Five things you need to know from the latest Singapore Workforce report

The Ministry of Manpower released preliminary figures on Singapore's labour force on Friday. -- ST FILE PHOTO: ALPHONSUS CHERN
The Ministry of Manpower released preliminary figures on Singapore's labour force on Friday. -- ST FILE PHOTO: ALPHONSUS CHERN

The Ministry of Manpower released preliminary figures on Singapore's labour force on Friday. We break down the numbers and highlight the top five things you need to know from the Comprehensive Labour Force Survey. 

1. Real income grew by 3.9 per cent, up from 2.5 per cent in 2012.

This is income growth after taking inflation into account. To look at it another way, this is what income growth would be if inflation was zero.

What this means: Pay is rising more than prices are - and rising faster than it did last year.

2. Median income rose 6.5 per cent to $3,705, up from $3,480 in 2012.

This is the income at the midpoint.

What this means: Half of all full-time, employed residents here earn $3,705 or more a month. The other half earns $3,705 or less. (We don't know how many are earning $3,705 exactly.)

3. Resident labour force participation rate hit 66.7 per cent, a record high.

This is the percentage of residents aged 15 and older who are in the labour force that is, either working or looking for work.

What this means: More Singaporeans and permanent residents have a job or want a job.

4. The employment rate hit 79.0 per cent, a record high.

This is the percentage of residents aged 25 to 64 who are employed.

What this means: More Singaporeans and PRs have jobs.

5. The employment rate of older residents hit a new high of 65 per cent.

What this means: More of the elderly are working than ever before.