human resources online

Families in Singapore earning more

Households in Singapore are now earning more as a family, and spending less.

According to the latest Household Expenditure Survey, the average monthly household income was $10,503 - up from $8,105 five years before.

Employment income accounted for 79% of total household income from all sources in 2012/13, with business income and income from non-work sources contributing 11% and 10% respectively,” the report stated.

ALSO READ: Good news as income gap narrows in Singapore

Those in the lowest to middle income quintiles saw their income increase by 6.1 to 6.6% per annum, faster than the income growth of households in the top two quintiles.

“Notably, households in the lowest 20% also experienced significantly faster income growth between 2007/08 and 2012/13 than in the earlier 5-year period from 2002/03 to 2007/08,” the report stated.

READ MORE: Wage Alert: Low-income wages go up

It included that household income rose faster than household expenditure over this period, on both an overall and per household member basis.

Average household expenditure rose by a lower 4.4% per annum than household income, it revealed.

Image: Shutterstock


Follow us on Telegram and on Instagram @humanresourcesonline for all the latest HR and manpower news from around the region!

Related topics

Free newsletter

Get the daily lowdown on Asia's top Human Resources stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's Human Resources development – for free.

subscribe now open in new window