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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.
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