (GST) rate increase and higher inflation on cost of living, said SingStat.

Resident households living in one- and two-room Housing Board flats continued to receive the most money from the Government. In 2022, they received $12,189 per household member, on average, from government schemes, close to double the amount received by resident households living in HDB three-room flats.

The Gini coefficient based on household income from work per household member – before government transfers and taxes – fell to 0.437 in 2022, from 0.444 in 2021.

The Gini coefficient is a measure of income inequality. A Gini coefficient of zero occurs when there is total income equality, and a coefficient of one means there is total inequality.

After adjusting for government transfers and taxes, the Gini coefficient in 2022 fell from 0.437 to 0.378. “This reflected the redistributive effect of government transfers and taxes,” said SingStat.

Nonetheless, this is still slightly higher than the Gini coefficient of 0.375 in 2020, which was the lowest on record.

The report, Key Household Income Trends, 2022, is available on SingStat’s website.

[Wt_know]

no $10K no talk ... the new poor ... period. 

Edited February 9, 2023 by Wt_know

[Inlinefour]

but long time ago peanut 500 liao leh… how huh 🤑🤑🤑

[13177]

No wonder HDB no millions no talk and coe no 100k no talk.

[Windwaver]

24 minutes ago, Windwaver said:

https://www.straitstimes.com/singapore/household-incomes-rose-in-2022-income-inequality-fell

SINGAPORE – Median household income grew in 2022 and income inequality fell when compared with 2021, figures released by the Singapore Department of Statistics (SingStat) on Thursday showed.

Among resident employed households, monthly household income from work grew by 6.1 per cent in nominal terms, or before adjusting for inflation, from $9,520 in 2021 to $10,099 in 2022.

Median monthly household income from work rose 0.2 per cent in real terms, or after adjusting for inflation, in 2022. Household income from work includes employer Central Provident Fund (CPF) contributions.

From 2017 to 2022, median monthly household income from work of resident employed households increased 2.9 per cent cumulatively, or 0.6 per cent per annum in real terms.

Such households have at least one employed person, and the household reference person – previously referred to as the head of household – is a Singapore citizen or permanent resident.

Taking into account household size, median monthly household income from work per household member rose from $3,027 in 2021 to $3,287 in 2022, an increase of 8.6 per cent in nominal terms, or 2.6 per cent after adjusting for inflation.

From 2017 to 2022, median monthly household income per household member grew by 11.9 per cent cumulatively, or 2.3 per cent per annum in real terms.

Rise in income for all but top earners

Households across most income deciles saw increases in average household income from work per household member after adjusting for inflation.

In 2022, the average household income from work per household member of resident employed households in all income groups rose in nominal terms, with the increases ranging from 5.3 per cent to 15.6 per cent.

After adjusting for inflation, households in the first nine deciles saw real income growth of 1.1 per cent to 10.1 per cent, while those in the top decile saw a real income decline of 1.3 per cent.

Between 2017 and 2022, the average household income from work per household member of resident employed households in the first nine deciles rose 1.5 per cent to 3.0 per cent per annum in real terms, while that in the top decile recorded a decline of 0.4 per cent per annum in real terms.

The decline experienced by the top decile was because of a larger increase in household size from 2.26 in 2021 to 2.34 in 2022, compared with households in the other deciles. This, coupled with higher inflation experienced in 2022, contributed to the decline in their real household income in 2022. 

More money distributed through government schemes

Resident households, including households with no employed person, received $5,765 per household member, on average, from government schemes in 2022.

This was higher than the $5,257 received in 2021, due to the one-off and transitionary measures in 2022, as well as enhanced schemes, to cushion the impact of the goods and services tax (GST) rate increase and higher inflation on cost of living, said SingStat.

Resident households living in one- and two-room Housing Board flats continued to receive the most money from the Government. In 2022, they received $12,189 per household member, on average, from government schemes, close to double the amount received by resident households living in HDB three-room flats.

