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NEWS UPDATES 9 July 2010

Singapore sets $3,100 median income

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IN 10 YEARS' time, an economy with top-quality skills will boost the real median incomes of Singaporeans by 30 percent from $2,400 to $3,100, Singapore will have more internationally competitive local companies and will be one of the most liveable cities in the world.

'We think we can raise incomes, raise the wage of the average worker, by one-third in the next 10 years. That means moving from a median wage of about $2,400 today to about $3,100 in 10 years time,' said Finance Minister Tharman Shanmugaratnam at a dialogue at Suntec City on Friday. Accounting for inflation, the figure is $3,800, he added. Mr Tharman was speaking at the recommendations dialogue for the Economic Strategies Committee, organised by the Singapore Business Federation and attended by 600 businessmen.

He said that the next five to 10 years provide a 'whole wave of opportunities' for Singapore to play to its strengths in urban and water management. Singaporean companies can also capitalise on a wave of Asian demand in middle-class services like health, travel, education, entertainment and financial services.

“It's useful to ask ourselves where we want to be in 10 years' time, what is the sort of Singapore we want to see? And I'll just want to highlight three facets of that Singapore that the ESC thought of as being desirable and essential,” he told The Straits Times

First, he said, the ESC wanted to see an economy that has top quality skills to raise incomes for the average Singaporeans by one-third in the next 10 years. To boost wages from $2,400 to $3,100, Singapore needs to become a leading hub in Asia for global businesses and high-value, complex manufacturing, and possess top-notch service standards, he said.

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