REACH (Telegram) 58 - What are your views on the steady growth in median household income in recent years? How much do Government support measures help to level out income inequality in Singapore?
(SK)
17 Feb 2025 (10am - 7pm)
REACH (Telegram)
REACH Singapore, [17/2/2025 9:55 AM]
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REACH Singapore, [17/2/2025 9:59 AM]
📢 Topic 📢
A Singapore Department of Statistics (SingStat) Feb 13 report showed that median household employment income grew to $11,297 in 2024, while income inequality fell to its lowest level in 25 years, after accounting for government assistance and taxes. This is the third time in a row that the median monthly household employment income has crossed the $10,000 mark. It was $10,099 in 2022 and $10,869 in 2023.
Figures also showed that resident households got more money from Government schemes, due to support measures rolled out in 2024.
💬 What are your views on the steady growth in median household income in recent years? How much do Government support measures help to level out income inequality in Singapore?
📌 Household incomes continue to increase
In 2024, median monthly household employment income rose 1.4 per cent in real terms, or after adjusting for inflation. Median monthly household employment income per household member rose from $3,500 in 2023 to $3,615 – an increase of 3.3 per cent in nominal terms, or 0.8 per cent after adjusting for inflation.
📌 Lowest income inequality figures since 2000
The Gini coefficient based on household employment income per household member rose from 0.433 in 2023 to 0.435 in 2024, before taking into account assistance or benefits provided by the Government and taxes. After such adjustments, the Gini coefficient in 2024 was 0.364, lower than the 0.371 in 2023. This is the lowest since records of the measure began in 2000, said SingStat.
📌 More government transfers
SingStat also reported that resident households, including households with no employed person, received $7,825 per household member, on average, from government schemes in 2024.
This was higher than the $6,418 received in 2023. Resident households living in one- and two-room Housing Board 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.
Mr Song Seng Wun, economic adviser at CGS International, said that the Government’s transfers have also helped the lower-income, and helped decrease income inequality.
“This is where the Government can calibrate in terms of assistance in the upcoming Budget to help those who need the help most,” he said. “The cost of living is still rising, though inflation has slowed down.”
Mr Chua Han Teng, an economist at DBS Bank, noted that the ongoing decline in household income inequality reflects the Government’s policy focus on greater equality and inclusivity over the years, with government transfers providing crucial support and assurance for vulnerable groups.
🔗 [ST] https://www.straitstimes.com/singapore/household-incomes-rise-in-2024-resident-households-received-more-support-from-government-schemes
🔗 [CNA] https://www.channelnewsasia.com/singapore/median-monthly-household-income-real-after-inflation-household-singstat-4934851?cid=internal_sharetool_iphone_13022025_cna
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LCL (Danny 心), [17/2/2025 10:49 AM]
1. Cost of living is the number 1 concern in the mind of everyone's mind.
2. Not only in Singapore.
In fact, many democratic countries in the world who are not able to address cost of living concern lead to government change.
3. Hence the ability to fully and convincingly address the cost of living concern will ensure the incumbent government governance continue to be intact.
LCL (Danny 心), [17/2/2025 11:02 AM]
1. Household income become the biggest bet to tackle and cushion against the rising cost of living.
2. Based on the released statistics median household income of $11,297 - it means roughly half of the population household are able to manage the higher cost of living.
3. The remaining half will need help to cushion the higher cost of living through government transfer - so that the inflation can be negated.
4. In 2024 per household member received $7,825 and per household received $16,805 as government grants for lower income groups is a reasonable amount that help to cushion the higher inflation that we are experiencing.
5. Let's hope that Budget 2025 will provide similar financial assistance to address the current high inflation - the number 1 concern in most voters' minds.
LCL (Danny 心), [17/2/2025 11:12 AM]
1. Of course the biggest bet to ensure household can finance their household expenses is to have a good income - the concern is job security.
2. With tech disruptor such as AI, tariff disrupted global supply chain which cause trade disruption - job security is another worry in the voters' minds.
3. If the government, is able to address these 2 issues (the most pervasive issues that affect day to day lives of everyone) - then less likely voters will throw a protest votes.
Because no one will bite the hands that feed them.
Daniel, [17/2/2025 11:15 AM]
I think it's very assuring to see that, despite all the worries and the general feeling of things getting less affordable, the data still shows some real income growth above inflation. This gives me some confidence in the way the government is handling those issues.
REACH Singapore, [17/2/2025 11:28 AM]
[ Poll : 1. How important do you think government support is when it comes to levelling income inequality? ]
- Very important
- Somewhat important
- Not important
G, [17/2/2025 11:42 AM]
Household income as a measure is very misleading.
It does not account for how many on the household are earning incomes
Using this measure to claim there's progress in income is mischievous
Using this measure to claim HDB flats are still affordable is also misleading.
HDB flat affordability should always be measured against the income of first time applicants.
If want to boast about increase in household income, it needs to be compared against time.
When the term "household income" is used in the 1980s context, it is easily understood as household income coming from a single income stream/breadwinner
Household incomes now typically have more than 2 income streams (i.e. 2 working parents with adult working children)
This govt needs to show more data to examine their claims for "steady growth"
Daniel, [17/2/2025 11:44 AM]
But they have the numbers per household member as well. It's right there in the text.
G, [17/2/2025 11:45 AM]
But they don't show how many in the household are working
Daniel, [17/2/2025 11:46 AM]
But it says "income per household member", so that would include both working and non-working household members, right? Unless I am misunderstanding what's said there.
여자친구, 첫사랑 🏆, [17/2/2025 11:48 AM]
Oh this was the article with the misleading representation of data.
G, [17/2/2025 11:51 AM]
It does. But when you use it to claim things like HDB affordability, it does not stand up to scrutiny
A high $x per household member may be because both parents and 1 adult child are contributing to the total household income
But HDB affordability typically affects just the adult child who's is applying for BTO, not the parents
G, [17/2/2025 11:58 AM]
The stats presented also don't differentiate between households that comprise naturalised Singaporeans and those born in Singapore
Andy, [17/2/2025 11:59 AM]
I don't see the link to HDB affordability, or affordability of anything at all. I think you are going way too off-topic.
Andy, [17/2/2025 12:01 PM]
The article is simply stating a fact. Median household income has increased. As for applications of this statistic.. maybe you can elaborate a bit more to help us understand?
Daniel, [17/2/2025 12:08 PM]
Yes, but these are different issues. I was just talking about your statement "It does not account for how many on the household are earning incomes". That seems to be wrong, considering they also give the income per household member.
