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Wage Growth Rose at Faster Rate, Lower Unemployment among PMETs This Year in Singapore

Wage Growth Rose at Faster Rate, Lower Unemployment among PMETs This Year in Singapore

According to the report released on Wednesday (Nov 29), a smaller proportion of PMETs are jobless compared with the figure last year. While the demand for non-PMET workers is at lower rate, overall monthly income of average worker has gone up, Singaporean resident PMETs are experiencing improved situation in its early stages. The report noted that unemployment rate fell from 3.1 percent last year to 3 percent this year, after being on the uptrend since 2012. But current number remains higher than in the first half of this decade. Similarly, the long-term unemployment rate for PMETS, which shows the amount of those out of work for at least six months, dipped from 0.9 percent last year to 0.7 this year.

Toby Fowlston, managing director for South-east Asia at recruitment firm Robert Walters, said that e-commerce, insurance and logistics will be among the key sectors that will drive the growing demand for high-skilled workers.

Additionally, the median monthly income for full-time workers, including employers’ contributions to the Central Provident Fund, rose by 4.3 percent to $4,232 this year. This number was a higher pay rise than the 2.7 percent growth last year. If preliminary inflation figures were taken into account, the median monthly real income grew from 3.3 percent last year to 3.7 percent this year.

Meanwhile, the ministry added that the greying population and greater likelihood of young people pursuing further education instead of starting work have lowered slightly the labour force participation rate for residents aged 15 and older. The figure was at 67.7 percent in June 2017, down from 68 percent a year earlier and a peak of 68.3 percent in 2015.

Source: HR in Asia

8 months ago

By HR Reporters


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