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Monday, 30 November 2015

Real incomes rise in Singapore amid tight labour market: MOM report

SINGAPORE: Incomes rose strongly in Singapore this year amid a tight labour market, data released by the Ministry of Manpower (MOM) showed on Monday (Nov 30).

The median monthly income of full-time employed residents, including employer Central Provident Fund (CPF) contributions, rose by 4.7 per cent to S$3,949 as of June 2015. After taking into account negative inflation, real median income growth for residents was 5.4 per cent.
 
Low-wage workers also saw an increase in their income. There was a “sustained increase” in income at the median and 20th percentile over the last five years, helped by initiatives to boost the income of low-wage workers, MOM said. After accounting for inflation, real income growth was 3.1 per cent at the median and 2.1 per cent at the 20th percentile.

MORE WOMAN, ELDERLY JOINED WORKFORCE

The labour force participation rate rose for the fourth consecutive year, increasing from 67 per cent last year to 68.3 per cent in June 2015, the report showed. 

More women and older residents joined the workforce amid the greater availability of flexible work arrangements and efforts to improve the employability of older workers, the ministry said.

The employment rate for residents aged 25 to 64 rose further to 80.5 per cent in June 2015, up from 79.7 per cent a year ago, helped by strong employment gains in the second half of last year, MOM said.

Unemployment fell for those aged 25 to 29 and in their 30s and 40s, according to the report. However, unemployment rose for older workers aged 50 and above, as well as for non-degree holders.

“For the rest of this decade, we expect employment to grow at a slower pace than in the last five years, amid a more gradual rise in the resident labour force and continued restructuring of the economy,” MOM said.

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