Jia Qi, [17/2/2025 12:11 PM]
Not sure why you are bringing HDB affordability into the discussion. The “household” for BTOs would be the combined income of the husband and wife who apply for the BTO. This is used to determine eligibility for housing grants, which can be very substantial.
But this data applies to all households in Singapore. The key question is whether household incomes are growing in real terms after adjustment for inflation, as this would be a good indicator of our ability to cope with the cost of living. If it is negative, then our wages are not keeping up with inflation, and we should be angry. But if these are positive, then we should give credit to the Government for maintaining a strong economy with steady wage growth and controlling inflation with a strong S$.
Looking at the figures from the Key Household Income Trends Report 2024, the median growth per household member is 1.4%, which is positive, but it may not feel like much of a difference on the ground. Furthermore, median means that half of households experienced growth of less than 1.4%.
I usually pay more attention to the low-wage workers (2nd, 3rd & 4th deciles). For this group, the average real change per person is 1.3%, 0.8% and 0.6% respectively. So it is still positive, but may not feel like much of a difference on the ground, which is why more government transfers are needed to help these groups. The Government is also continuing to steadily implement the Progressive Wage Model across the lower-wage sectors to raise their incomes faster than inflation.
In contrast, those in the highest decile (top 10%) saw incomes grow by 3.2% in real terms. In contrast, the 2023 figure was -1.9%. This would make a good case for more redistribution in the form of higher taxes on the rich. The rich also tend to have more savings and can better withstand the higher cost of living. One should also remember that the rich have a higher income to start with, so the same % increase in income equals a bigger actual increase in income. To be in the 10th decile in 2024, your average income per person would be at least $14,599 excluding CPF.
G, [17/2/2025 12:24 PM]
By looking at the article in silo, the article has no real meaning.
What then is the intention for "stating facts"?
"The report by Demographia used a median price-to-income ratio to determine affordability in each of the housing markets it analysed. This ratio, also known as the median multiple, was obtained by dividing the median house price of a housing market by its median household income."
"This means housing in Singapore is more affordable than in cities like New York, London, Sydney and Hong Kong – where the median multiples ranged from 7.0 to 16.7 – but less affordable than housing in other cities like Pittsburgh, which was the most affordable market with a median multiple of 3.1."
https://www.straitstimes.com/singapore/housing/public-housing-remains-affordable-and-attainable-says-hdb-citing-international-studies
G, [17/2/2025 12:25 PM]
Is this true? Won't the applicants of BTO, at the point of application, still have their NRIC registered address be a different one from their BTO unit at time of application?
So from a statistics collection and presentation point of view, the household income is based on an address different from the BTO?
G, [17/2/2025 12:51 PM]
Furthermore, when households are "imported" from overseas and contribute to the total household income stats, how accurate then are these "growth" claims?
Note: the article mentioned "resident households", giving no breakdown for Singaporean, Singaporean-PR mix, PR, work pass holders (EP & S pass etc)
Daniel, [17/2/2025 12:56 PM]
Definition of resident household from singstat: A resident household refers to a household where the household reference person is a resident (i.e. Singapore citizen or permanent resident).
G, [17/2/2025 12:59 PM]
Are addresses with work permit tenants with a household reference person counted as a resident household?
E.g. 4 rm flat with 1 Singaporean refence person, with 2 s pass tenants
In the above example, how is household income calculated? Including or excluding the tenants?
Daniel, [17/2/2025 1:06 PM]
Ah, interesting question. That would typically then not be one but several households. See this definition of household (again from singstat): "A household refers to (i) a group of two or more persons living together in the same house and sharing common food or other essential arrangements for living; or (ii) a person living alone or a person living with others but having his own food or other essential arrangements for living. Although persons may be living in the same house, they may not be members of the same household"
I never knew that distinction existed, interesting.
Khai Mun L., [17/2/2025 1:07 PM]
Stating facts and statistics is important to have an unbiased view.
What you want to use that data for, is another matter.
Andy, [17/2/2025 1:07 PM]
On the topic of government suppport:
Quoted from ST article, "Resident households living in one- and two-room Housing Board 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."
While it is heartening to see the amount of support given to lower income families, I feel that the gov should also consider putting more controls in place to 1, ensure the cash is used reasonably and 2, that it contributes to long-term benefits.
Specifically regarding large cash payouts like the GST Cash Vouchers (up to $850), I'd suggest some improvements:
1. Release it on a weekly or monthly cadence. Low income individuals have a tendency to spend as soon as they have more cash. The $850 lump sum could well go into gambling or getting the latest iPhone, which are non-essentials. Small disbursements over a period of time would help better to take care of recurring needs.
2. More wealth education for lower income families. Knowing how to manage finances will bring anyone a long way.
3. Track where the money is spent or just give items/vouchers instead of cash.
I think Skillsfuture and CDC are prime examples of good initiatives. This may open a can of worms, but it's my opinion. Basically we want to drive sustainable income growth for lower income families and discourage misuse of gov cash transfers (which goes back to the top income earners anyway).
LCL (Danny 心), [17/2/2025 1:10 PM]
Distribution and administrative overhead cost could be a problem if release bit by bit.
More manpower may be needed which may eat into the money that can be given out.
G, [17/2/2025 1:12 PM]
So... Based on this definition in (i), a Singaporean landlord who live in the 4rm flat with 2 tenants can be counted as a household
LCL (Danny 心), [17/2/2025 1:12 PM]
Most low income people are quite prudent in how they spend their money - ie. Usually buy food and groceries for their daily expenses.
But a few exception could misuse it like gambling or buying expensive stuff like handphone.
Andy, [17/2/2025 1:14 PM]
You're right. It'll be up to the gov to assess whether it's worth the cost.
Daniel, [17/2/2025 1:16 PM]
Or it could not based on ii). Most people I know/knew renting rooms in flats do not share meals with their landlords. But I have no idea how they would check that.
LCL (Danny 心), [17/2/2025 1:17 PM]
I noticed there are some rail guard in place when using the CDC vouchers.
An uncle go to an NTUC fairprice counter to ask for cigarettes and beer.
Then he whipped out his CDC vouchers to pay for it.
The NTUC fairprice auntie say you cannot use the CDC vouchers to pay for cigarettes and beer.
You need to use cash.
Hearing this, that uncle immediately give all the cigarettes and beer back to the auntie and left the supermarket.