The Gini coefficient based on household income from work per household member – before government transfers and taxes – fell to 0.437 in 2022, from 0.444 in 2021.

The Gini coefficient is a measure of income inequality. A Gini coefficient of zero occurs when there is total income equality, and a coefficient of one means there is total inequality.

After adjusting for government transfers and taxes, the Gini coefficient in 2022 fell from 0.437 to 0.378. “This reflected the redistributive effect of government transfers and taxes,” said SingStat.

Nonetheless, this is still slightly higher than the Gini coefficient of 0.375 in 2020, which was the lowest on record.

The report, Key Household Income Trends, 2022, is available on SingStat’s website.

Look at how numbers can be reported to look better in the article 🙂

 

[Victor68]

How come I am missing something. No feeling ah. 

[Stratovarius]

ST already mention 80k and below per annum is low income.

[Fitvip]

1 hour ago, Inlinefour said:

but long time ago peanut 500 liao leh… how huh 🤑🤑🤑

Sorry, peanut was 600 K by wife's definition, <500 is mediocre by woody!

[Inlinefour]

30 minutes ago, Fitvip said:

Sorry, peanut was 600 K by wife's definition, <500 is mediocre by woody!

sori huh me dementia liao 🙊🙉🙈

[Throttle2]

5 hours ago, Wt_know said:

no $10K no talk ... the new poor ... period. 

Yalor, i said that before, you all didnt believe…. 😠😠😠😤

[Arogab]

Huat ah, yesterday we talk about many food items increase 30%. Boss come in and talk, you spend 10% of your salary in food, 30% of 10% is only 3%.....Thus, if given 4 percent increase, 1% can be used somewhere. If you able to cut down the 3% to 2%, you are got 2% ahead liao. 

Morale of the story, you need to work out your cost savings in your total operations with more data. Haha

[inlinesix]

Morale of the story, you cannot win THE BOSS

[yishunite]

1 hour ago, Arogab said:

Huat ah, yesterday we talk about many food items increase 30%. Boss come in and talk, you spend 10% of your salary in food, 30% of 10% is only 3%.....Thus, if given 4 percent increase, 1% can be used somewhere. If you able to cut down the 3% to 2%, you are got 2% ahead liao. 

Morale of the story, you need to work out your cost savings in your total operations with more data. Haha

Heng we only spend on food and save all the rest and got no other expenditure like utilities or mortgage or transport

[Arogab]

10 hours ago, inlinesix said:

Morale of the story, you cannot win THE BOSS

I think so too, boss always got a way to squeeze you, I am told to raise the margin by another few percent. But he will always sees thing that you missed out. Including getting rapport from suppliers.we thought we alway do that but he means go squeeze them 🤦

[Arogab]

10 hours ago, yishunite said:

Heng we only spend on food and save all the rest and got no other expenditure like utilities or mortgage or transport

Ki ki gu ki ki😅

[Windwaver]

Sh*t, should have been born later. My time programmer only pays $2.2K for fresh grad 😞

https://www.straitstimes.com/business/software-engineers-in-s-pore-made-record-salaries-last-year-demand-for-ai-skills-to-rise-in-tech-sector

Salaries of software engineers in Singapore hit record high; demand for AI skills to rise in tech sector

SINGAPORE – The guys often depicted as gawky geeks in movies got the last laugh in recent years – and probably all the way to the bank.

Competition for tech talent drove up salaries in the sector in Singapore last year, though the rise of artificial intelligence (AI) may reshape the types of skills in demand.

In 2022, salaries of software engineers in Singapore surged 7.6 per cent to an all-time high, according to an annual tech salary report released on Tuesday.

Median base salaries were $5,000 for junior engineers, $8,000 for senior engineers and $13,750 for engineering managers, according to the report by tech talent platform NodeFlair and technology accelerator Iterative.

At the 90th percentile, pay cheques reached $8,500, $12,000 and $19,000, respectively – triple the earnings of those in the bottom 10 per cent.

