How did the Singapore job market perform in the one-year period from June 2016 to June 2017?
On 30 November 2017, the Ministry of Manpower (MOM) provided some highlights in its latest Labour Force in Singapore Advance Release 2017, an annual report issued by the Manpower Research and Statistics Department.
Employment
According to the report, the number of employed residents aged between 25 to 64 was on the uptrend, reaching 80.7 per cent in June 2017.
The trend is the same for those aged 65 and over, a clear sign of more mature workers employed in this period. The rate increased to 25.8 per cent in June 2017.
Over the same period, the employment rate for residents aged 15 to 24 dropped to 34.1 per cent. This reflected the higher propensity for youths to pursue further education and postpone entering the labour force.
Things are also looking up for professionals, managers, executives and technicians (PMETs). Their unemployment and long-term unemployment rates showed signs of improvement after trending up in recent years.
According to the report, the dip in the PMET long-term unemployment rate suggests that more locals are re-skilling to take on new jobs or switching careers as the economy restructures, with Government support through the SkillsFuture and Adapt and Grow initiatives.
Average Income
The report indicated that with the improvement in economic conditions, real average income rose faster in the period between June 2016 to June 2017.
This income growth benefited low-wage workers, in particular, as it was supported by Government initiatives to raise their incomes. The report also stated that the income growth of full-time low-wage residents was faster at 4.2 per cent per annum compared to the 3.4 per cent per annum for PMETs.
The report concluded by saying that there is a need to press on with efforts to help low-wage workers be better deployed, allow older workers to remain in employment longer, and make available more flexible work arrangements, especially for those with caregiving responsibilities.
