This was due to elevated inflation and a weaker economic outlook, Senior Minister of State for Manpower Zaqy Mohamad told Parliament on Tuesday.
He added that the drop in real incomes was felt by workers across different job sectors, as inflation outpaced wage increases.
Nominal median income, which is not adjusted for inflation, still grew, by an estimated 0.9 per cent year on year over the first half of 2023, said Mr Zaqy.
He was responding to questions from Mr Edward Chia (Holland-Bukit Timah GRC) and Mr Saktiandi Supaat (Bishan-Toa Payoh GRC) on the impact of price increases on income growth for Singapore workers, especially those who are more financially vulnerable.
The income figures are for Singaporeans and permanent residents in full-time work. They had enjoyed wage gains over the last five years, with real median income growing by about 9.4 per cent from 2017 to 2022, or 1.8 per cent per year, said Mr Zaqy.
Workers at the 20th income percentile saw real incomes grow faster than those at the median, with a rise of 2.9 per cent per year from 2017 to 2022, he added.
Productivity also grew, at a rate of 2 per cent per year over the same period. This measures the rise in real value-added per worker.
On an annual basis, gross domestic product growth slowed to 0.5 per cent in the first half of 2023, from 2.1 per cent in the fourth quarter of 2022.
この記事は The Straits Times の November 08, 2023 版に掲載されています。
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この記事は The Straits Times の November 08, 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
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