How much income do households need for a basic standard of living? In 2019, Singapore’s first study on Minimum Income Standards (MIS) was published, focusing on older adults. A follow-up study on working-age households was completed in 2021. This year, the MIS Singapore team updated the MIS budgets to capture the impact of price inflation. The findings will be presented at this report launch.
High inflation in recent times has sparked anxiety among Singaporeans, raising concerns about living costs and the meeting of basic needs. This latest report presents the budgets that different types of households need amidst rising costs. It compares the budgets with actual work incomes, reviews the adequacy of Singapore’s approach to wage protection and examines various public schemes relative to basic income needs. As we emerge from the pandemic and look towards the future, this research provides an explicit measure of human flourishing. It serves as a timely reminder of the importance of enabling everyone in society to achieve respect, belonging, security and independence.