Worker incomes doubled over two generations: MOF

If they were at the same age, a Gen-2 worker would earn $2,800 monthly whilst a Gen-4 worker would get $5,900.

Full-time generation 4 workers or those born in the 70s earned a median gross monthly income of $5,900 as at June 2018, compared to the $2,800 earned by a full-time worker in Gen-2 or those born in the 50s as at June 1999, according to a report by the Ministry of Finance (MOF).

This pattern can be observed with individuals at the 20th percentile, with Gen-4 workers earning $3,000 monthly compared to Gen-2 at $1,500.

The median real Central Provident Fund (CPF) balance in the Ordinary Account (OA) and Special Account (SA) of Gen-4 Singaporeans was three times more that of Gen-2 Singaporeans in their age, at $110,100 compared to $36,300.

This went hand-in-hand with an increase in educational attainment. Almost four in five Gen-4 workers have studied beyond secondary school, compared to about half of Gen-3, less than a third of Gen-2, and over one in five Gen-1 or those born in the 40s.

"These were largely the result of enhanced access, greater affordability, and improvements in the quality of education, which also afforded more pathways and options," the report wrote.

Likewise, labour force participation by their 40s were stronger amongst Gen-2 workers, at 89% compared to 79% for Gen-2 and 84% for Gen-3 or those born in the 60s. This was driven by an increase in participation of women, with 82% of Gen-4 workers participating compared to 61% and 71% from Gen-2 and Gen-3 respectively.

Meanwhile, marriage rates have declined and family sizes have shrunk. 82% of Gen-4 women were married compared to 92% amongst Gen-1, and the number of children per married female were 1.8 in Gen-4 compared to 2.5 in Gen-1.