Resident employment hits record high

PHOTO: Resident employment hits record high

SINGAPORE - The employment rate of Singapore residents has hit a new high, with more women and older residents joining the work force in a tight labour market.

The labour force participation rate has risen to 66.6 per cent, up from 66.1 per cent last year, says the Manpower Ministry's Singapore Workforce 2012 report released yesterday.

The employment rate for older residents increased at a faster pace: 64 per cent of residents aged 55 to 64 were employed this year, higher than 61.2 per cent in 2011.

The ministry attributed this to the tight labour market and measures to improve the employability of older residents.

These include the implementation of 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.

The rate for older women grew from 46.3 per cent to 48.1 per cent.

But the monthly salary of Singapore workers grew at a slower rate this year amid the weaker economic conditions.

The median monthly income of full-time employed residents - including employer CPF contributions - rose by 7.1 per cent to $3,480, down from the 8.3 per cent increase last year.

After accounting for inflation, real median income grew by 2.2 per cent in 2012, down from 2.9 per cent last year.