Real Median Income in Singapore Falls 4.5% in First Half of 2023 Due to Inflation, Weaker Outlook
Real median income in Singapore fell 4.5 percent in the first half of 2023, compared with the same period in 2022, based on preliminary estimates.
This was due to elevated inflation and a weaker economic outlook, Senior Minister of State for Manpower Zaqy Mohamad told Parliament on Tuesday (Nov 7).
He added that the drop in real incomes was felt by workers across different job sectors, as inflation outpaced wage increases.
Nominal median income – as in not adjusted for inflation – still grew, by an estimated 0.9 percent year on year over the first half of 2023, said Zaqy.
Prince William Calls on President Tharman, PM Lee at Istana; Meetings Focus on Climate Change Issues
Britain’s Prince William, who is in Singapore for a four-day visit, called on President Tharman Shanmugaratnam and also met Prime Minister Lee Hsien Loong at the Istana on Monday.
In a Facebook post, Mr Tharman said it was a pleasure to receive the Prince of Wales, and that they both talked about issues like climate change and the global water crisis.
He said: “Prince William and I discussed the innovative solutions needed to hold back climate change and a worsening global water crisis. And the optimism that can and must be created by discovering and implementing them on a global scale.”
Mr Tharman said Singapore and Britain will step up collaboration in the “critical task” of tackling these issues as part of the strategic partnership that PM Lee and British Prime Minister Rishi Sunak launched two months ago.
Structural Policy Shifts, Not Just Handouts, Needed to Tackle Cost of Living: WP MPs
Responding to opposition calls for Singapore to review its policies in the light of inflation, Senior Minister of State for Finance Chee Hong Tat said existing approaches are working well, and that the suggested changes may have worse outcomes.
On Tuesday (Nov 7), Leader of the Opposition Pritam Singh and fellow Workers’ Party (WP) MP Louis Chua filed a parliamentary motion for the House to call on the government to “review its policies so as to lower cost-of-living pressures”.
Arguing that one-off handouts are helpful but that structural policy shifts are still necessary, WP MPs suggested tweaks to specific policies.
