Household employment income rose 1.4% in 2024

Median monthly household employment income went over $11k in 2024.

Median monthly household employment income rose by 1.4% in 2024, with median monthly household employment income increasing to $11,297 in 2024, according to the Key Household Income Trends, 2024 paper released by the Singapore Department of Statistics.

Accounting for household size, median monthly household employment income per household member rose from $3,500 in 2023 to $3,615 in 2024, an increase of 3.3% in nominal terms or 0.8% in real terms. From 2019 to 2024, median monthly household employment income per household member grew by 6.8% cumulatively or 1.3%t per annum in real terms.

In 2024, the average household employment income per household member of resident-employed households increased across all income deciles, by 3% to 5.9% in nominal terms, or 0.6% to 3.2% in real terms. Between 2019 and 2024, the average household employment income per household member of resident-employed households in the first nine deciles rose by 0.3% to 1.9% per annum in real terms, while that for households in the top decile declined by 0.7% per annum.

Meanwhile, the report also said that resident households received an average of $7,825 per household member from Government schemes in 2024, higher than the $6,418 received in 2023.

This was due to measures rolled out in 2024 to support households in areas such as cost-of-living, retirement, and healthcare needs. Resident households in HDB 1- & 2-room flats continued to receive the most Government transfers. In 2024, they received an average of $16,805 per household member from Government schemes, more than double the amount received by all resident households.