Singapore - Employment rate of Singapore residents hits new high

SINGAPORE: Singapore's resident employment rate hits a new high this year, driven by strong job creation and a higher number of women and older workers in the workforce.

The resident labour force participation rate reached a new high of 66.6% in 2012, compared with 66.1% in 2011.

These are the key findings of the "Singapore Workforce, 2012" report by the Manpower Research and Statistics Department of the Ministry of Manpower (MOM) released on Friday.

MOM said the findings are based on the 2012 Comprehensive Labour Force Survey conducted in the middle of this year.

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 employment rate for older residents increased at a faster pace amid the tight labour market and measures to help older residents stay employable, such as re-employment legislation and the enhanced Special Employment Credit put in place earlier this year.

MOM said 64% of residents aged 55 to 64 were employed in 2012, up from 61.2% in 2011.

78.8% of the resident population aged 25 to 64 were employed in 2012, up from 78.0% in 2011.

However income growth moderated in 2012, amid the weaker economic conditions.

The median monthly income from work (including employer CPF contributions) of full-time employed residents rose by 7.1% over the year to $3,480 in 2012, down from the growth of 8.3% in 2011.

Accounting for inflation using the Consumer Price Index (CPI) for all items, real median income growth moderated to 2.2% in 2012 from 2.9% in 2011.

- CNA/xq/ir

Business & Investment Opportunities
Saigon Business Corporation Pte Ltd (SBC) is incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Health care and Life Science with expertise in ASEAN 's area. We are currently changing the platform of www.yourvietnamexpert.com, if any request, please, contact directly Dr Christian SIODMAK, business strategist, owner and CEO of SBC at christian.siodmak@gmail.com. Many thanks.