SINGAPORE - Real income growth remains muted, but sky-high inflation may have peaked, experts say. Read more at straitstimes.com.
They were speaking to The Straits Times on 2022 household income figures released by the Singapore Department of Statistics on Thursday.
Professor Lawrence Loh, director of the National University of Singapore Business School’s Centre for Governance and Sustainability, said top income earners are usually professionals whose incomes are subject to variations due to the economic situation, which has not been favourable in recent years. After adjusting for government transfers and taxes, the Gini coefficient in 2022 fell from 0.437 to 0.378. This compares favourably with some developing nations, which have a Gini coefficient of around 0.6, said NUS sociology professor Tan Ern Ser.
To further narrow the income gap in the long run, higher wages and quality jobs would help the lowest earners.Inflation expected to stay high in first half of 2023: Alvin Tan
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