Singapore’s employment rate, median income up in 2014

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By HR ASIA

SINGAPORE: With more women and elderly joining the labour force, Singapore’s resident labour force participation rate rose for the third consecutive year to a record 67 per cent, the Ministry of Manpower (MOM) said on Friday (Nov 28).

According to data from the ministry’s Comprehensive Labour Force Survey, the participation rate for females was at 58.6 per cent in 2014, up from 51.3 per cent in 2004.

Among older residents, the participation rate for those aged 55 to 64 rose to 68.4 per cent in 2014, from 49.5 per cent in 2004. For residents aged 65 to 69, the participation rate surged to 41.2 per cent this year, from 18.9 per cent in 2004.

As labour force participation rose, the employment rate of residents aged 25 to 64 reached a high of 79.7 per cent in 2014, up from 79 per cent in 2013 and 72.3 per cent in 2004

REAL INCOME GROWTH SLOWS

Salaries were up as well, with the nominal median monthly income including employer CPF contributions rising by 1.8 per cent from a year ago to S$3,770 in June 2014. However, the rate of growth slowed from June 2013’s 6.5 per cent.

After adjusting for inflation, the real median income slowed to 0.4 per cent this year, compared with 4 per cent in 2013. According to MOM, income growth was higher than average in 2013, partly pulled up by the initial effect of the Wage Credit Scheme launched in 2013 which could have encouraged employers to give bigger wage increments.

Between 2009 and 2014, the median income including employer CPF contributions of full-time employed residents rose by 29 per cent, or 5.2 per cent per annum. After adjusting for inflation, real income growth for the period was 9.7 per cent, or 1.9 per cent per annum.

Amid ongoing initiatives to raise the incomes of low-wage workers, income at the 20th percentile rose to S$1,972 in 2014, up 31 per cent from S$1,500 in 2009, or 5.2 per cent per annum. After accounting for inflation, real income growth was 12 per cent, or 2.3 per cent per annum.

news source & image credit: channelnewsasia.com

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Via: http://www.hrinasia.com/hr-news/singapores-employment-rate-median-income-up-in-2014/