Singapore: median income up 5.8% to S$3,467

from Business Times

2015-12-02_102403

THE Singapore labour force posted broad-based gains in 2015, according to the newly released Singapore Workforce 2015 report from the Ministry of Manpower. However, some older and less educated workers continued to face challenges.

The resident labour force participation rate was up to 68.3 per cent in June, a fourth consecutive year of increase, with more flexible work arrangements and efforts to improve the employability of older workers. Residents refer to Singapore citizens and permanent residents.

The participation rate for older workers aged 55 and up had grown at a more moderate pace since 2012, after strong gains in earlier years, the report noted.

Meanwhile, incomes grew strongly in 2015 amid a tight labour market, the report said.

Median monthly income from work for full-time employed residents, including employer Central Provident Fund (CPF) contributions, was up 4.7 per cent to S$3,949 in June 2015, from S$3,770 in 2014.

Excluding employer CPF, median income in June 2015 was up 5.8 per cent to S$3,467 a month, from S$3,276 a year ago.

The seasonally adjusted resident unemployment rate was 2.8 per cent in June 2015, unchanged from a year ago.

While the non-seasonally adjusted unemployment rate decreased for younger residents aged 25 to 49 and degree holders, it rose for older workers aged 50 and above (from 2.8 per cent to 3.3 per cent) and non-degree holders, excluding below-secondary educated workers whose unemployment rate was unchanged.

http://www.businesstimes.com.sg/government-economy/singapore-labour-force-participation-rate-up-median-income-up-47-to-s3949-a-month

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