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Singapore’s resident labour force grows as more women, seniors work
The number of residents making up Singapore's labour force rose by 1.9 per cent over the year to 2.12 million last June.
This rate was faster than the 1.6 per cent growth the year before, reflecting the strong employment create and rise in labour force participation among women and older residents, according to the Ministry of Manpower.
With the rise in the rate of people joining the labour force and the continued strong number of jobs being created, the employment rate rose to another new high, the ministry said in the "Singapore Workforce, 2012" report released on Friday.
Of the resident population aged 25 to 64 this year, 78.8 per cent were employed. That rate was up from 78 per cent last year.
Amid the tight labour market and given measures to improve held older residents find work, the employment rate for older residents increased at a faster pace this year.
Both the employment rate for older males and females rose to new highs of 79.7 per cent and 48.1 per cent, respectively.
But income growth moderates
While more residents were finding work at a faster rate than before, income growth slowed down last year amid weaker economic conditions.
According to the report, the median monthly income from work, including employer CPF contributions, of full-time employed residents rose to S$3,480 in 2012. That rise is lower than the 8.3 per cent increase posted last year.
Accounting for inflation, real median income growth moderated to 2.2 per cent this year from 2.9 per cent last year.
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