SINGAPORE: The median income of Singaporeans has
increased over the past 10 years, according to key findings in a
paper released by the Manpower Ministry on
Tuesday.
The median monthly income of Singaporean workers
grew by 11 per cent in real terms from 2001 to 2010, or 29 per cent
in nominal terms.
Almost all of the income growth occurred in the
later half of the decade.
Income for households at the bottom 20th percentile grew 34 per
cent in nominal terms and 8.1 per cent in real terms.
The Singapore government has pledged to raise average Singaporeans'
median incomes by 30 per cent in real terms over the next 10
years.
There were also more Singaporeans working over the decade.
The number of Singaporeans in the labour force grew by 1.8 per cent
per annum from 2001 to 2010.
There were 1,712,600 Singapore citizens in the labour force in June
2010, making up the majority or 58.3 per cent of the labour
force.
This is faster than the growth in citizen population aged 15 &
over of 1.6 per cent per annum over the same period.
Government transfers had a redistributive effect on household
income.
The ministry said Singapore has one of the highest employment rates
internationally.
There were nearly eight in ten Singaporeans (aged 25 to 64)
employed in 2010.
This employment rate surpassed economies such as Hong Kong, Taiwan,
South Korea, Japan, the United States, Canada and the United
Kingdom.
The ministry explained that although Singapore's labour force
participation rate is not higher than in many advanced economies,
the unemployment rate amongst those in the labour force is
low.
With the strong economic recovery, the unemployment rate amongst
citizens declined to 3.1 per cent in June 2011, down from a high of
4.5 per cent in 2009 during the recession.
The unemployment rate was lower among better educated citizens, as
well as older citizens.
However, once out of work, older Singaporeans were more likely to
stay unemployed longer.
The ministry said with continued emphasis and investment in
education and training, more Singaporeans are holding higher
skilled jobs today.
Twenty-three per cent of citizens employed in 2010 were degree
holders, up from 14 per cent in 2001.
Including those with diploma & professional qualifications, the
share was 41 per cent compared with 28 per cent in 2001.
Forty-nine per cent of citizens employed in 2010 were in
professional, managerial, executive & technical (PMET) jobs, up
from 42 per cent in 2001.
- CNA/cc
