Employment rate hits new high, income growth eases, says MOM survey

The Manpower Ministry, or MOM, says Singapore's resident employment rate reached a new high this year. 

This, it said, reflected strong employment creation and the rise in labour force participation among women and older residents. 

Its Singapore Workforce 2012 report said the employment rate rose to a new high of 78.8 per cent of the resident population aged 25 to 64. 

That's up from 78 per cent last year. 

The employment rate for older residents increased at a faster pace, amid the tight labour market and measures to improve the employability of older residents. 

The measures included re-employment legislation and the enhanced Special Employment Credit. 

MOM said 64 per cent of residents aged 55 to 64 were employed, with the employment rate for both older males and females rising to new highs. 

Employment gains were also seen by professionals, managers, executives & technicians, or PMETs, and non-PMETs. 

However, MOM said income growth has moderated amid the weaker economic conditions. 

The median monthly income from full-time work among residents rose by 7.1 per cent over the year to $3,480.

That's down from the 8.3 per cent growth seen last year. 

MOM said when inflation is factored in, growth in real median income this year was just 2.2 per cent compared to 2.9 per cent last year.