Record number of Singapore residents employed this year: Manpower Ministry

SINGAPORE — A record 79 per cent of Singapore residents between the age of 25 and 64 were employed in 2013, up from 78.8 per cent in 2012 and 71.8 per cent in 2003.

In a statement released on this morning (Nov 29), the Ministry of Manpower said the labour force participation rate rose for a second consecutive year to a new high in 2013.

It attributed this to more women and older residents joining the work force amid a tight labour market.

The statement said the rate for women participating in the labour force rose significantly from 50.9 per cent in 2003 to 58.1 per cent in 2013, though this was still below the 75.8 per cent for men.

The employment rate for older residents aged 55 to 64 also surpassed the previous high of 64 per cent in 2012 to reach 65 per cent

As the educational and skills profile of the workforce improved, the share of professionals, managers and executives (PMEs) in the resident workforce rose from 27.4 per cent in 2003 to 31.1 per cent in 2013.

The ministry also said real income growth strengthened in 2013 as nominal income gains remained high and inflation eased.

The nominal median monthly income from work of full-time employed residents, including their employer CPF contributions, increased over the year by 6.5 per cent to S$3,705 in June 2013.

The preliminary real median income growth rate for 2013 was 3.9 per cent, up from 2.5 per cent in 2012.

The ministry also noted that the Consumer Price Index for all items for the first nine months of 2013 rose by 2.5 per cent over the year, substantially lower than the increase of 4.6 per cent in the whole of 2012. CHANNEL NEWSASIA