Singapore’s employment rate rises, but with slowing median income growth

The “Labour Force in Singapore Advance Release 2019” published on Thursday, November 28, states that the country’s resident employment rate was higher in June 2019 than a year ago.

Despite economic headwinds, more residents found jobs in professional services, financial & insurance services, information & communications and community, social & personal services, as per the report. 

From June 2018 to June 2019, the employment rate for residents aged 25 to 64 rose from 80.3 per cent to 80.8 per cent. 

Photo: Connected to India
Photo: Connected to India

Published by the Manpower Research and Statistics Department, the report said sustained efforts to strengthen the employability of older workers have boosted their employment rate. Among residents aged 65 and over, the employment rate rose from 26.8 per cent to 27.6 per cent over the year.

Meanwhile, even though the unemployment rate remains low, the unemployment situation is uneven. Non-PMETs are affected more than PMETs. 

There is also an increase in the number of employees on fixed-term contracts, suggesting greater caution among employers on hiring amid uncertainty.

Real median income among Singapore workers also continued to grow but at a slower pace – 2.2 percent in 2019 compared to a growth of 4.4 per cent in 2018. Nevertheless, said the Ministry of Manpower, the real median income growth of 3.8 per cent per annum in the recent five years from 2014 to 2019 was significantly higher than the 1.9 per cent per annum in the preceding five years.