Andy, [17/2/2025 1:18 PM]
I don't disagree. I think a large part of policymaking is to eliminate most loopholes. I don't know this, but if it has been assessed that an overwhelming majority does use the cash wisely, then it's all good. Otherwise it's worth digging deeper.
G, [17/2/2025 1:21 PM]
Yup. No idea how stats can be compiled for (ii) without onerous checks done.
And the numbers for median income per household member derived for (i) and (ii) can be very different
E.g.
(i) retiree landlord with rental income ($1,000 per month) plus 2 tenants (earning $5,000 each?)
Income per household = $11,000
Income per household member = $3,666*
*But not sure if can be counted as $11,000 or $10,000 since the $1,000 income for the landlord is from the tenants. If count as $11,000, will it be double counting?
(ii)retiree landlord with only rental income ($1,000 per month?), excluding the 2 tenants (earning $5,000 each)
Income per household = $1,000
Income per household member = $1,000
Tenants income don't count towards household stats unless they are Singaporean/PR
LCL (Danny 心), [17/2/2025 1:23 PM]
In Singapore, the government measures the income of applicants for Build-To-Order (BTO) flats through a process called income assessment. Here's a general overview:
Income Assessment Process
1. *Gross Income*: Applicants are required to declare their gross income, which includes their basic salary, allowances, overtime pay, and bonuses.
2. *Average Gross Income*: The applicant's average gross income over the past 12 months is calculated.
3. *Household Income*: The average gross incomes of all household members (including the applicant, spouse, and other family members) are added together to determine the household income.
Documents Required
Applicants typically need to provide the following documents to support their income declaration:
1. *Pay slips*: Recent pay slips (usually 3-6 months) showing gross income.
2. *IRAS Notice of Assessment*: Latest Notice of Assessment from the Inland Revenue Authority of Singapore (IRAS).
3. *Letter from employer*: A letter from the employer confirming the applicant's employment, gross income, and duration of employment.
Income Ceilings
The Housing and Development Board (HDB) has income ceilings for BTO flat applicants:
1. *First-timer families*: $14,000 (gross monthly household income).
2. *Second-timer families*: $14,000 (gross monthly household income) for a 2-room Flexi flat, and $21,000 for larger flat types.
Verification
HDB may verify the applicant's income through various means, including:
1. *IRAS*: HDB may obtain income information directly from IRAS.
2. *Employer verification*: HDB may contact the applicant's employer to verify their income.
3. *Audits*: HDB may conduct random audits to ensure the accuracy of income declarations.
It's essential for applicants to provide accurate and truthful income information to avoid any potential penalties or disqualification from the BTO flat application process.
Source:- Meta AI
LCL (Danny 心), [17/2/2025 1:24 PM]
In Singapore, the Housing and Development Board (HDB) considers the household income of the applicants, including their parents' income, for several reasons:
Rationale Behind Including Household Income
1. *Financial Support*: In many Asian cultures, including Singapore, it's common for parents to provide financial support to their children, especially when they're starting a new family. By considering the household income, HDB takes into account the potential financial support that the applicants may receive from their parents.
2. *Means Testing*: Including household income helps HDB to conduct means testing, ensuring that subsidies and assistance are targeted at those who need them most. This approach helps to allocate public housing resources more effectively.
3. *Preventing Misuse*: By considering the household income, HDB can prevent misuse of subsidies and assistance. For example, a high-income individual might try to apply for a subsidized flat in their child's name. Including household income helps to prevent such scenarios.
4. *Encouraging Financial Independence*: HDB's approach encourages young couples to be financially independent and not rely solely on their parents' income. This promotes self-sufficiency and responsible financial planning.
Exceptions and Considerations
While household income is considered, there are exceptions and considerations:
1. *Orphaned or Estranged Applicants*: Applicants who are orphaned or estranged from their parents may be exempt from including their parents' income.
2. *Financially Independent Applicants*: Applicants who can demonstrate financial independence, such as having their own income and not receiving financial support from their parents, may be considered on a case-by-case basis.
In summary, including household income in the BTO flat application process helps HDB to ensure that public housing resources are allocated effectively, prevent misuse of subsidies, and encourage financial independence among young couples.
Source:- Meta AI
G, [17/2/2025 1:25 PM]
So if this is true, and how household income is derived for BTO at application, assuming the applicants are still living at their respective parents addresses, will the income from these applicants be deducted from their parents' households?
And how are these stats checked and compiled?
LCL (Danny 心), [17/2/2025 1:27 PM]
Check with HDB.
Tenants not included as household income.
G, [17/2/2025 1:28 PM]
Is HDB's definition for "resident household" similar to singstat's definition?
LCL (Danny 心), [17/2/2025 1:29 PM]
Check with singtat.
Anyway housing is not today's topic.
Don't intend to dwell into it.
LCL (Danny 心), [17/2/2025 1:30 PM]
80% of total Singapore population are owning HDB flats.
So it means HDB flats are affordable to majority of the population.
Singapore stand out as the only country in the world that attain such achievement.
Andy, [17/2/2025 1:32 PM]
Just take the sum of all occupants monthly income and that's it. Based on average of past 12 months. Ceiling of 14k for families. No need to overcomplicate.
Andy, [17/2/2025 1:33 PM]
You can ask admin to post a housing topic and include you.. lol
G, [17/2/2025 1:33 PM]
So double count the income?
LCL (Danny 心), [17/2/2025 1:34 PM]
While Singapore is *widely recognized for having one of the most successful public housing programs globally*, where a large majority of the population lives in affordable government-provided housing, it's not entirely accurate to say it's the only country offering affordable public housing; other countries also have significant public housing systems, though they may not be as comprehensive or accessible as Singapore's.
Key points about Singapore's public housing:
High penetration:
Over 80% of Singaporeans live in public housing units built by the Housing Development Board (HDB).
Government control:
The government heavily regulates the housing market, ensuring affordability through subsidies and land ownership.
Home ownership focus:
The system prioritizes homeownership, allowing citizens to buy public housing flats using their Central Provident Fund (CPF) savings.
Source:- Google
G, [17/2/2025 1:35 PM]
😂 so much for
"Anyway housing is not today's topic. Don't intend to dwell into it"
Proceeds to post a long AI generated article regarding housing in Singapore
LCL (Danny 心), [17/2/2025 1:36 PM]
Singapore housing program - notably HDB BTO flat is world class in terms of accessibility and affordability.
Which country has the best public housing system?
The Top 10 Countries with Exceptional Housing Policies In The World
1). Singapore: Affordable Housing for All. ...
