Singapore's unemployment stays low at 2% for 2014

UNEMPLOYMENT for the whole of 2014 remained low at 2.0 per cent overall, 2.7 per cent for Singapore residents and 2.9 per cent for Singapore citizens, broadly unchanged from 2013, going by preliminary estimates released by the Ministry of Manpower on Friday.

The overall seasonally adjusted unemployment rate stayed low at 1.9 per cent in December 2014, as the unemployment rate for residents fell from 2.8 to 2.6 per cent, while that for citizens fell from 2.9 to 2.6 per cent, over the quarter.

Supported by hirings for year-end festivities, overall employment growth was higher in the fourth quarter of 2014 (39,600) compared to the previous quarter (33,400), but lower than in the fourth quarter of last year (40,600).

For the whole of 2014, total employment is estimated to have increased by 129,000, lower than the 136,200 in 2013 and close to the 129,100 in 2012.

Some 3,800 workers were laid off in the fourth quarter of 2014, up slightly from 3,500 in the preceding quarter and 3,660 in the fourth quarter of 2013. For the whole of 2014, a total of 12,800 workers were laid off, higher than the 11,560 in 2013.

Meanwhile, the median monthly income from work of full-time employed citizens (including employer Central Provident Fund (CPF) contributions) increased by 30 per cent from S$2,748 in 2009 to S$3,566 in 2014, or 5.3 per cent per annum.

After adjusting for inflation using the Consumer Price Index (CPI) for all items, the real median income grew by 11 per cent, or 2.1 per cent per annum, over these five years.

Income (including employer CPF contributions) at the 20th percentile of full-time employed citizens rose by 26 per cent from S$1,468 in 2009 to S$1,856 in 2014 in nominal terms, or 4.8 per cent per annum. The increase after adjusting for inflation was 8.1 per cent, or 1.6 per cent per annum.