THE Singapore workforce grew to a record high, figures released by the Ministry of Manpower on Tuesday showed that the labour market (aged 15-years and above) increased from 65.4 per cent in 2009 to 66.2 per cent in 2010.
Boosted by the strong economic recovery, workers' incomes have also risen.
Median monthly income rose by 4.2 per cent over the year to $2,710 in 2010.
This is faster than the marginal growth of 0.5 per cent in 2009.
The unemployment rate now stands at 3.2 per cent or 65,500 people, down from 4.5 per cent or 90,300 persons in the same period last year.
As at June 2010, there were 2.05 million residents in the labour force, comprising 1.15 million (56%) males and 0.90 million (44%) females.
From Straits Times, "Monthly income up by 4.2%".
The Manpower Ministry (MOM) said the median monthly income of resident Singaporeans in full-time employment rose by 4.2 per cent over the year to S$2,710 in June, boosted by the strong economic recovery.
That is higher than the marginal growth of just half a per cent in 2009.
MOM said even after adjusting for the higher inflation this year, the median income rose by 1.8 per cent, recovering from a slight dip of 0.1 per cent in 2009.
Part-timers also saw a significant increase of 13 per cent in their median income to S$700 this year.
Overall, the nominal median income for all employed residents rose by 3.3 per cent to S$2,500, after falling by 1.2 per cent last year.
MOM said the growth in income this year came earlier and stronger than in the previous recovery, when the median income hardly moved from 2001 to 2006, before rising significantly in 2007.
The Ministry also said that the strong economic recovery has boosted the employment rate.
The increase in employment rate was broad-based across both prime and older age groups, especially among women. A record 71.7 per cent of women in the prime-working ages of 25 to 54 were working this year, up from 69.4 per cent in 2009.
Nevertheless, MOM said their employment rate was still below the 92.4 per cent for prime-working age men, which increased from 91.6 per cent in 2009.
The proportion of residents aged 25 to 64 in employment rebounded to a new high of 77.1 per cent from 75.8 per cent in 2009, after falling by 1.2 percentage-points from the preceding year due to the economic downturn.
The employment rate for older residents aged 55 to 64 rose to a new high of 59.0 per cent in 2010, after holding steady at 57.2 per cent over the past two years.
The rise was largely contributed by a marked increase in proportion of older women in employment from 40.1 per cent in 2009 to 43.4 per cent in 2010.
The employment rate for older men was also at a record high of 75.0 per cent in 2010.
Supported by the economic recovery, the resident unemployment rate and number improved significantly from 4.5 per cent in June 2009 to 3.2 per cent in June 2010.
From Channel NewsAsia, "Median income of Singaporeans rose 4.2% in 2010: MOM".
The central bank said the inflation rate will rise by the end of 2010 and stay high in the first half of 2011.
The Monetary Authority of Singapore highlighted higher price pressures from car, commodity, accommodation and domestic oriented services, with the ultimate expectation that “with the economy already operating at close to full employment, labor cost pressures have picked up and will persist into 2011”.
In a statement, MAS said the underlying inflation is expected “to average around 2% in 2010 and 2- 3% in 2011”. It also explicitly noted that “the balance of risks is weighted towards inflation going forward.”
Partially quoted from Singapore Business Review, "Singapore inflation to rise to 4%: MAS".