2). Sweden: The Pioneers of Rent Control. ...
3). Finland: Solving Homelessness with Housing First. ...
4). Canada: Affordable Housing Through Partnerships. ...
5). South Korea: A Housing Revolution. ...
Andy, [17/2/2025 1:37 PM]
Your questions are valid but off topic. Please call HDB and ask. This is not HDB helpdesk.
G, [17/2/2025 1:38 PM]
The topic is "What are your views on the steady growth in median household income in recent years"
How is delving into how those numbers are compiled and presented going off topic?
G, [17/2/2025 1:40 PM]
Whereas another group member shares AI generated content about home ownership numbers.. that is on topic?
Andrew Goh, [17/2/2025 1:43 PM]
Household income median also dependent on the sector. Eg. Sectors like Healthcare will have significantly lower household income compared to Defense, etc.
Khai Mun L., [17/2/2025 1:43 PM]
When i see Facebook comments on this topic, got a lot don't understand the purpose of using median/average etc.
I think future articles could include short rationale on why median used vs average etc.
LCL (Danny 心), [17/2/2025 1:44 PM]
Here are some examples:
Example 1: Mean, Median, and Average
Consider the following dataset:
1, 2, 3, 4, 5
*Calculations*
- Mean: (1 + 2 + 3 + 4 + 5) / 5 = 15 / 5 = 3
- Median: Since the data is already sorted, the middle value is 3.
- Average: In this case, the average refers to the mean, which is 3.
Example 2: Mean, Median, and Average with Outliers
Consider the following dataset:
1, 2, 3, 4, 100
*Calculations*
- Mean: (1 + 2 + 3 + 4 + 100) / 5 = 110 / 5 = 22
- Median: Since the data is already sorted, the middle value is 3.
- Average: In this case, the average refers to the mean, which is 22. However, the median (3) might be a better representation of the data due to the outlier (100).
Example 3: Average as Median
Consider the following dataset:
1, 3, 5, 7, 9
*Calculations*
- Mean: (1 + 3 + 5 + 7 + 9) / 5 = 25 / 5 = 5
- Median: Since the data is already sorted, the middle value is 5.
- Average: In this case, the average refers to the median, which is 5.
These examples illustrate how the mean, median, and average can differ depending on the dataset and the presence of outliers.
Source :- Meta AI
RY, [17/2/2025 1:45 PM]
Tenants is not part of family/household
And tenants income will not af disclosed to landlord as it shd be P&C
The govt will be able to differentiate family income, as tenants have to be registered with govt agencies eg Hdb/URA(private)
However, rental Income is part of household income, since stamp duty is paid to IRAS and govt has the data
ChewyRuza, [17/2/2025 1:46 PM]
So this is an example of why when data is provided, it’s necessary to provide a couple of necessary information to compare to see the validity of the data.
ChewyRuza, [17/2/2025 1:46 PM]
It’s necessary to provide mean, median, and compare the value of both, and check the skewness of the data.
LCL (Danny 心), [17/2/2025 1:46 PM]
Median income used as statistic will be more representative as it is not affected by outliers like the example demonstrated.
Moses Kor kwang loong, [17/2/2025 1:48 PM]
We must continue to provide more welfare to our people but GST oso needs to be either controlled or reduced
LCL (Danny 心), [17/2/2025 1:48 PM]
Hence the statistics reported by singstat are real representative data based on the actual income of individuals and the households.
Jun Ming, [17/2/2025 1:48 PM]
I wonder why median income always use. They never publish the whole statistics such as upper quadrant and lower quadrant
G, [17/2/2025 1:49 PM]
Isn't this a contradiction of the singstat definition (i) shared by @drat70 earlier?
"See this definition of household (again from singstat): "A household refers to (i) a group of two or more persons living together in the same house and sharing common food or other essential arrangements for living; or (ii) a person living alone or a person living with others but having his own food or other essential arrangements for living. Although persons may be living in the same house, they may not be members of the same household""
How then are checks performed so that definition (ii) will be followed for the purpose of accounting or discounting tenants?
Jun Ming, [17/2/2025 1:49 PM]
So to make secondary school maths make sense
LCL (Danny 心), [17/2/2025 1:49 PM]
I think they do published lower and upper quadrant.
The median income is a true reflection of the actual income of the whole population - and not affected by outliers eg. Very rich people who fetch $100,000 a month type.
G, [17/2/2025 1:50 PM]
But don't the govt have information on the tenants' income?
Should the ability for the govt to compile household income numbers be constrained by the landlord's inability to obtain the tenants income?
RY, [17/2/2025 1:50 PM]
Median income already included all - the upper and lower plus middle
Jun Ming, [17/2/2025 1:51 PM]
Note is per household income maybe some household members have no income. Such as the elder and children.
Daniel, [17/2/2025 1:52 PM]
Actually they do publish percentages per bin, from which those could be established. It's all on the singstat website. I think they chose to present median values for simplicity. I do agree however, that the choice of median vs mean is not obvious and can skew the interpretation a bit.
Hanny, [17/2/2025 1:53 PM]
It’s always heartening to see that income is rising. I would say that better education and better jobs drive the higher income. Gov should continue empowering the citizens for higher quality jobs. At the same time, we should not forget those people who find it difficult to catch up.
AI will bring disruption to many sectors, including the well paid position. We need to learn to embrace the new reality. The earlier we embrace the better.
xXx.SCAR.xXx, [17/2/2025 1:53 PM]
I agree with Jun Ming, should publish the interquartile-range (IQR) stats for better representation of the data, plus definitions (and exclusions) of the terms used. For example, what comprises "household income" and are there differences from our definition as compared to international standards.
xXx.SCAR.xXx, [17/2/2025 1:55 PM]
Also, income technically doesn't go below 'zero' and can stretch til "billions". Same as debt, it doesn't go above 'zero'. Some households income-debt already doesn't give them a lot.
LCL (Danny 心), [17/2/2025 1:57 PM]
I got the household income distribution chart for 2023.
But unable to attach here.
Btw those monthly household income $20,000 and above make up of 20% of the population.
So Singaporeans are indeed rich.
Jun Ming, [17/2/2025 1:57 PM]
Furthermore reach I think I have raise this before don't only attach news article but also attach gov sources link such as gov reports
ChewyRuza, [17/2/2025 1:58 PM]
I have a very silly question, which I hope someone can answer. What is defined by household income? Do they include handouts, gst credits etc.? In my mind, it’s not, but because they put the article such that one heading is income, and the other is handout, I just wonder if they did include the government subsidies and handouts into the income.
