Singapore’s employment rate has reached an all-time high of 79.7% this year, up from 79% in 2013.
According to the Ministry of Manpower’s (MOM) latest Singapore Workforce Report 2014, the local resident labour force participation rate rose for the third successive year to a new high of 67.0% in 2014. It attributed this rise to more women and older residents joining Singapore’s workforce.
Reflecting on-going initiatives for better work-life integration, the participation rate for local females rose from 51.3% in 2004 to 58.6% in 2014.
In addition, in line with reports that almost all of Singapore’s older workers have been offered re-employment, the survey also found the labour force participation rate for older residents aged 55 to 64 rose from 49.5% to 68.4%.
The participation rate for residents aged 65 to 69 also trended upwards from 18.9% in 2004 to 41.2% in 2014.
The report also cited a sustained rise in incomes in the country since 2009, even though growth varied from one year to the other.
“The nominal median monthly income from work of full-time employed residents (including employer CPF contributions) increased over the year by 1.8% to $3,770 in June 2014, compared to 6.5% in June 2013,” the report stated.
After adjusting for inflation using the consumer price index for all items, the real median income grew by 0.4% in 2014, despite the exceptionally high increases of 4.0% in 2013.
“Weighed down by higher inflation in the recent five years, real median income growth of 9.7% or 1.9% p.a. from 2009 to 2014 was lower than the gains of 13% or 2.5% p.a. from 2004 to 2009.”