The Ministry of Manpower (MOM) in Singapore, released some advance numbers for the employment market during 2016.
Here are the highlights:
- The labour force participation rate has been on a rising trend over the last five years. While it declined in 2016 (68%) as compared to 2015 (68.3%), this was due to certain one-off policies implemented in the previous year.
- Due to poor economic conditions, the unemployment rate for residents increased to 3% in 2016 (2.8% in 2015).
- The employment rate for people between 25 and 64 years of age, stayed stable at 80.3%. The rate was lower for males but this was offset by an increase in the employment rate for females.
- Real median monthly income of residents employed full-time, increased by 2.7% to SGD 4,056. This was lower than the rate in the previous year, which was at 5.3%.