RY, [17/2/2025 1:59 PM]
MOM will of course have the info, when they apply for work pass
For PR tenant, they have CPF to refer
But Govt will not take tenant income, as part of the household income, bec they are not part of family,
Rental income is also part of household income when we do our income tax
Fm HDB/URA records, govt will be able to know how many occupants staying in the house, and those who are tenants
Bec tenants, landlords have to register with IRAS for stamp duty purposes and also must get approval fm Hdb/URA
LCL (Danny 心), [17/2/2025 2:00 PM]
Also I roughly tabulated, indeed slightly more than 50% of the household fetch more than $11,000 and above per month.
Indeed Singaporeans are rich.
LCL (Danny 心), [17/2/2025 2:01 PM]
Household income are pure income - from salary, dividends, investment income, rental etc.
No government transfer or handouts.
LCL (Danny 心), [17/2/2025 2:02 PM]
But the chart shows a thousand words.
Unfortunately, I can't attach it here.
G, [17/2/2025 2:02 PM]
👍 Add on question:
Does household income calculations also include CPF payouts (i.e. retirees receiving their retirement income from their CPFS)? Why or why not?
RY, [17/2/2025 2:02 PM]
May I know where is yr source of data ?
Kindly forward the link
G, [17/2/2025 2:03 PM]
If a household fulfills singstat's definition for (i), why should tenants data be excluded?
xXx.SCAR.xXx, [17/2/2025 2:03 PM]
It's not a silly question at all. There was a v robust discussion on reddit 4 days back but I am not an Economist and can't really tell who is correct or wrong but they all seem to be experts there unlike us here, haha. Probably see for some basic education (and entertainment).
https://www.reddit.com/r/singapore/s/VLbW8Sie1V
LCL (Danny 心), [17/2/2025 2:04 PM]
Only about 30% of the population fetch less than $5,000 per household per month.
REACH Singapore, [17/2/2025 2:05 PM]
📢 Topic 📢
LCL (Danny 心), [17/2/2025 2:05 PM]
Average (Median) Household Income in Singapore [2024]
https://smartwealth.sg/average-household-income-singapore/
RY, [17/2/2025 2:05 PM]
Is tenant part of family ?
LCL (Danny 心), [17/2/2025 2:06 PM]
SingStat got more details.
But it is a PDF file.
I can't link here.
RY, [17/2/2025 2:06 PM]
https://www.chas.sg/household-monthly-income-per-person-calculator#:~:text=%5B1%5D%20Household%20monthly%20income%20per,.iras.gov.sg
Pls refer to definition of household income as per CHAS
G, [17/2/2025 2:06 PM]
The word "family" does not appear in singstat's definition
See this definition of household (again from singstat): "A household refers to (i) a group of two or more persons living together in the same house and sharing common food or other essential arrangements for living; or (ii) a person living alone or a person living with others but having his own food or other essential arrangements for living. Although persons may be living in the same house, they may not be members of the same household"
I never knew that distinction existed, interesting.
G, [17/2/2025 2:07 PM]
Does singstat use chas' definition to compile household income stats? or do they use their own?
RY, [17/2/2025 2:07 PM]
[1] Household monthly income per person is the total gross household monthly income divided by total number of family members sharing the same address (as reflected on the NRIC or Birth Certificate). Gross household monthly income refers to your basic employment income, trade/self-employed income, overtime pay, allowances, cash awards, commissions, and bonuses.
[2] Family Member means a person related to the Main Applicant by blood, marriage and/or legal adoption.
G, [17/2/2025 2:08 PM]
Singstat's definition:
https://www.singstat.gov.sg/-/media/files/publications/households/khitglossary.ashx
RY, [17/2/2025 2:08 PM]
Kindly refer to the above for household income
G, [17/2/2025 2:09 PM]
Does singstat use CHAS's definition for for household income for their statistics compilation and presentation?
RY, [17/2/2025 2:09 PM]
U may qns the Stats Board then
G, [17/2/2025 2:10 PM]
So what's your rationale for using CHAS' definition?
RY, [17/2/2025 2:10 PM]
In any case, this is the definition of household income
G, [17/2/2025 2:11 PM]
That's CHAS' definition, not singstat's
G, [17/2/2025 2:12 PM]
Singstat only has 1 exclusion for household income... "does not include the income of domestic workers"
https://www.singstat.gov.sg/publications/reference/ebook/households/households
G, [17/2/2025 2:14 PM]
Same same, per singstat's definitions, should there be estranged family members living in the same address, but they don't share common food or other essential arrangements, 1 address can be counted as more than 1 household
RY, [17/2/2025 2:19 PM]
My understanding, Govt using the same formula for household income across the board
Bec when we submit any appln for any subsidy, they check the eligibility via household income per capita (no of family members staying in same household)
Family definition, pls refer to the above
G, [17/2/2025 2:22 PM]
Yes, but the stats presented in the articles from REACH are compiled and presented by singstat.
CHAS' definition for household appears to be for the purpose of subsidy application, approval/rejection
Please help me see a compelling reason for singstat to use CHAS' definition for singstat's compilation and presentation of household income
RY, [17/2/2025 2:24 PM]
I dont think Govt using different formula in different govt boards, ya
And it doesnt make sense to include tenants income as part of household income, since they are not part of family
Hence, if wish to further into this household income definition, you may like to direct to the Govt and not me, with thanks
G, [17/2/2025 2:28 PM]
Just from CHAS website and singstat websites alone, there are already differences in definition for household income
Does it make sense for the difference? I don't know enough and won't comment on why there are differences
Note that I'm not advocating for singstat to use singstat's definition for household income in singstat's compilation and presentation of household income statistics.
I'm asking why should singstat use CHAS's household income definition for singstat's compilation and presentation of household income statistics since you suggested using CHAS' definition
G, [17/2/2025 2:31 PM]
Now, if singstat uses singstat's definition for household incomes compilation and presentation, then based on singstat's definition, tenants can be included.
The question is: did singstat made efforts to differentiate tenants income from family members for the purpose of compiling and presenting the household income numbers in the article?
Why or why not?
