The total employment rate in Singapore continues to remain high at 80 per cent for Singaporean residents aged 25 to 64.
Efforts to improve the employability of older workers have also seen more older workers remaining in the workforce. The employment rate for residents aged 65 and over increased from 25.8 per cent in 2017 to 26.8 per cent in 2018.
The Ministry of Manpower (MOM) revealed these figures in its latest Labour Force in Singapore Advance Release 2018 on 29 November 2018.
According to the report, workers also continued to earn higher incomes in the recent five years, with real median income growth of full-time employed residents growing by 3.5 per cent from 2013 to 2018, significantly higher than the 1.9 per cent per annum in the previous five years.
Sustained efforts to raise the incomes of low-wage workers have also helped raise real income growth at the 20th percentile. The 4.2 per cent income growth at the 20th percentile exceed the 3.5 per cent income growth at the median.
A broad-based moderation in unemployment rate was also observed for professionals, managers, executives and technicians (PMETs) and non-PMETs. The unemployment rate for PMETs aged 50 and over softened even as their long-term unemployment rate rose.
“This suggests that while such PMETs benefitted from improved labour market conditions, there remains a group who face greater difficulty returning to the workforce,” said MOM.
“The Ministry of Manpower and Workforce Singapore will continue to work closely with unions, companies and jobseekers to address jobs-skills mismatches, match Singaporeans to good jobs and careers, and enable older Singaporeans who are able and willing to continue working to do so. Businesses should also continue to transform and grow to become more productive, improve job quality, as well as invest in their workers,” added MOM.
NTUC Assistant Secretary-General Patrick Tay added: "The Labour Movement will continue to work closely with the tripartite partners to identify future jobs and skills as well as training and placement opportunities. We endeavour to encourage, support, facilitate and help workers to be ready with the in-demand skills for emerging job roles. Employers/Businesses must continue to play their part to become more productive, improve the quality of jobs, as well as invest their time, energies and resources in their workers through supporting their training and skills upgrading to stay ready, relevant and resilient."
