Employment rate hits new high in 2013: MOM

Here is the press release from the Ministry of Manpower (MOM):

A record proportion of residents aged 25 to 64 were in employment in 2013.

The labour force participation rate rose for a second consecutive year to a new high in 2013, as more women and older residents joined the labour force amid a tight labour market. Real income growth strengthened, as nominal income gains remained high and inflation eased. These are the key findings from the "Singapore Workforce, 2013" report by the Ministry of Manpower's Research and Statistics Department, based on data from the Comprehensive Labour Force Survey conducted in mid-2013.

Main Findings

A record 66.7 per cent of the resident population aged 15 and above were working or actively seeking work in 2013, up from 63.2 per cent a decade ago.

The rate for females rose significantly from 50.9 per cent in 2003 to 58.1 per cent in 2013, though this was still below the 75.8 per cent for men. Reflecting the better-educated profile of recent cohorts of older residents and tripartite efforts to raise their employability, the participation rate for residents aged 55 to 64 increased to 67.1 per cent in 2013 from 47.3 per cent in 2003.

The employment rate rose to a new high as 79.0 per cent of residents aged 25 to 64 were in employment, up from 78.8 per cent in 2012 and 71.8 per cent in 2003.

The employment rate for older residents aged 55 to 64 also surpassed the previous high of 64.0 per cent in 2012 to reach 65.0 per cent, achieving the government's target two years ahead of time.

As the educational and skills profile of the workforce improved, the share of professionals, managers and executives (PMEs) in the resident workforce rose from 27.4 per cent in 2003 to 31.1 per cent in 2013.

Real income growth strengthened in 2013, as nominal median monthly income from work of full-time employed residents (including employer CPF contributions) increased over the year by 6.5 per cent to $3,705 in June 2013 and inflation eased. The growth in real median income accelerated from 2.5 per cent in 2012 to 3.9 per cent in 2013.

Cumulatively, the median income (including employer CPF contributions) of full-time employed residents rose by 27.9 per cent or 5.0 per cent p.a. from 2008 to 2013. After adjusting for inflation, real median income grew by 9.7 per cent or 1.9 per cent p.a. over this period, faster than 7.0 per cent or 1.4 per cent p.a. in the earlier five years (2003 to 2008) and bringing the increase over the decade to 17.4 per cent or 1.6 per cent p.a.

Income growth at the 20th percentile broadly kept pace with that at the median in the recent five years. Income (including employer CPF contributions) at the 20th percentile of full-time employed residents rose by 26.6 per cent from $1,489 in 2008 to $1,885 in 2013, or 4.8 per cent p.a.

After adjusting for inflation, the increase was 8.6 per cent or 1.7 per cent p.a. This outweighed the real income losses of 0.6 per cent or 0.1 per cent p.a. from 2003 to 2008, resulting in growth of 7.9 per cent or 0.8 per cent p.a. over the decade.

Summary of Key Highlights of the Singapore Workforce, 2013 Report

The key highlights of the Ministry of Manpower's (MOM) Research and Statistics Department's "Singapore Workforce 2013" report, released today, are:

a) Higher Labour Force Participation Spurred by More Females and Older Residents - More females and older residents joined the labour force, raising labour force participation rate for the second consecutive year to a new high of 66.7%

The rate of females' participation in the labour force rose significantly over the decade from 50.9% in 2003 to 58.1% in 2013, as females became better educated and benefitted from more employment opportunities in the services sector.

For the same period, the labour force participation rate of older residents (aged 55 to 64) also climbed to 67.1% in 2013, from 47.3% in 2003. This reflects their better educational profile, as well as tripartite efforts to raise their employability.

b) Employment Rate Rose to New High - The employment rate for residents aged 25 to 64 hit a record 79.0% in 2013

The employment rate for older residents aged 55 to 64 also surpassed the previous high of 64.0% in 2012 to reach 65.0% this year, achieving the government's target two years ahead of time.

c) Stronger Real Income Growth in 2013

After adjusting for inflation, the growth in real median monthly income (including employer CPF contributions) for full-time employed residents increased from 2.5% in 2012 to 3.9%P in 2013.

Over the five years from 2008 to 2013, real median income increased by 1.9% p.a.P

For the same period, real income growth at the 20th percentile was 1.7% p.a.P, keeping pace with real income growth at the median.

Source: 29th November 2013 Business Times

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