G, [17/2/2025 2:33 PM]
As shown by this illustration, the numbers can be very different when tenants (non-Singaporean, non-PR tenants) income statistics are included/excluded
RY, [17/2/2025 2:34 PM]
U may drop yr enquiry to Statistic Dept and not here, thanks
G, [17/2/2025 2:34 PM]
This is REACH. They can route this enquiry / concern to singstat
Xtra, [17/2/2025 2:36 PM]
I know off topic but curious if anyone is following this story 🤔
JUST IN: WP chief Pritam Singh has been found guilty of lying to a parliamentary committee over former MP Raeesah Khan's case. https://str.sg/qu8z
Xtra, [17/2/2025 2:36 PM]
Wondering what the final verdict will be later…
LCL (Danny 心), [17/2/2025 2:38 PM]
Actually, the discussion about wealth inequality and income inequality in Reddit - have to be link to tax payable.
If tax payable is included in the equation, then wealth equality is close to income equality.
Because rent received, dividend received and other income received such as business profit are tax payable and need to be declared to iras just like salary or bonus.
Because individual needs to declare tax every year for income received per year for the purpose of tax - which then is classify as income.
The wealth definition as put forward by Reddit hence is no longer murky - because for the purpose of declaration of tax, "wealth" generated income are in fact "income" that are taxable.
Hence there is no differentiation of wealth inequality as opposed to income inequality.
Because income if save and invested or buy financial assets, or property will then become "wealth".
Hence Reddit discussion about wealth inequality and income inequality - seems to confuse among themselves because in Singapore context - tax is the equaliser when come to the definition of income for the purpose of declaration of tax.
LCL (Danny 心), [17/2/2025 2:50 PM]
Eg. Business man don't only receive salary, they also received dividend, director fees and other income which are taxable.
The business man total income declared as tax will be salary + bonus + allowances + director fees + dividend etc.
If "wealth" don't generate income, then wealth will be depleted - as monthly and annual expenses will draw from the "wealth".
And the "wealth" which in accounting term is the "capital" will wither and drawn down.
Hence "income" or "income equality" is a more appropriate term of reference for fiscal and monetary policy intervention.
"Wealth equality" are for layman or social media chatters - with no economic, financial, accounting or taxation leverage.
LCL (Danny 心), [17/2/2025 3:10 PM]
Those with accounting or taxation background can verify whether what I say here is accurate or not.
I think:- only "Income" is a recognisable accounting term and taxation term.
"Wealth" is neither an accounting or taxation term.
Wealth is a general description as a social reference or a label of a personal collective financial assets.
RY, [17/2/2025 3:36 PM]
If interested, then should find out ourselves by calling/email/msg
As REACH is here to take our opinions for certain topics and not route our enquiry
xXx.SCAR.xXx, [17/2/2025 3:43 PM]
I understand what you are saying but I am not Econs trained so can't value-add. Thanks for looking into the link and sharing your perspectives
G, [17/2/2025 3:48 PM]
https://www.reach.gov.sg/contact-us. Their first FAQ:
What is REACH's role in the feedback process? Does REACH filter or censor feedback received from contributors?
REACH facilitates communication between Singaporeans and Government agencies by proactively initiating discussions on various topics and gathering feedback on policy issues.
All feedback submitted to REACH, regardless of the sentiments expressed, is read by REACH staff. REACH will convey the feedback, in its entirety, to the relevant agencies for information and consideration. We do not edit or filter any feedback received.
Xtra, [17/2/2025 3:56 PM]
Here we go 😂 wonder if this is fair…
JUST IN: WP chief Pritam Singh fined $7,000 for each of his 2 charges after being found guilty of lying to a parliamentary committee. https://str.sg/qu8z
LCL (Danny 心), [17/2/2025 3:58 PM]
Understand.
No problem.
REACH Singapore, [17/2/2025 4:03 PM]
📢 Topic 📢
LCL (Danny 心), [17/2/2025 4:15 PM]
Unless he didn't lie - then is unfair.
여자친구, 첫사랑 🏆, [17/2/2025 4:20 PM]
I feel that calling raeesah and her aides as credible witnesses is... certainly an odd choice.
LCL (Danny 心), [17/2/2025 4:21 PM]
Unless he didn't lies.
Only he knows, people dealing with him knows.
Even LTK testify against him - why take so long.
His conscience know.
Karma knows.
LCL (Danny 心), [17/2/2025 4:23 PM]
At least iswaran is a gentleman.
His conscience tell him he must pay for it. Despite judge double the penalty of jail term.
And he earn my respect.
Gabriel, [17/2/2025 4:46 PM]
His conscience tell him he must pay for it...
Then why not pay for all the tickets and "gifts" in the first place? Just because he accepted his punishment for his crimes doesn't make him a gentleman.
LCL (Danny 心), [17/2/2025 4:46 PM]
A gentleman that admit his guilt, pay for his guilt, repent and become a rejuvenated person.
A yellow ribbon.
Gabriel, [17/2/2025 4:48 PM]
He was paid an extraordinary sum so that he don't have to "succumb" to corruption but he did.
Let's call a spade a spade and not be a suck up.
LCL (Danny 心), [17/2/2025 4:49 PM]
I don't deny his mistake.
Nor am I forgiving when he committed the corruption.
But his subsequent repentance make me respect him.
I didn't see any of such quality in Singh's case.
Gabriel, [17/2/2025 4:52 PM]
Please define "subsequent repentance", cuz he continue to plead his innocence and is "focused in clearing his name". Not much remorse there.
But I see that this conversation is lost on you. So have a good day.
LCL (Danny 心), [17/2/2025 4:52 PM]
Just like I respect those yellow ribbon rejuvenated inmates that have repented and work for a living through honest means.
xXx.SCAR.xXx, [17/2/2025 4:52 PM]
To be fair: Following his sentencing, Iswaran wrote on Facebook (https://en.m.wikipedia.org/wiki/Facebook): "I accept that as a minister what I did was wrong under Section 165. I accept full responsibility for my actions and apologise unreservedly to all Singaporeans." -- Wikipedia
LCL (Danny 心), [17/2/2025 4:53 PM]
He didn't appeal.
He repay back all his bribes.
And he accepted the double jail penalty.
LCL (Danny 心), [17/2/2025 4:53 PM]
Yes.
This earn my respect of him.
敢做敢当。
xXx.SCAR.xXx, [17/2/2025 4:56 PM]
Tho I think that Iswaran shouldn't re-enter politics. From what I know, he is well-respected among his ethnic circles; and I hope he doesn't give up on Singaporeans and continue to serve his community.
LCL (Danny 心), [17/2/2025 4:57 PM]
Yes.
I agree.
Public office have very high standards.
Because it hinge on everyone's life, livelihood and well being.
