Income inequality at its lowest in 13 years: Singstat data
ricky l
The report also revealed that median monthly household income from work grew to $8,846, up from from $8,666 in 2015,
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This means that on average, the household income per year is $8,846 x 12 months = $106,152 per year ???
Serious?
Singapore household income so rich = to Luxemborg per capita income - the highest in the World?
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This means that on average, the household income per year is $8,846 x 12 months = $106,152 per year ???
Serious?
Singapore household income so rich = to Luxemborg per capita income - the highest in the World?
ricky l
It sounds too good to be true.
ricky l
I think the household income figures will be more meaningful by categorising into 9 classes of 3 lower income, 3 middle income, 3 higher income :- (lower, middle, upper - for each class) :-
(1) how many household - fetch say $0 - $3,000 per household and per person --- lower income class.
(2) how many household - fetch say $3,000 - $6,000 per household and per person --- middle income class.
(3) how many household - fetch say $6,000 - $9,000 per household and per person --- upper income class.
(4) how many household - fetch say $9,000 - above per household and per person --- upper upper income class.
Also need to define how many person per household.
This will accurately reflect the true state of the household income and per capita income in Singapore.
(1) how many household - fetch say $0 - $3,000 per household and per person --- lower income class.
(2) how many household - fetch say $3,000 - $6,000 per household and per person --- middle income class.
(3) how many household - fetch say $6,000 - $9,000 per household and per person --- upper income class.
(4) how many household - fetch say $9,000 - above per household and per person --- upper upper income class.
Also need to define how many person per household.
This will accurately reflect the true state of the household income and per capita income in Singapore.
ricky l
For eg. if take an average whereby a few who fall under the upper-upper and upper class - will give a skew result of $8864 per monthly household income - where the majority could be in the lower or middle income class --- that fetch much less than $8864 per monthly household income.
Honestly, a yearly household income of $8,846 x 12 months = $106,152 per year - is hard to believe as far as i know - looking around the state of retrenched older PMETs as well as others who have problem looking for jobs.
A skewed statistics may cause wrong policies to be implemented - that will result in increasing prices based on skewed statistics.
Honestly, a yearly household income of $8,846 x 12 months = $106,152 per year - is hard to believe as far as i know - looking around the state of retrenched older PMETs as well as others who have problem looking for jobs.
A skewed statistics may cause wrong policies to be implemented - that will result in increasing prices based on skewed statistics.
- 3 hours ago
observerSingstat published this data that you are looking for in their paper. You can find it on their website. The news is always just a summary.... - 13 seconds agoricky l@observer, thanks for the info.
I have gathered some information and the following are some findings :-
(1) On average, about 1 to 2 persons in a household are working - whether in HDB flats (all types) and private properties (condo and landed).
(2) Majority of Singapore population are in 4-room, 5-room, 3-room and condo, where landed and 1-room are in the minorities.
(3) Average no. of people per household is about 3.4 people.
This make me wonder ---- how does the median household income can be $8,846 per month and the annual household income is $106,152 per year - when only 1 or 2 people in a household are working?
1 persons working - must be a businessman, manager or professional to draw $8,846 per month. But majority are not. 2 person working also must draw $4,423 a month - still possible though out of reach for the majority. - 13 seconds agoricky lSo based on the above analysis, will the policymakers come to a wrong conclusion that indeed - about 1.2 million household are fetching $8,846 per month and the annual household income is $106,152 per year?
Which based on the above analysis - majority of the household don't fetch this "mammoth income" - as most people are in the 4-room, 5-room, 3-room flats.
So if a wrong conclusion is make, then there is a tendency for policymakers to increase prices for many public services --- that will impact many people - especially when many people are out of jobs and still not able to find jobs.
- 15 hours ago
Dillionhi ricky I, it is total income with 13th month, bonuses, employer CPF and other incomes like rentals, interest income etc. The total income is computed with REAL figures taken from tax declarations. When a panda delivery rider or a Uber driver can fetch 6k a month, I presume, your idea of the median household income of Singaporeans is outdated. Your income bracket is falling below those who work at technical officers in the morning and uber drivers at night. I personally think that $4,423 is rather low for the majority.
- 13 seconds agoricky lHi Dillion, I don't doubt the figures as they are real figures.
My only doubt is that, could it be skewed statistics?
For eg. there are many who don't qualified to file income taxes - where income fall below $22,000 for example.
Also, based on what i know in my neighborhood and those i come across - the $8,846 per month for 3.4 head in one household is nowhere near.
Also many are 1 income earner for the whole household, not 2 income earner. This certainly raise my doubt.
Out of Singapore 1.2 million household - how many actually are drawing the reported income?
- 13 seconds agoricky lAlso, i have noticed many grey hair couples - in one household who are not working.
They are probably survive by their savings and probably allowances by their children.
In this case, are they consider 2 or 3 household - or lump then as 1 household?
If lump them as 1 household, their children combine income plus their parents - will be able to meet the $8846 per month - because it will have at least 2 or more people working.
But if it is 3 household - then 3 households will not be able to meet the $8846 per month - because each children may fetch say $4423 or $5000 per month.
A fresh graduate is about $3,000 to $4,000.
A poly grad is about $2,000 to $3,000.
An ITE is about $1,5000 to $2,000.
A mid career professional is about $4,000 to $5,000.
Your assessment is more on the upside like working MNCs, GLCs - whereas mine will have to take into account SMEs..
- 13 seconds agoricky lAlso you mention that a rider and uber can fetch 6k a month?
I am not sure whether it is so good.
I was told that a taxi driver that drive whole day - minus expenses and rental can fetch an average $3,000 to $4,000 per month.
- 3 seconds agoricky lAlso many who are retrenched with no income?
I have encountered people where the solebread winner lost their job.
So are they part of this calculation?
- 3 seconds agoricky lAlso those who file taxes are high income earners.
If based on income tax file alone to determine median household income, then many will fall off the radar - because in this era of disruptive economies ---- many fall off the income tax filers.
- 4 seconds agoricky lThis is the reason of my doubt - that the "REAL figures" though "REAL" are skewed statistics and does not reflect the true pictures on the ground.
- 44 seconds agoricky lAssume 1.2 million household, 60% need to report income tax.
This mean, 480,000 household drop out.
Out of 720,000, assume the best scenario - 360,000 million household meet the $8846 per month or $106,000 per annum threshold.
But it means 480,000 + 360,000 = 840,000 household do not belong to the median group - a vast majority.
This is what I mean skewed statistics.
Now if policymakers just assume - $8846 per month per household is what Singaporeans are getting - and raise the prices of many public services - where in now the current disruptive economies - whereby many household are impacted by retrenchment and need to take odd jobs or rely on savings to get by --- then many Singaporeans will suffer.
- 4 seconds agoricky lThis is what happen to the US & UK - that give rise to the Trump syndrome and Brexit phenomenon.
Many drop out due to raw Capitalism.
