SINGAPORE - The employment rate of Singapore residents has reached a new high, boosted by more women and older residents joining the work force to meet the needs of a tight labour market.
Singapore's labour force participation rate grew this year to 66.6 per cent, up from 66.1 per cent in 2011, according to the Manpower Ministry's Singapore Workforce 2012 report released this morning.
The employment rate for older residents increased at a faster pace : 64 per cent of residents aged 55 to 64 were employed in 2012, higher than 61.2 per cent in 2011.
The MOM said this was due to a tight labour market and measures to improve the employability of older residents such as the implementation of the re-employment legislation and the enhanced Special Employment Credit earlier this year.
The employment rate for older men grew from 76.4 per cent to 79.7 per cent and the rate for older women grew from 46.3 per cent to 48.1 per cent.
The monthly salary of Singapore workers grew at a slower rate this year to reach $3,480 amid the weaker economic conditions.
The median monthly income, including employer CPF contributions, of full-time employed residents rose by 7.1 per cent to $3,480, down from 8.3 per cent last year.
After accounting for inflation, real median income grew by 2.2 per cent in 2012, down from 2.9 per cent in 2011.