According to the latest report by the Ministry of Manpower (MOM), Singapore is currently enjoying a rise in employment rates and sustained growth in incomes.
The findings were concluded from the ‘Singapore Workforce, 2014’ report by MOM’s Research and Statistics Department, based on data from the Comprehensive Labour Force Survey conducted in mid 2014.
Though many would object to the findings, the data speaks for itself. Employment rates have risen to a new high as the labour market stayed tight with low unemployment. Employment rate of residents aged 25 to 64 rose to 79.7 per cent this year, as compared to only 79 per cent in 2013 and 72.3 per cent in 2004.
More women between the ages of 25 to 54 have also attained jobs, with employment rates in their category rising from 74.3 per cent last year to 76 per cent this year. Older residents aged 55 to 64 have also experienced growth in employment in 2014 at 66.3 percent from 65 per cent last year.
MOM also reported growth in salaries with the nominal median monthly income from work of full-time employed residents increasing over the year by 1.8 per cent to $3,770 in June 2014. The increase however has slowed down in comparison to last year, which went through a 6.5 percent median income growth.
Even with varying rates of growth from one year to another, there has been a sustained rise in median income over the last five years, the report declares. Since 2009, the average wages (including CPF contributions) of full-time employed residents rose by 29 per cent or 5.2 per cent per annum.
Photo: Wikimedia Commons
Reader Interactions