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The Ministry of the Manpower (MOM) reported that the median income of Singaporeans and full-time permanent residents (excluding full-time male NS) was US $ 4,437 after PCF employer contributions and before PCF employee contributions.
MOM revealed it by publishing its preliminary report on the Comprehensive Labor Force Survey. According to the statistics presented in the report, the median net salary after deduction of CPF employee contributions would be $ 3,549.60:
The other main conclusions of the preliminary report are as follows:
The employment rate of residents aged 25 to 64 remained high at around 80%. Singapore ranks well among the OECD economies (8th), particularly with regard to the full-time employment rate (4th).
Efforts to improve the employability of older workers have encouraged more workers to stay and previously inactive workers to return to work. The employment rate for residents aged 65 and over has continued to increase from 25.8% in June 2017 to 26.8% in June 2018.
This helped offset the impact of aging on the activity rate. The activity rate of residents aged 15 and over has generally stabilized over the past four years (67.7% in June 2018), following an earlier upward trend.
Workers continued to earn higher incomes over the last five years. Real median income growth3 for full-time residents increased 3.5% p.a.p. from 2013 to 2018, which is significantly higher than the previous five years (1.9% pa).
Sustained efforts to increase the incomes of low-wage workers have helped real income growth at the 20th percentile (4.2% pa) to exceed median growth (3.5% pa) over the last five years, reducing the gap with the median worker4. The growth in their incomes was also significantly higher than in the previous five years.
As more and more job-seekers found work, we found widespread moderation in the unemployment rate of PMETs and non-PMETs. The unemployment rate for PMETs aged 50 and over has decreased, even though their long-term unemployment rate has increased. This suggests that, while these PMETs have benefited from improved labor market conditions, there remains a group that faces greater difficulty in returning to the labor market.
Although the rate of time-related underemployment increased, there was no indication of an increase in underemployment due to unintended time use, as the proportion of workers on time part time wishing to work overtime without being able to find a full-time job was insufficient. largely the same.
The department concluded: "The labor market improved from June 2017 to June 2018, thanks to the recovery in economic activity. Nevertheless, structural problems remain. Our aging population continues to exert downward pressure on the activity rate. Along with slowing population growth, the expansion of the residents' labor supply is expected to moderate.
"The Singapore Department of Manpower and Manpower will continue to work closely with unions, businesses and job seekers to address skill mismatches, enable Singaporeans to access good jobs and good careers, and enable older Singaporeans who are able and willing to continue working. Businesses should also continue to transform and grow to become more productive, improve the quality of jobs and invest in their workers. "
Read the full report here.
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