He can contribute to the community in other ways.
LCL (Danny 心), [17/2/2025 5:00 PM]
I recall one lawyer when young is a juvenile delinquent and get lockup in boy home.
As he grow older, he repented and mend his ways.
He become a pro bonco lawyer and do many free legal services for those vulnerable - and gain the respects of many people.
The key is "conscience" and "repentance".
Jun Ming, [17/2/2025 5:27 PM]
I think gov should give more support to level up citizens
Teach us how to manage finance and investment
Teach us how to manage our desire. And how to keep away from trouble
Jun Ming, [17/2/2025 5:31 PM]
For example gambling smoking and sexual desire may hurt our income on spending and lower our work ethic that indirectly prevent our increase of income
Jun Ming, [17/2/2025 5:33 PM]
It is widely advertised that we have programs to quit smoking and gambling. But lack of programmes to help sexual addicts
LCL (Danny 心), [17/2/2025 5:33 PM]
1. Don't smoke
2. Don't gamble.
Because it will harm your health and make you lose your life savings.
Jun Ming, [17/2/2025 5:34 PM]
Once addicted hard to say no
Jun Ming, [17/2/2025 5:34 PM]
The urge is always there
LCL (Danny 心), [17/2/2025 5:34 PM]
1. Get a girl friend and married.
Start a family.
Live a healthy life.
LCL (Danny 心), [17/2/2025 5:34 PM]
Practice mindfulness. (正念).
It is a powerful mental tool to :-
1. Fight addiction.
2. Curb urges from arising.
By mindfully observing negative and unwholesome thoughts from arising by not allowing their manifestations into speeches or actions.
Observe its arising, negative manifestations and the resultant consequences.
三思后行。
This is how this phrase come about - from Mindfulness.
Never respond to its first thought and urges.
正定 (如如不动) become its goalkeeper from being a 1st responder.
定生慧 - and hence wisdom will prevent a person from commiting urges or vice.
Jun Ming, [17/2/2025 5:37 PM]
At least I know there's people spending thousands on vice massage.
LCL (Danny 心), [17/2/2025 5:38 PM]
Better don't.
Just find a good girlfriend and get married.
Stay away from vice.
G, [17/2/2025 5:41 PM]
Back to topic:
So from "Household incomes continue to increase" and "before taking into account assistance or benefits provided by the government and taxes"..
Does that mean govt handouts were included in the the computation for "household incomes"?
If so, then if want to inflate the "household income" numbers and show an increasing trend over the years, govt just need to give more handouts?
Jia Qi, [17/2/2025 5:48 PM]
No. Household income is household employment income, which does not include government transfers (handouts) or taxes. Basically it is the income reported to IRAS.
If you have a habit of following the statistics releases every year, or if you do your research, you will know that the data is consistently reported in this way.
Daniel, [17/2/2025 6:02 PM]
From singstat: Household employment income refers to the sum of income received by employed members of the household from employment and business, excluding the income of live-in domestic workers. Monthly household employment income includes one-twelfth of the annual bonus. Data on household employment income refers to household employment income before accounting for Government transfers and taxes, unless stated otherwise.
REACH Singapore, [17/2/2025 6:06 PM]
📢 Topic 📢
G, [17/2/2025 6:09 PM]
Ah ok.
So based on REACH paragraph, govt handouts were only added to household income for gini coefficient assessment to showcase the effect of government transfers
ChewyRuza, [17/2/2025 6:10 PM]
Hold on… I am trying to understand the statement
Jia Qi, [17/2/2025 6:10 PM]
Gini coefficient is calculated and presented both before and after government transfers every year.
ChewyRuza, [17/2/2025 6:11 PM]
For this, they state that employment income refers to… before account
ChewyRuza, [17/2/2025 6:11 PM]
In this, it states “after accounting for….”
Jia Qi, [17/2/2025 6:12 PM]
This is for income inequality
ChewyRuza, [17/2/2025 6:12 PM]
So the median household income report is after including government assistances and taxes then
G, [17/2/2025 6:12 PM]
For gini coefficient, SG does it with 2 stats: before and after govt transfers.
Is this a common practice in other countries?
ChewyRuza, [17/2/2025 6:12 PM]
That’s one interpretation. Another interpretation is that the statement between both commas can be excluded as extra information
Jia Qi, [17/2/2025 6:12 PM]
Income inequality = the Gini coefficient fell to lowest since 2000 after accounting for government transfers & taxes
Jia Qi, [17/2/2025 6:14 PM]
Your interpretation does not make sense because household employment income by definition doesn't include taxes and transfers. It is the income reported to IRAS.
G, [17/2/2025 6:14 PM]
How to capture income that's not reported to IRAS?
E.g. dividends
ChewyRuza, [17/2/2025 6:14 PM]
It’s written here @abrightexhalation that it is possible to do so, because the last statement did mention “unless stated otherwise”.
Jia Qi, [17/2/2025 6:15 PM]
Actually I think we are unique in doing this. Most countries don't report 2 separate numbers.
Also it is important to note that there are many different formulae to calculate the Gini coefficient, and different countries use different ways.
ChewyRuza, [17/2/2025 6:16 PM]
I’m not econs trained, but I can read and interpret. You are interpreting and saying I’m wrong based on usual standards but it’s written that it’s possible to include taxes and transfer.
Jia Qi, [17/2/2025 6:18 PM]
Yes this is the blind spot. So for instance, you can be in the lowest 10% by employment income (e.g. retired = $0 employment income) but have other income sources.
LCL (Danny 心), [17/2/2025 6:19 PM]
Dividend need to be declared to iras.
Else it is tax evasion.
G, [17/2/2025 6:23 PM]
How to capture income that's not reported to IRAS.. e.g. dividends
There's a higher likelihood that higher income households have more than 1 income stream and the median household income could be higher? And real gini could be higher?
G, [17/2/2025 6:24 PM]
Dividends for individuals are not taxed in SG
https://statrys.com/guides/singapore/tax-system-and-rates/is-dividend-taxable-in-singapore
LCL (Danny 心), [17/2/2025 6:25 PM]
Stock Exchange will keep records of dividend pay to shareholders.
CDP will have records.
Failure to declare dividend received is an offence.
LCL (Danny 心), [17/2/2025 6:25 PM]
Unless tax exempt.
Jia Qi, [17/2/2025 6:27 PM]
If dividends are included, the average income will definitely be higher. But the Gini coefficient may also be higher.
