Real household incomes decline for first time in more than 10 years | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Real household incomes decline for first time in more than 10 years

The Covid-19 pandemic hit Singapore households hard last year, with the overall median household income falling for the first time since the economy was battered by the global financial crisis more than a decade ago.

Last year, the median household income fell 2.5 per cent in nominal terms from $9,425 to $9,189. After taking into account inflation, this works out to a 2.4 per cent drop in real terms.

The dip matches the decline seen in 2009, when the median monthly household income from work fell by 1.5 per cent in nominal terms, or 2.4 per cent in real terms after factoring in inflation.

In a new report released on Monday afternoon (Feb 8), the Department of Statistics (DOS) found that lower-income households were the hardest hit, with those in the bottom 10 per cent seeing a 6.1 per cent real decline in income.

In contrast, the rest of the households recorded real declines of 1.4 per cent to 3.2 per cent.

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