Median income of S'poreans up 11%

Median income of S'poreans up 11%
By Saifulbahri Ismail | Posted: 11 October 2011 1935 hrs
Median income of S'poreans increased over past 10 years
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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