Employment On A High In Singapore

02 Dec 2010

In the middle of 2010, a comprehensive Labour Force Survey was conducted by the Ministry of Manpower’s Research and Statistics Development. The findings show that a strong economic recovery resulted in a new high in employment in Singapore in 2010 and lifted workers incomes with fasters and stronger gains than in the previous recovery. The increase in employment rate was especially among women. Also, older residents are being attracted to join the workforce.

There has been a slight but impressive increase in salaries pushing the income levels closer to the Government’s goal of raising Singaporeans median income.  The median monthly income for all employed residents was $2,500 as at June this year when compared to $2,420 during June last year.

There has also been a modest decrease in number of low-wage workers, earning $1,200 or less a month. The growth income this year came earlier and stronger than in previous recovery and the median income hardly moved from 2001 to 2006 and rose significantly in 2007.

The consumer price index in the first nine months of 2010 rose by 2.4% compared with the same period of 2009, higher than the increase of 0.6% in the whole of 2009.

The resident unemployment rate and number improved significantly from a seasonally adjusted 4.5% or 90,300 in June 2009 to 3.2% or 65,500 in June 2010. The improvement in unemployment rate was broad-based, benefiting all education and age groups.