According to a report by the Manpower Ministry, the salary hike was buoyed by a tighter job market.However, wages of lower-skilled workers were dragged down by globalisation, thus moderating the pay hike.Of the 4.5 per cent wage increase, 3.6 per cent came from basic wage gain.The rest was an increase in bonus payout to 2.18 months last year, up from 2.06 months in 2005.Professionals, managers and executives in junior and senior management saw their salaries go up by 5.4 per cent to 5.6 per cent.That is up significantly from the 4.8 to 4.9 per cent pay hike they had in 2005.But for rank-and-file workers, their salary increase remained unchanged at 3.9 per cent last year.Jobs requiring professional and specialised training continued to command higher pay. Such jobs fetch a median starting pay of S$2,000.The starting pay for occupations such as cleaners and labourers, that require lower entry skills, was S$600.All major industries also gave higher pay increases than a year ago.The financial services, and transport and storage industries were one of the top paymasters, while those in the hotel and construction sectors are among the lowest paid. - CNA/yy
WORKERS are gaining the upper hand in the booming Singapore economy, as companies fight to retain talent with offers of higher pay.Employers, who gave an average pay rise of 4.1 per cent this year, are expected to give 4.2 per cent next year.These figures, released yesterday, are derived from a survey done last month by the Singapore Human Resource Institute (SHRI) and wages consulting firm Remuneration Data Specialists (RDS).A total of 210 companies from all sectors were polled, and their upbeat view of business in the next six months means an abundance of jobs awaits the Singapore worker.Latest official figures show there were 32,200 job vacancies in March, 30 per cent more than a year ago.The buoyant situation is set to soar further, with the economy racing ahead by 8.2 per cent in the second quarter this year.According to the report, the services sector gave the best pay rise this year, of up to 5.5 per cent on average.Next year, it is expected to give up to 4.6 per cent.The marine and shipping sector will top it next year, when it is projected to give up to 5.9 per cent.This year, it gave up to 5.1 per cent.Said RDS's managing consultant Peter Lee: 'Now that it's an employee market, companies are looking at their wage structure to make sure they are competitive.'Companies that worry most about having competitive wages are those in health care and pharmaceuticals, aviation, information technology and trading, said the report.Information technology professionals are also being wooed with fatter pay packets, said manager Irene Yeo of Singapore Communications Equipment.It is hard to stem the outflow because their skills are portable across the industry, she added. 'Once you have trained them, they will jump ship in 11/2 to two years.'With many economists predicting this year's growth to be close to last year's 7.9 per cent, the report said staff turnover, retention and resignations are chief concerns of most companies.Almost all the companies surveyed had employees who left in the past year. The average turnover rate was 10 per cent for managers, 18 per cent for executives and 21 per cent for non-executives.To retain staff, companies are adopting several measures, said SHRI executive director David Ang. They include flexible work arrangements, better communication with employees and improving training.Singapore Computer Systems, an IT company, recently introduced a programme to create a 'happy company' culture.Besides subsidising gym memberships, it springs such surprises as inviting an ice-cream man into the office. One day is also set aside for children to come to the office to see their parents at work.Said its human resource vice-president, Ms Lilian Tan, said: 'Staff may think twice about leaving a place where they enjoy both work and friendships.'Source: asiaone.com
May 1st, 2007Wouldn’t it be nice if you can “benchmark” your annual income against the general population in Singapore?Enter your annual income to calculate your “Income Percentile”:The above calculator is based on the graph below, which shows Annual Income plotted against “Percentiles”. It is based on data released by IRAS (see Income of Taxpayers Rising). For example, if you’re making $100,000 per year (all in), you’re at around the 83rd percentile.Note that the data take into account only tax paying residents. Non-residents and those who don’t pay tax (probably due to having income lower than $20,000 per annum) are not included in the data. So when you’re “benchmarking” using the above calculator, you are actually comparing yourself with residents who are paying taxes.
S'poreans' 2007 household income rose 9.6% - fastest in a decadeTHE average monthly household income of Singaporeans rose by 9.6 per cent to $6,280 in 2007 - the fast growth over the last decade, spurred by better wages on the back of a robust economy and a tight labour market.But reflecting the widening income gap, higher-income households continued to take home more pay, with higher wage increases for skilled and knowledge workers, according to a paper on key household income trends in 2007 released by the Singapore Department of Statistics on Wednesday.Among employed households - those with at least one working person - average monthly household income from work grew by 9.1 per cent to reach $6,830.After adjusing for inflation, these households enjoyed real income growth of 6.9 per cent last year.Half of the employed households had monthly income of at least $4,870, compared to the median household income of $4,500 in 2006.DOS said every household member from all income groups experienced increases income from work 'in real terms' in 2007.On the widening income distribution between the higher and lower-income households, DOS said the Gini coefficient, which measures income inequality, went up from 0.472 in 2006 to 0.485 in 2007.But the Government's GST (goods and services tax) offset package, which was weighted in favour of the lower-income groups, has helped mitigate the effects of widening household income disparity, it noted.After adjusting for Government benefits and taxes, DOS said the Gini coefficient among employed households was lower at 0.460 in 2007, compared with 0.485 before adjustment.More details on the household income trends in 2007 can be found on http://www.singstat.gov.sg.Source: http://news.asiaone.com/News/AsiaOne%2BNews/Singapore/Story/A1Story20080213-49471.html
it's like telling me that the avg penis length of singapore males grew by 3 inches in 2007
QuoteQuote:Half of the employed households had monthly income of at least $4,870, compared to the median household income of $4,500 in 2006.I don't quick understand the comparison - by using the average of 2007 to compare with the median of 2006. A comparison of average and mean within the same year will give a quick assessment on the uniformity of income. For example, among Ah Loong, Ah Long and Ah Not So Long, the average income is $1,300,000 and the median income is only $1,000.------------------Actually it is quite enlightening to read the whole report (in pdf). I just extract 2 for illustration.1. Unemployment in Jun 07 was 3.1%. It is on par with 2001 and higher than 1998. Don't know how is it compared to the figure released by mediums during that period.2. The lowest 10% percentile of income earners has an average income of only $180 per month, which is $20 more than the previous year. The 20% increase has made it a very high percentage of 12.4% in increment. On the other hand, the 90% to 100% percentile has a lower percentage increment of only 11.2%. But the actual amount is almost$1,000.Is the income gap closing up? You can conclude it either way depending on whether you want to use percentage term or absolute value. The DOS report uses the percentage term when analysing the financial help given by the Government.------------------Is the Government really giving more financial help to the poor? According to Table 4, Government gave $460 to the lowest 10% and $180 to the upper 10%. So the difference is $280 and it appears to be so.But how much the upper 10% has enjoyed the saving in income tax? No mention in the report. Why is the income tax element not included in this report? I don't know.But I know what is a "zero-sum" game. The saving in income tax has to be funded in some other forms.
Quote:Half of the employed households had monthly income of at least $4,870, compared to the median household income of $4,500 in 2006.
QuoteQuote:Originally Posted by LoNgMaO View PostThat will be 4870-4500=$370 thats a lot of increase not mention increase in food, bills, transport, GST, blah blah blah.. $370 sure helps a lot. Now even got this long scheme. Well done Singapore..erm. if they include pay rise of ministers. i think figure is correct.
Quote:Originally Posted by LoNgMaO View PostThat will be 4870-4500=$370 thats a lot of increase not mention increase in food, bills, transport, GST, blah blah blah.. $370 sure helps a lot. Now even got this long scheme. Well done Singapore..
ya household income has increase but they forgot to mention that every other expense oso increase, more than the % in household income increment.
