Job rate hits new high

Singapore's job market appeared rosy in 2011, with the employment rate hitting a new high of 78 per cent for the resident population aged 25 to 64.

This surpassed the previous high of 77.1 per cent in 2010.

The Ministry of Manpower (MOM) said this reflected both the stable high in labour force participation rate and a lower unemployment rate.

The resident unemployment rate fell to a non-seasonally adjusted 3.9 per cent in June 2011, from 4.1 per cent in June 2010 and 5.9 per cent in June 2009.

The pool of economically-active residents increased over the year by 1.6 per cent in June 2011.

It is lower than the growth of 3.1 per cent in 2010 and the average of 2.6 per cent per annum from 2001 to 2011.

Another noteworthy trend is the "good progress" in the job rate for women and older residents.

For older residents, a record 61.2 per cent of residents aged 55 to 64 were working in 2011, up from 59 per cent a year ago.

The employment rate for males in this age group climbed from 75 per cent to 76.4 per cent while the rate for females rose from 43.4 per cent to 46.3 per cent.

The employment rate for women in the prime-working ages of 25 to 54 also rose to another high -- from 71.7 per cent in 2010 to 73 per cent in 2011.

Amid the tightened immigration framework, the number of permanent residents in the population fell by 1.7 per cent over the year in June 2011, after growing 1.5 per cent in 2010 and 11.5 per cent in 2009.

The resident labour force participation rate stabilised in 2011, after trending upwards gradually over time.

Growth in the resident labour force moderated in 2011, reflecting the absolute decline in number of permanent residents in the population.

There were 2.08 million residents in the labour force as at June 2011.

MOM said 66.1 per cent of the resident population aged 15 and over were either working or actively seeking work in 2011, similar to the record 66.2 per cent in 2010 and higher than 64.4 per cent in 2001.

Meanwhile, nominal incomes rose strongly in 2011, amid a tighter labour market.

The median monthly income from work (including employer CPF contributions) of full-time employed residents rose by 8.3 per cent over the year to S$3,249 in 2011.

It is higher than the growth of 2.5 per cent in 2010.

Taking headline inflation into account, the median income rose in real terms by 3.1 per cent in 2011, after a slight dip of 0.3 per cent in 2010.

- Channel News Asia