Jia Qi, [17/2/2025 6:28 PM]
The main function of this set of statistics is to look at wage growth, whether it has outpaced inflation, and whether such growth is even across the different income brackets. Hence all the numbers are based on employment income.
LCL (Danny 心), [17/2/2025 6:28 PM]
Income should include all taxable income - include salary, allowance, bonus, dividend, rental except tax exempt income eg. Bank interest and some tax exempt dividend.
ChewyRuza, [17/2/2025 6:29 PM]
Not necessary. As I stated, it’s not clear if handouts are included because of the phrasing.
ChewyRuza, [17/2/2025 6:29 PM]
Can simply give more to make it look better for a while
LCL (Danny 心), [17/2/2025 6:29 PM]
Eg. Businessman draw very low salary.
But the annual dividend and other fees make up his annual income.
G, [17/2/2025 6:30 PM]
Ah... So the stats are just from employment.... "Passive income" from things like dividends and rent are not included?
Jia Qi, [17/2/2025 6:31 PM]
Should also bear in mind that government handouts do not come from nowhere. They come from taxes, which are paid for mainly (not entirely) by the higher income (especially property tax, income tax).
So giving more handouts means redistributing money from the rich to the poor to at least some extent.
G, [17/2/2025 6:31 PM]
Nope.. how is singstat counts it is "employment income"
LCL (Danny 心), [17/2/2025 6:32 PM]
How to define business income?
ChewyRuza, [17/2/2025 6:32 PM]
I agree. But it’s not really addressing the point that possibly the wages are not increasing as fast as it seems. We have been giving a lot more handouts these few years
G, [17/2/2025 6:33 PM]
From the paragraphs.. hard to see is as rich to poor.. because it comes as income inequality.
But how income is counted.. it's only via employment..
So for case of retiree with zero employment income, but lots of passive income, in singstat's eyes, the retiree is counted as zero employment income
ChewyRuza, [17/2/2025 6:33 PM]
I agree a lot with what you said, but my peeve is with the way the language is phrased, which is difficult to understand and breakdown. I personally wish we all doing well and good. But I am also aware that it’s easy to manipulate data.
G, [17/2/2025 6:33 PM]
I don't know . U ask singstat. They are the ones who define
LCL (Danny 心), [17/2/2025 6:34 PM]
Income refer to taxable income per year - whether from employment or business.
If not what is income?
G, [17/2/2025 6:34 PM]
Is this singstat's definition?
ChewyRuza, [17/2/2025 6:35 PM]
I don’t see that in the website just now. May need to dig deeper
Jia Qi, [17/2/2025 6:36 PM]
Indeed. The real challenge for the government is how to achieve real wage growth, especially for lower wage workers. This is even harder recently because global inflation is high.
Another challenge is to keep income inequality low. Worth remembering that in 2012, Gini coefficient was 0.478 before transfers. This year the figure is 0.435. It is very difficult to achieve a reduction in income inequality. Usually it increases over time as the rich get richer and poor get poorer. The Progressive Wage Model has played a big part in what we have achieved.
https://www.straitstimes.com/multimedia/graphics/2024/10/10-years-progressive-wage-model/index.html
LCL (Danny 心), [17/2/2025 6:36 PM]
Btw everyone need to submit income tax.
All taxable income in income tax is call income.
Be it salary, rent, business dividend etc.
Else how do government compute income?
ChewyRuza, [17/2/2025 6:37 PM]
Yes it’s a tough challenge and Lawrence Wong will have a hard time with that considering how bad the global situation is
ChewyRuza, [17/2/2025 6:37 PM]
But thanks man. Good insights with the Gini part. I actually missed the before and after income portion
LCL (Danny 心), [17/2/2025 6:39 PM]
Also taxi driver don't draw income.
Only cab fare.
So zero income for taxi driver?
RY, [17/2/2025 6:41 PM]
Seems the whole discussion still trying to define what constitute houshold income, and what consider "income" in
Statistic Dept point of view ....
LCL (Danny 心), [17/2/2025 6:41 PM]
Property agent earn commission draw very little salary.
Commission not income?
RY, [17/2/2025 6:42 PM]
Taxi driver is Voluntary Cpf contribution
LCL (Danny 心), [17/2/2025 6:42 PM]
But cab fare still income.
LCL (Danny 心), [17/2/2025 6:43 PM]
Tuition teachers also no salary.
But they earn income.
RY, [17/2/2025 6:44 PM]
Meaning they declare own employment income n contribute to Cpf portion - Under Freelance Worker
LCL (Danny 心), [17/2/2025 6:44 PM]
Yes.
As long as declare in income tax is income.
LCL (Danny 心), [17/2/2025 6:44 PM]
Regardless of salary, and whatever income.
REACH Singapore, [17/2/2025 6:45 PM]
Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
RY, [17/2/2025 6:45 PM]
Freelance worker eg home tuition teacher, provided they declare their income n contribute to Cpf
G, [17/2/2025 6:45 PM]
So... singstat definition is very narrow. Employment income nia
And when they present these numbers in the articles, the numbers don't show the real incomes la
Then like that how to make claims about gini coefficient and the effects arriving from govt transfers?
LCL (Danny 心), [17/2/2025 6:45 PM]
Must declare.
Else tax evasion.
RY, [17/2/2025 6:50 PM]
Freelancer, it depends whether they wish to declare themselves
If dont declare, it means dont need to contribute to Cpf and not income taxable
Most may declare, bec when it comes to any loan or card appln, the banks will look at the income to approve/reject
RY, [17/2/2025 6:52 PM]
Eg Tertiary students giving tuition to kids, they dont usually declare their part-time tuition income
RY, [17/2/2025 6:57 PM]
For all these freelancer work, their income maybe unstable, hence it is up to them whether they wish or how much they want to declare
If they declare, then they will have to contribute CPF n income will be taxable later
Most may declare, so that they contribute Cpf for their retirement
Or to facilitate their loan/card appln via the financial institution in future
RY, [17/2/2025 6:58 PM]
Thanks Megan and Good Nite Everyone !
Jia Qi, [17/2/2025 6:59 PM]
Just because the numbers may not show every single income source does not mean they are of no value. Employment income is the main source of income for most and significantly affects standards of living. Wages are a key economic indicator, and income inequality as measured by employment income lets us see if the wages of the rich are growing faster than the wages of the poor → consider increasing income taxes on the rich.
REACH Singapore, [17/2/2025 7:01 PM]
Dear Contributors
We will be closing the chat for today.
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
====
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