Singapore’s resident employment rate has hit a new high this year, according to the latest findings from the Singapore Workforce 2012 report by the Ministry of Manpower.
The resident labour labour force participation reached a peak of 66.6% this year, compared with 66.1% in 2011. This is driven by strong job creation and an increased number of women and older workers in the workforce.
According to the report, 64% of residents aged 55 to 64 were employed in 2012, up from 61.2% in 2011. The employment for older residents went up at a faster pace as a result of a tight labour market and measures to help older workers find work such as the re-employment legislation and the enhanced Special Employment Credit that started early this year.
Younger workers also kept pace with their older counterparts as 78.8% of the resident population aged 25 to 64 were employed in 2012, up from 78% in 2011.
However, income growth was found to have moderated in 2012, due to weaker economic conditions.
The median monthly income from work rose by 7.1% in the year to S$3,480 in 2012, slower than the growth of 8.3% in 2011.
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