Singapore Real Income Falls 2.3% This Year as Inflation Lingers
- Real wages declined even as nominal incomes rose, report says
- Property taxes set to rise next year, finance ministry says
Pedestrians and shoppers on Orchard Road in Singapore.
Photographer: Wei Leng Tay/BloombergThis article is for subscribers only.
Singaporean paychecks failed to keep pace with inflation that stayed elevated this year, with a Ministry of Manpower report showing real incomes in 2023 fell from a year ago.
Real median wage, which takes inflation into account, fell 2.3% this year while real income for lower earners fell 3%, according to the ministry’s advance release on Thursday.