Despite economic headwinds, Singapore’s resident employment in June 2019 rose 0.5 per cent compared to the same period last year, and unemployment rate continued to remain low. Real median income also continued to grow, albeit at a slower pace.
These were the key findings from the Labour Force in Singapore Advance Release 2019, an annual report released by the Manpower Research and Statistics Department.
According to the report, more residents found jobs in professional services, financial and insurance services, infocomms, and community, social and personal services.
Employment Rate
The employment rate for residents aged 25 to 64 rose from 80.3 per cent in June 2018 to 80.8 per cent in June 2019.
The employment rate for men stayed high while that for women continued to improve.
The employment rate of residents aged 65 and above rose firmly from 26.8 per cent to 27.6 per cent over the year. The growth was attributed to sustained efforts to strengthen the employability of older workers.
Income Growth
Real median income of workers, including CPF contributions, grew by 2.2 per cent in 2019 – a drop compared to the growth of 4.4 per cent in 2018.
However, the real median income grew 3.8 per cent per annum over the last five years, which was significantly higher than the 1.9 per cent per annum growth from 2009 to 2013.
Low-wage worker income increased by 4.4 per cent per annum from 2014 to 2019. This was significantly higher than the median increase of 3.8 per cent per annum for the preceding five years.
Unemployment Rate
As of June 2019, the overall resident unemployment rate remained low.
For PMETs (Professionals, Managers, Executives and Technicians), the unemployment rate steady at 2.9 per cent, while their long-term unemployment rate decreased from 0.8 per cent in June 2018 to 0.6 per cent in June 2019.
Manufacturing output and retail trade, affected by cyclical effects such as the US-China trade conflict, caused the unemployment rate for non-PMETs to increase from 4.0 per cent a year ago to 4.7 per cent in June 2019. However, the increase in their long-term unemployment rate was only slight, from 0.7 per cent to 0.8 per cent.
Lastly, the proportion of resident employees on fixed-term contracts continued to increase from 7.2 per cent in June 2018 to 7.6 per cent in June 2019. This suggests greater caution amongst employers on hiring amidst economic uncertainty.
The Ministry of Manpower (MOM) and Workforce Singapore (WSG) will continue to closely monitor the labour market, will step up employment support for Singaporeans through the Adapt and Grow initiative.
MOM and WSG also encouraged employers to work with tripartite partners to train workers with skills gaps. They also urged jobseekers to be open to opportunities in other sectors and occupations beyond what they are familiar with.
MOM and WSG can also offer support to employers to transform jobs and improve job quality through the Lean Enterprise Development Scheme and Capability Transfer Programme.
Job seekers who require further career guidance can visit WSG's Careers Connect and NTUC's e2i (Employment and Employability Institute) career centres.
