Singapore Markets close in 46 mins

Singapore's labour force goes older and grayer

31% of residents are aged 50+.

According to a report by the Ministry of Manpower, the resident labour force continued to age, as more post-war baby boomers moved into older age groups and a higher proportion of older residents were participating in the labour force than before.

Here's more from MoM:

Slightly over three in ten (31%) residents in the labour force in 2012 were aged 50 & over, up from two in ten (20%) in 2002. In contrast, the proportion of resident labour force in the younger ages of 25 to 39 years decreased from 42% in 2002 to 34% in 2012, and those in their 40s from 28% to 25%.

Consequently, the median age of residents in the labour force increased over the decade from 39 to 42 years.

Singapore‟s resident labour force grew by 1.9% over the year in June 2012, faster than the growth of 1.6% in 2011. Nevertheless, this was substantially below the average increase of 2.6% p.a. from 2002 to 2012, reflecting the slower growth in resident population in recent years.

There were 2.12 million residents in the labour force in June 2012, comprising 1.18 million (56%) males and 0.94 million (44%) females.

The faster growth in resident labour force in 2012 stemmed from the increase in resident labour force participation rate (LFPR). A record 66.6% of the resident population aged 15 & over participated in the labour force in 2012, up from 66.1% in 2011.

This was supported by continued gains in LFPR among older residents and women in the primeworking ages. Around two in three or 66.0% of older residents aged 55 to 64 were either working or actively seeking work in 2012, up from 63.4% in 2011 and 48.0% in 2002.

The increase in LFPR for older residents reflects tripartite efforts to enhance the employability of older persons in recent years and the improvement in their educational profile. The latter has a positive impact on the LFPR, as the better educated were generally more likely to participate in the labour force than the less educated, especially among women.

More From Singapore Business Review