December 1 2010 - Economic recovery pulls up job numbers - June employment for ages 25-64 at new high; jobless rate falls to 3.2%.
Singapore Press Holdings Limited
(SINGAPORE) The strong economic recovery has lifted the employment for Singaporeans and Permanent Residents in the 25-64 age group to a new high of 77.1 per cent in
June, pushing down the overall resident unemployment rate this year to 3.2 per cent. At the same time, the monthly pay for all full-time resident workers jumped 4.2 per cent
to a median $2,710, according to the latest Singapore Workforce Report.The resident labour force participation rate for those in the 25-64 age group rose from 75.8 per cent
last year, after the recession had knocked the rate down 1.2 percentage points from 2008.
'The Workforce Report signalled a positive outlook for graduates, with the share of degree holders in the labour force nearly doubling over the past decade,'
says Lynne Ng, recruitment firm Adecco South East Asia's regional director. 'For those students graduating in 2011, this will indeed be news that is well-received,' she said.The
Ministry of Manpower said in a statement yesterday that the improvement in employment rate was broad-based, suggesting that the economic pick-up has reached far and wide.
'Boosted by the strong economic recovery, the proportion of the resident population in employment rebounded to a new high in 2010,' MOM said. 'The increase in employment rate
was broad-based across both prime and the older age groups, especially among women.' A record 71.7 per cent of women in the prime working ages of 25 to 54 were working in 2010,
up from 69.4 per cent last year. 'This is a good indication of strong employment after the economic slowdown that we experienced in 2009,' says Ms Ng.
Still, the employment rate for women remains far below the 92.4 per cent for prime-working age men which jumped from 91.6 per cent last year. But a marked increase in the number
of older women working - up from 40.1 per cent last year to 43.4 per cent - raised the overall employment rate for older residents aged 55-64 to a record 59 per cent, after staying flat
at 57.2 per cent in the past two years. 'This is very positive and is a sign that companies are further accepting mature workers and recognising the significant value that they can bring
to a company,' Ms Ng said.
Overall workers' income also rose faster and stronger than in the previous recovery, MOM said. Even after adjusting for inflation - up 2.4 per cent year-on-year in the first nine months
- the median income jumped 1.8 per cent, after a slight dip of 0.1 per cent in 2009. Overall nominal median income, including those of part-timers, rose 3.3 per cent to $2,500,
compared with a 1.2 per cent decline last year. The overall resident employment rate - for resident population aged 15 and over - climbed from 65.4 per cent last year to 66.2 per cent
in 2010.
'This balanced the dampening effect on the growth in the resident labour force due to a slower increase in resident population this year,' MOM said. Thus the resident labour force
went up 3.1 per cent over the year in June, against gains of 3.0 per cent in 2009.
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