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Singapore's labour force participation rate rises to new high of 67% in 2014

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SINGAPORE's labour force participation rate for residents rose to a new high of 67 per cent in 2014, driven by continued increases for women and older residents.

SINGAPORE's labour force participation rate for residents rose to a new high of 67 per cent in 2014, driven by continued increases for women and older residents.

Coupled with the fact that the labour market stayed tight with low unemployment, the employment rate of residents aged 25 to 64 rose to another high of 79.7 per cent, up from 79.0 per cent in 2013 and 72.3 per cent in 2004.

There was also a sustained growth in incomes over the last five years, with lower-wage workers' income growth keeping pace with those at the middle.

The median income continued to rise, although growth eased in 2014 from a year ago. Median income in 2014 rose over the year by 1.8 per cent in nominal

terms, and 0.7 per cent in real terms.

Over a five-year period from 2009 to 2014, the median income increased by 29 per cent or 5.2 per cent per annum in nominal terms, and 10 per cent or 1.9 per cent per annum after adjusting for inflation.

As for low-wage workers at the 20th percentile of full-time employed residents, real income growth rose by 31 per cent in nominal terms, or 5.6 per cent per annum over the recent five years. The increase after adjusting for inflation was 12 per cent or 2.4 per cent per annum.