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SINGAPORE – A larger proportion of Singaporean residents over the age of 3 were employed in 2018, and the average full-time worker experienced faster income growth, with the labor market improving as economic growth was resuming.
Unemployment rates for resident workers, professionals, executives, managers and technicians (PMET) and non-PMETs also decreased slightly in June of this year compared to the same period last year.
The positive results in the labor market this year correspond to good economic growth, said the Ministry of Manpower (MOM) Thursday, November 29. Singapore's economy is expected to grow by 3% to 3.5% this year, falling in the upper end of the 2.5% to 3.5% range.
The MOM released a report based on its global labor force survey, conducted in the middle of this year with Singaporeans and permanent residents.
The employment rate of residents aged 15 to 24 rose from 34.1% last year to 34.5% this year, while an increasing number of youths have completed internships paid or vacation jobs.
The rate for 25 to 64 year olds has fallen from 80.7% to 80.3% this year. The ministry said the trough of the wave came from the fact that more women in their thirties have left the world of work to care for their families.
The rate for those aged 65 and over increased from 25.8% to 26.8%.
"Efforts to improve the employability of older workers have encouraged more workers to stay and previously inactive workers to find a job," said the MOM.
The PMET unemployment rate was 2.9% in June, compared to 3% the previous year. For non-PMETs, the rate was 4%, down 4.5%.
PMETs now represent 57% of the resident labor force.
However, more unemployed PMET in their thirties and those aged 50 and over took longer to find work. This brought the long-term unemployment rate of MTAPs to 0.8% this year, compared with 0.7% last year.
This rate measures the proportion of workers who are unemployed and looking for work for at least 25 weeks.
In addition, a larger proportion of workers were in contract jobs. The share of workers in permanent jobs fell for the second year in a row, from 90% last year to 89%.
The MOM explained that this is due to the fact that the current economic restructuring has prompted companies to adopt a closer look at the term, as the increase in the number of contract employees was found among those with contracts of one year.
Nevertheless, workers have seen their incomes grow faster in the last five years than in the past five years.
The median real gross monthly income of residents employed full time increased on average by 3.5% per year from 2013 to 2018, taking into account preliminary inflation figures for this year. It increased on average by 1.9% per year from 2008 to 2013.
The median income was $ 4,437 this year, including employer contributions to the Central Provident Fund, up from $ 4,232 last year.
The lowest-paid workers saw their monthly gross income rise faster than the median. Over the last five years, the income at the 20th percentile of full-time employed residents has increased on average by 4.2% per year to reach $ 2,340 in 2018.
The MOM said in a statement that Singapore was facing the structural challenges of an aging population and slowing population growth, which should result in a moderation in the supply of resident workers.
He called on companies to invest in their workers.
"The MOM and the Singapore labor force will continue to work closely with unions, businesses and job seekers to address job-skill mismatches, enable Singaporeans to find jobs and careers." quality, and allow older Singaporeans who are able and willing to continue working says the mom.
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