Other tech jobs that saw significant pay bumps in Singapore in 2022 include mobile engineers, blockchain engineers and data engineers.

Six out of the top 15 most-searched companies – topped by TikTok’s parent company ByteDance – paid employees at least 20 per cent more than the market median, said NodeFlair.

Most of the rest pay at least 10 per cent more, it added.

Mr Ethan Ang, chief executive and co-founder of NodeFlair, said the unprecedented demand for highly skilled tech professionals is “driving up salaries to record highs”.

“As companies across various industries increasingly rely on technology to drive growth, the value of tech talent has never been higher.”

But the “jaw-dropping salary offers” thrown at tech workers in previous years are likely to taper off, said NodeFlair.

Since November, more than 100,000 tech workers have been laid off globally amid concerns about an economic slowdown.

Mr Ang said the tech industry will continue to face challenges in attracting, compensating and retaining top talent.

The hiring landscape is also set to shift, as employers deal with the latest technological disruption of generative AI tools sparked by the public release of ChatGPT in November.

Since ChatGPT’s launch, companies including Tesla, Meta and TikTok have set up high-level AI teams to compete with the Microsoft-linked bot, which can automate tasks from filling spreadsheets to preparing e-mails, itineraries and CEO speeches. It even writes code.

With not enough AI experts to go round, “we will see companies being open to hiring software engineers with an interest in AI, similar to what we observed in previous years during the cryptocurrencies and Web 3.0 boom”, said NodeFlair co-founder Adrian Goh.

Web 3.0, the third iteration of the Internet, was marked by blockchain, decentralisation and tokenisation.

The rise of AI brings in tandem more demand for personalised, seamless omnichannel experiences by customers, said Mr Simon Dale, managing director at Adobe for South-east Asia and Korea.

He expects a rise in demand for workers in customer experience management, customer behaviour analysis and change management.

“With AI transforming customer experience management, the skills required for data analytics are evolving as well,” he said.

Ms Gina Wong, managing director of IT consultancy Kyndryl Singapore, said that as companies focus on scaling up and integrating AI into operations, “the role of AI and machine learning engineers will become mainstream”.

“There is also a need for information technology managers and C-suite executives to lead such teams and advise the business on its digital strategies,” she added.

Ms Aarti Budhrani, director of technology practice at recruitment firm Michael Page, said pharmaceuticals, insurance and healthcare firms have sent out job calls for AI talent.

Many companies have not mapped out how they will tap AI’s abilities, much less the kind of workers or skills needed, but Ms Budhrani said she expects that machine learning, data modelling and Python programming experience will be demanded of such roles.

Mr Bensen Koh from tech policy consultancy Access Partnership said: “While there will always be some demand for ‘hardcore’ coders... generative AI and low-code, no-code platforms will increase productivity and reduce barriers to entry, requiring fewer ‘hardcore’ coders to produce the same amount of code.”

The trends will lead to the rise of workers with a lateral set of skills, such as in sales, marketing or low-code platforms, he said, which ties in with another emerging trend, where companies prioritise modular skills-based certifications and qualifications over traditional degrees.

According to the report, the median salary of Singapore software managers was almost seven times that of their peers in India which, in contrast, had more than double the proportion of higher-ranked “lead” managers than Singapore.

But Singapore is a mature market and an early adopter of new technologies, said Ms Wong, and its constant reach for opportunities goes beyond its tech sector to industries that want to “mirror developments in tech”, such as in areas like software integration and data migration, but fall short in technical skills.

This appetite for the latest solutions and talent needed for them will continue to keep the local talent pool competitive, she said.

[Victor68]

No leh, empress says government takes 1 chicken wing from you but gave you 4. Now I am so worried. Where to find the next 4 chickens. 

[mersaylee]

On 3/7/2023 at 5:20 PM, Victor68 said:

No leh, empress says government takes 1 chicken wing from you but gave you 4. Now I am so worried. Where to find the next 4 chickens. 

4 ayam buttock in return issit? 😁