By Faris
Mokhtar | Yahoo!
Newsroom – Wed, Nov 30,
2011
Incomes of Singaporeans and permanent
residents rose sharply this year amid good economic growth and a
tighter labour market.
Also, the employment rates for older
residents and for women in their prime-working age reached new
highs, according to findings of the Ministry of Manpower (MOM).
Based on the Labour Force Survey conducted in June, the median
monthly income from work of full-time employed residents –
Singaporeans and PRs – increased by 8.3 per cent to S$3,449 this
year from the previous year.
The rise was faster than the 2.5 per cent
growth reported the previous year.
After taking the inflation rate into
account, the median monthly income rose in real terms by 3.1 per
cent after a fall of 0.3 per cent in 2010.
Excluding employer contributions to
the Central Provident Fund, the monthly median income grew by 8.0 per cent to
S$2,925 this year, while real income grew by 2.8 per
cent.
The number of economically-active residents
increased by 1.6 percent to 2.08 million in June this year, slower
than the 3.1 per cent growth last year as tighter immigration led
to fewer PRs overall.
One of the key findings of the survey was
that the employment rate of those aged 25 to 64 rose to a new high
of 78 per cent from the 77.1 per cent attained last
year.
This came on the back of the growth of the
employment rate for women aged between 25 and 54 to 73.0 per cent
this year from 71.7 per cent the previous year.
Also, the employment rate of older working
residents – those within the 55 to 64 age bracket – rose to a
record 61.2 per cent, up from 59 per cent the previous
year.
This trend of more elderly people in the
workforce could continue with more of them from the post-war
generation crossing over into older age groups and gaining
employment.
The survey showed that three in 10
residents in the labour force this year were 50 years old and
above, an increase from the 18 per cent share in 2001.
Also, the number of better educated
residents joining the workforce continues to increase with 28 per
cent of them being degree holders and 47 per cent holding diploma
and professional qualifications.
More residents got jobs in the professional, managerial,
executive and technician (PMET) and non-PMET sectors with respective growth
rates of 2.2 per cent and 1.5 per cent.
However, PMETs experienced a lower
unemployment rate of 2.4 per cent compared to residents working in
the clerical, sales and service industry and production sector
which stands at 5.7 per cent and 4.3 per cent
respectively.
