Labour force numbers up as more Singapore residents join workforce
Singapore's total labour force rose to 3.36 million in June 2012, up 3.9 per cent from 2011, according to a Manpower Ministry report released Thursday.
Labour force participation rates also reached a record high as more older residents and working-age women joined the workforce. The report also showed that a record two-thirds of residents aged 15 and over were in the labour force in 2012, up slightly from 66.1 per cent in 2011.
The employment rate for residents aged 25 to 64 also reached a new high of 78.8 per cent. It rose faster for older residents, against the backdrop of a tight labour market and measures to tap the older workforce, such as re-employment legislation put in place in 2012. In 2012, 64 per cent of residents aged 55 to 64 were employed, up from 61.2 per cent the year before.
Median incomes continued to grow, though more slowly. The median monthly income of full-time employed residents rose by 7.1 per cent to $3,480. After taking inflation into account, real median income growth for residents was 2.5 per cent in 2012.